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Trovus Signs Partnership with Lucid Solutions to deliver a first in web and business intelligence for the Legal and Professional Services Marketplace
Trovus Signs Partnership with Lucid Solutions to deliver a first in
web and business intelligence for the Legal and Professional Services Marketplace
Research in the Legal sector shows that with only one partner engaged with a client, that client is four times more likely to churn. The new Trovus-Lucid partnership will deliver innovative technology and solutions to substantially decrease client churn and impact the bottom line.
14 September 2010 - London, UK - Trovus, a leading specialist in developing actionable intelligence based on the profiles of organisations visiting your website, today announced a Business Partnership with Lucid Solutions, providers of Business Intelligence analysis and measurement solutions to Legal and Professional Services sectors. The Partnership has been formed to deliver a new innovative solution to Legal and Professional Services organisations enabling them to easily identify valued clients, while significantly decreasing client churn and increasing profitability. The solution will include monitoring and statistical capabilities to measure success rates.
Declan Tyrell, Managing Director of Lucid Solutions, said: "It is common industry knowledge that client churn is a major problem for law firms, with partners across the firm often unaware of each others clients and profiles. Evidence shows that the more partner contacts clients have in a firm the more likely they are to become long term clients, whether the firm is small, medium or large. In other words, with multiple partner relationships, clients are more likely to stay with a law firm. Statistically, the research shows that without intelligent insights into client profiles, up to 80% of a firm's client workload may be susceptible to attrition, a situation that can be greatly improved if clients have more than one partner relationship.*
Having identified the problem, the Lucid and Trovus Partnership is set to provide an innovative solution. This will enable the Business Development and Marketing functions of Legal and Professional Services firms to identify business opportunities, such as cross-selling services to existing clients, and actively targeting business from their current client base.
Trovus already has a strong presence in the Legal sector, with organisations using its managed services supported by technology to gather web intelligence to build commercial profiles of website visitors, and acting on this intelligence to drive sales, grow revenue, target their marketing and tailor services accordingly. Lucid's strong capabilities in providing business intelligence insights for organisations, combined with Trovus's ability to offer web intelligence insights, means that the Partnership will be able to bring highly innovative solutions and consultancy to the Legal sector.
"I believe the functionality of the Trovus software is richer than most in the marketplace today and their managed services are a real differentiator," said Lucid's Declan Tyrrell. "Their growing customer base and experience in the Legal sector, coupled with Lucid's business intelligence tools and services, gives us the ability to offer a unique and strong proposition. It will enable our customers to discover what their clients are looking at on the website, while providing substantial opportunities and creative ideas for exploring intelligence and engaging with clients and prospects going forward."
Today, there is a strong business relationship between the two companies, based on shared values and a common approach to solving business issues facing the Legal sector. Co-founder and Director of Trovus, Ed Charvet said: "The match between the two companies is an extremely strong one. We are combining complementary strengths that will give Legal and Professional Services customers performance capabilities unavailable elsewhere in the business intelligence and web intelligence marketplace."
