Or consider that you run a small payroll service, and you’ve just discovered that the average service bureau payroll client only sticks around for four years. The big boys have to replace one out of every four clients each year, just to stay in place.
In his book Outstanding Customer Service (1998) Dr. David Deviney, a consultant with many industries says that the American Society for Quality found out that:
* 67% of customers leave because of an attitude of indifference by a company employee;
* 14% of customers leave because of dissatisfaction with the product;
* 10% of customers leave for other reasons (move, death, bankruptcy, etc)
* 9% of customers leave because of competitors
Let the Bleeding Stop
Faced with these staggering statistics, many practitioners embark on an aggressive marketing plan in an attempt to generate new clients when all they really need to do is pamper their existing customers, give them the royal treatment. In short, make them feel that their business is genuinely valued by your firm.
One way is to re-think client support. Support not only means the service being given in the process of completing the client’s project, but also going beyond the whole nine yards to make him feel that there is a value-added service built into the fee he is paying. For example, if he needs to file his tax declarations, does your firm offer free services such as photocopying, mailing, preparation of appendices, representations with the tax authorities? Sure, you say, that’s standard, isn’t it?
In other words, does the client feel he received responsible client support because when he came to your office, he thought he had to pay the government $12,000, but after you drilled him on all his expenses that by law are deductible, he ended up having to pay only $9,500.00 in taxes? This is what the value-added element means in client satisfaction.Does the client feel he received responsible client support because when he came to your office, he thought he had to pay the government $12,000? Click To Tweet
He is not only paying for the services of tax preparation and filing, but also for your firm’s expertise in current tax rules. And when he comes back year after year, and has referred at least four additional clients to you, this is when client satisfaction becomes a significant concept. When a client is satisfied, watch him tell family, neighbors and colleagues.
Magic of Referrals
You’ve heard of bankers talk about the “magic of compounded interest.” In a professional practice, the magic of referrals becomes evident when client satisfaction resulting from client support and value added service, brings in additional clients. Instead of pounding the pavement looking for new clients, let your existing customers do this for you. Referrals are a valuable source of new business.
Word of mouth – that’s how reputations are built.
Your professional practice cannot afford to hemorrhage clients. You need them to stay aflloat and be competitive in the industry. This equation, expressed in different ways, still holds true as the key to customer loyalty:
client support + value added service = customer satisfaction = more clients through word of mouth
Client support and value added service must go beyond standard current practice. Thinking about extras you can throw in to make your firm stand out as a customer-oriented firm, instead of a profit-oriented one, works like magic. Referrals and word of mouth – these are the true indicators of customer satisfaction.
Join us here at Practice Builder Publishing and become a part of the community, whether you become a contributing author, a peer recruiter, or merely a raving devotee of the Practice Builder Publishing resources, I'll work with you personally so you can reach the goals you set.
Best to you and yours,
P.S. Think I'm full of B.S.? Maybe you ought to let me know what you think. Plop your comments in the section down below the related articles and let me know what you think.!
P.P.S. Got questions about products and services I talk about, the terms of service, privacy nd all that stuff related to Practice Builder Publishing? Click Here to read the fine print.
Share your experiences, and pick our brains.
Get GREAT Results - Fast!
I would love to see you become a part of the Practice Builder Publishing, and work with you personally to reach maximum profit potential this year! Nothing I teach or help you with damage your credibility. It will simply get you more clients and help you make more money.
If you stop searching for the next magic trick, the perfect software, the "shiny object" that's going to do all the work for you (note: it doesn't exist)- and just focus on building & serving your market - you'll actually start seeing GREAT results. FAST.
On the Practice Builder Publishing site, I teach everything I have learned over the years, and how you can use it effectively and efficiently. One of the coursesI teach is the "Absolute Beginners Guide To Starting And Building Your Own Accounting Practice When You Are Flat Broke" training course, and it's only $27.
To get started building your practice, and building it FAST, all you have to do is click this link below. Click the button below and order now!