Guest Blog Post
by Nathan Williams
Managing Director, Customer Return
For many financial advisory firms and groups, the task of undertaking client research is a ‘special project’ rather than a ‘business as usual’ activity. It makes sense however to make it a part of your business calendar as the insights it can identify can provide you with a number of significant benefits.
- Strengthen client relationships – when you genuinely request feedback your clients will feel you value their relationship.
- Increase repeat and retained business – asking your clients about their experience and following through their requests and recommendations often provides opportunities for increases in repeat and retained business.
- Deliver a more positive client experience – finding out what your clients (really) think and what they value is often different to your perception. Getting a clear view on client feedback can help you improve aspects of how you provide your service, so you can deliver a more positive client experience.
- Attract new clients – using client research results in your marketing can provide a proof point that you deliver what you say you will. Taking the risk out of a purchase decision can be helped if for example you had a high client satisfaction rating. Validating your service level through client research is an effective way to do this.
- Develop a tailored referral strategy – delivering a good service and clearly understanding your clients feedback is the first step in ‘earning the right’ to have a conversation around referrals. Many businesses never discuss referrals with their clients because they don’t know their clients really think about their service. Developing a ‘Ladder of Loyalty’ which segments clients based on their feedback helps tell you who to talk with and in what order about referrals.
The benefits for your business development can be substantial. If you don’t have the in-house expertise or capacity, then seek help.
Customer Return work with financial and professional services firms to help them attract more of their ideal clients, faster. To find out more about their free tools, assessments, webcasts and ‘Referral Plus’ program, visit their website: www.customerreturn.com.au/free-tools
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