One of my 30,000 Foot Business Planning Principles™ in coaching is “Keep What You Have.” Client retention proves to be the profit engine for professional service businesses. You must keep your best relationships for you to maximize the long-term value of your practice, which I call PraxMax™. As you add new client relationships, you want and need to keep them! Client acquisition and retention proves to be a challenge for financial advisors and other professional service providers because their clients buy something which is intangible:
The Advisor…They Buy You!
As a professional service provider, when they buy you they are buying an expectation of results. Those results are dependent upon your demonstrated and delivered client experience. Whether you are a small or large business it is imperative for you to define the experience your clients and prospects receive in precise terms. When you conscientiously build and communicate a service matrix which details your promises for delivered client experience, you take a huge step toward PraxMax™.
Consider these seven principles when building your client experience platform:
- Define Your Ideal Client: Describe your perfect client in detail. Be as specific as possible. Age, Net Worth, Industry, Location, Attitudes, Network, and other factors describe your Ideal Client.
- Segmentation: Not every existing or future client will be considered “Ideal.” Build a segmentation system of three to five client segments.
- Excellent Service vs. Exceptional Service: Every client deserves excellent service. Every client. Establish an Excellent Service Standard™ that applies to all clients and guarantee that level of service. This applies to ALL client segments. While all clients deserve Excellent Service some merit Exceptional Service! Define Exceptional Service for each client segment, including the frequency of the service.
- Execution Roles & Responsibilities: Who drives the bus? You do! However, make certain each person within your team knows and understands their role in delivering Excellent & Exceptional Service.
- Communication: Place the Excellent Service Standard™ at each workstation. Train and retrain your standards. Use A “Client Bill of Rights” to define the client experience you deliver. Place the standards in appropriate places in your office, newsletters, and other client correspondence.
- Use Your Delivered Client Experience To Earn Referrals: Delivered client experience always provides a segue for asking for and reminding clients that you accept referrals. Make it easy for them to refer!
- Develop A Client Service Audit: Periodically survey your clients to determine whether or not they think you are keeping your promises. If there is a disconnect between what you deliver and what is expected, it leads to a lack of trust, referrals, and ultimately client retention. Always educate clients about the service they can expect, and make sure you keep your promises.
Building, implementing, and continually improving your clients’ experience of doing business with you creates a road to continued business success. Don’t let your clients – or your competitors – define your client experience. You create it and you will always be better able to “Keep What You Have.”
Work Hard & Have Fun!™
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