Practice Management Solutions Newsletter – April 2016
Managing hundreds of advisory clients and keeping your clients happy is not easy job, but if you are only talking to clients once or twice a year, don’t take the lack of communication for granted. Scheduling face to face or phone meetings every 6 to 12 months could leave your best clients feeling distanced, even disconnected. Rest assured, if you’re not speaking with them regularly, a competitor will be.
By steadily increasing your personal client contact, you can significantly impact client retention. Studies show that a 5% increase in customer retention can increase business profits by 25% to 125%. Here are a few key factors to consider.
#1 Who are your point of contacts within your team?
Assigning a key role for a designated person is necessary to see the big picture of how your practice will operate and grow. Knowing your team talents will allow you to identify how to make client contact more efficient and cost effective.
#2 Is your staff communicating at the level desired?
Discussing client issues and opportunities should be shared with the overall team. When each member of your team is aware of your client’s current situation, you can promptly be responsive in a proactive, not reactive manner.
#3 What type of feedback are you getting from clients?
Using listening skills to hear client points or concerns is valuable information. Don’t underestimate client responses and look for further explanation if they share comments which are not clearly understood. By carefully listening and engaging more closely, you may quickly learn how to meet their needs better. These key points are strategic ways to enhance client relationships while striving for a great client experience.