The internal and marketplace benefits of your firm establishing industry teams should be immediate and long-term. Your firm will:
- Win more clients by demonstrating deep industry knowledge and experience.
- Build awareness of the importance of industry specialization.
- More easily and systematically share industry insights and knowledge.
- Collaborate more effectively internally to produce industry thought leadership.
- Be better at cross-selling the breadth of the firm’s services to existing clients.
- Team up with industry subject matter experts to benefit existing clients.
- Enhance career paths for your firm’s professionals.
As for how to get your industry teams off the ground and functioning productively, you’ll want to start here:
Step 1
Establish the right industry focuses for your firm, which may differ from location to location.
Step 2
Appoint the right personnel to lead those industries at the national and regionalevels.
Step 3
Establish your industry teams. Each market’s industry leader will coach and support business growth activities focused on a target industry market.
Step 4
The firm’s market and/or regional industry leaders, along with that industry’s national leader, form a national industry leadership team. The national leadership team should be responsible for the strategic direction and financial health of the national industry practice group.
