The customary focus on client relationships is in danger of being relegated to the back burner, says Terry Bell, a partner at Business Health.
“We see fewer practices seeking client feedback, while communication touch points have further reduced in terms of frequency and relevance,” he says.
According to data shared by Bell, just 26% of firms are now actively seeking client feedback, down from 32% “a few years ago”.
While practices retain all the standard policy and product information, he says less than 10% keep a record of key relationship building data.
This data includes:
- Wedding anniversaries
- Children’s and grandchildren’s birthdays
- Charitable and community interests
- Sporting preferences and favourite teams
- Next major holiday
- Preference for meetings (time and medium)
- Details of their other professional advisers
Analysis carried out by Business Health suggests practices that communicate with clients, on at least a monthly basis, achieve higher levels of profitability compared to those who don’t.
…clients don’t care how much you know, until they know how much you care…
“While this communication can be delivered in a variety of different formats, most important of all is that it actually occurs,” says Bell.
As for customer feedback, he says clients often welcome the opportunity to comment on their experience.
“They just have to be asked,” he says. “As the adage goes – ‘clients don’t care how much you know, until they know how much you care’.”
When it comes to client meetings, Bell suggests a pre-meeting questionnaire can help clients prepare.
“These meetings are where the rubber hits the road,” he says. “They provide the perfect forum for you to showcase your capability and demonstrate to the client the value they’re receiving for the fees they’re paying.”
Finally, Bell says that by tracking and reporting on client feedback and satisfaction in your regular business meetings – including your annual business planning workshop – you’ll be signalling a clear intention to the team that client centricity is more than just the latest catch cry.
