One quote from my interview with Arnold Scherabon, CEO of IURIO, earlier this week represents a valuable lesson worth reflecting upon.
The legal space is traditionally a conservative market. So when I asked Arnold what he’s done differently to get traction in a market that doesn’t have the incentive to change – here’s what he answered:
“More progressive lawyers have often proclaimed the end of billable hour billing and so on. And most lawyers have a cap in the meantime. And since customers try to lower their legal spending, especially their outside counsel legal spending, it becomes more and more interesting for legal companies to be more efficient.
And then comes the second part: it’s a very competitive field. So there is more than one lawyer who can solve your problems. And so it’s also a way of differentiating yourself as a law office. So there are a lot of aspects, but the main pressure comes from the client.”
Here’s the thing:
Here’s the secret to creating traction in a conservative market. Instead of focusing on your customers, focus on your customers’ customers for inspiration.
On the Lawyer/Tax professional side, the incentive to innovate often isn’t there – you could call it a laggard market. So to gain traction, IURIO dug into what clients of these agencies want – and how that could change how the industry works.
Their value proposition, therefore, became one around creating a competitive advantage rather than one of cost savings and increased efficiency. And that made the difference.
Remember: Remarkable software companies aim to offer something valuable and desirable. That creates the tension to act.
Listen to the podcast (this quote starts at the 5.58 mark)
Question for you to reflect upon:
What advantage could you amplify for your ideal customers by deeply understanding what their customers want?
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