As cloud technology, commoditisation of compliance and social change takes hold there will be an issue of client retention on the horizon. Most Accounting firms have very high client retention. I would argue that this is because of ‘financial intimacy’. You know things about your clients that very few do. Focusing on client retention is not just about retaining existing clients – it’s about getting new ones as well. Thrilled clients tend to refer more than those that are there ‘because the Accountant knows a few things about my past’ clients.
There are just 3 things to focus on when it comes to awesome client retention.
- Making a difference. Is your service(s) / product making a difference to the clients condition? So peace of mind, wealth, profit, cashflow, fuzzy feelings etc.
- Adding value. Are you and your team really adding value to the process? So explaining things, amazing service, doing something unique and inspiring etc.
- Usage of products / services. Is you client more than just 1 or 2 services from you? Making sure that EVERY client is buying every service they need that helps them achieve their goals.
The diagram below puts into context. If you get 1 or 2 right you won’t get into the sweet spot of uber retention in the middle. You need to focus on all 3 all the time. 