Maximising client retention
To maximise client retention, you should do five things.
Firstly, keep a record of the clients lost, and clients gained. This includes the type of client and fee value.
Secondly, find out the reasons why a business client has left the practice. It is best if an office manager or secretary rings the business clients and asks them for some feedback on why they left the practice. The accounting practice principal should not make this phone call as often they will not be told the ‘real’ reasons why the client left.
Thirdly, have a client feedback programme in place to gauge client satisfaction. This can be done through SurveyMonkey where the clients can provide anonymous feedback.
Fourthly, have a client communication programme in place. The aim is to communicate with the clients twelve times per year through a combination of meetings (the best), phone calls (second best), seminars (third best), emails, and newsletters.
And finally, deepen the personal relationship with business clients. This can be done by socialising at the golf course or yacht club, taking them to lunch, or getting them involved in joint community projects.
For some reason accountants don’t seem to give customer retention, and their existing clients, the attention they deserve. This is a big mistake and restricts practice growth.