gwabbit Relationships 2.0 - Webinar February 12 and 13, 2014 - SOLD OUT!

Why are AmLaw firms switching to gwabbit Relationship Manager?

Join us on February 12th (and 13th) find out!

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In this session we'll cover:

  • Next generation reporting – gwabbit Relationship Manager’s latest suite of reports will knock your socks off! Intuitive new reports combine contact search and “Known by” relationships, with relationship unions and intersections

  • Company authority capability – automatically matches company names with email domains
  • LinkedIn® – gwabbit Relationship Manager leverages LinkedIn to enhance strength of relationship scoring, using gwabbit analytics to distinguish real relationships from “courtesy connections"
  • Contact cleansing – gwabbit is the only world’s only ERM that identifies and updates out-of-date CRM contacts!
  • Sync to BoardEx – learn how gwabbit relationship analytics are passed to BoardEx, growing the number and quality of connections between your partners and the world's  preeminent business leaders.

Stay in the know on the very latest developments at gwabbit! Email Laurie Shaffer at lshaffer@gwabbit.com to register for our 11AM ET or 2PM PT sessions on Wednesday, February 12th.

Note: all 3 sessions are now completely full! Please contact Laurie Shaffer at lshaffer@gwabbit.com to request a session recording.

The true cost of a CRM

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On average, Am Law 100 law firms spend six figures to lease their CRM systems, excluding the cost of staff and infrastructure required to support the CRM. Combined, the total burdened cost of maintaining a CRM can easily exceed $1M.

How much value does the firm get in return for that 7-figure annual investment?

Consider the following:

1.         Based on data from our Am Law 100 clients, consistent with industry research, 30% - 40% of CRM data is out-of-date

2.         An additional 15% - 20% of contacts will expire over the course of the year

This means that over half of your CRM data may be dirty.

So here’s a math problem: how much value does a 7-figure CRM with less than 50% clean data have to a law firm? Does a CRM with 100% clean data have 100% of its value? Yes.

So does a CRM with 50% clean data have 50% of its value? No. The real value is closer to 0.

Why?

It’s all about trust – how do you know which contacts are valid and which aren’t If you know that a significant percentage of contacts are dirty, this taints the entire CRM.

How much does it cost to clean up all that dirty data?

It takes 6 minutes, on average, to clean up a CRM contact. The speed with which a contact can be cleaned depends on a variety of factors, including degree of familiarity with a contact, whether or not additional research (LinkedIn, etc) is required, or whether it’s necessary to reach out to one or more people to validate a contact.

So here’s the good news: it would only take 8 full time data stewards to clean up all the dirty data for a 1,000-professional firm’s CRM.

But here’s the bad news: this assumes you can identify all the dirty data, which you can’t. It would actually take dozens of data stewards to identify all the out-of-date contacts and clean them up.

The problem is compounded because contacts are fouled at the source. For CRMs sourced from individual address books, there is no way to know whether those contacts are 5 minutes old – or 5 years.

Einstein summed it up in one of his lesser-known equations: garbage in = garbage out.

So what are the options? There are two bad options + one good one

  1. Hire an army of data stewards – for an Am Law 50 firm, 30-40 should be sufficient
  2. Get rid of your CRM – undesirable

A growing number of Am Law 100 firms are pursuing a third option, using email signature contacts, harvested from incoming firm emails, as a high-confidence benchmark to compare against their CRM content. The concept is simple, though the driving technology is considerably more sophisticated. The idea is this: email signature contacts are accurate as of the time they are captured. By comparing these fresh contacts against CRM content, it’s easy to identify and update out-of-date information.

The results are surprising. A 500-attorney law firm turned in the following results in its first 3-months:

A 500-attorney law firm identified 17,000 out-of-date CRM contacts and found 95,000 new high-value contacts for their CRM in 3 months. 

A 500-attorney law firm identified 17,000 out-of-date CRM contacts and found 95,000 new high-value contacts for their CRM in 3 months. 

Over 17,000 contacts updated and 95,000 new high-value contacts identified! While it would normally take at least 10 full time data stewards to identify and clean up this firm’s CRM dirty contacts, it takes less than 1/5th of one person to identify and clean up contacts using the new approach.

Interested in learning more? Check out this video

 

ILTA Session: breakfast with gwabbit -- turning InterAction into a one-stop-shop for clean contacts and robust relationships (plus LinkedIn & BoardEx integration)

Why are gwabbit CRM contact cleansing and relationship management  tools the fastest-growing enterprise solutions for the Am Law 100? Join us for breakfast (or afternoon coffee) and find out!

Learn how the world's largest firms are using gwabbit to transform InterAction into a one-stop-shop for clean contacts, and robust relationships, integrated with LinkedIn and BoardEx. 

Read More

gwabbit video: "Garbage in = garbage out"

Many people are not familiar with one of Einstein's lesser-known equations: "garbage in = garbage out". CRMs sourced with contacts from user address books are contaminated at the source: 30%-40% of CRM contacts are out-of-date, and another 15%-20% will go bad this year. Investing in an expensive CRM system without fresh contacts is like investing in expensive plumbing without fresh water.

"Garbage in = garbage out" shows how gwabbit Enterprise can clean up dirty CRM data + source relationships to your CRM, making it a "one-stop-shop" for clean contacts and brilliant relationships!

 

New gwabbit relationship “bubble” chart unveiled at LegalTech

gwabbit unveiled its latest generation relationship trend line bubble chart last week at LegalTech. The new chart plots macro relationship trends between a firm and its clients, and explodes this macro view into a bubble chart that displays the individual relationship interactions that roll up into the trend line.

gwabbit's new Relationship Trend Line report shows aggregate relationship trends over time between a firm and a client, as well as relationship strengths between individuals at the firm and the client.

gwabbit's new Relationship Trend Line report shows aggregate relationship trends over time between a firm and a client, as well as relationship strengths between individuals at the firm and the client.

The bubble chart can display either interaction frequency or strength of relationship scores. Clicking on a name on an axis will collapse the display to only those people the person interacts with. Clicking on a bubble will collapse the view to interactions for both intersecting people. The chart provides at a glance information on the most robust relationships between individuals at the firm and the client.

The latest version of the trend line report is part of a new suite of relationship features demonstrated at LegalTech. These features build on gwabbit’s foundation of high-volume/high-value contact capture and update for major CRM systems. gwabbit’s latest relationship package of features include the ability to auto-populate major CRMs with relationship data captured and scored by gwabbit along with hundreds of thousands of high-value contacts.