The purpose of any business is to make money.
However, this is becoming harder as revenue dries up and the cost of operation continues to grow. In order to offset this cost, we need to collect more revenue from the client, and so we enter a loop of chasing clients and money but having to spend more on marketing and infrastructure to get the same income. For many businesses we can’t simply increase our upfront cost to the client or we may reduce the amount of clients we sign up. Therefore, we need to get this extra money out of clients over a period of time.
It is this cost of acquisition which is going to make or break many businesses out there. We need to be creative. We need to get more money out of clients, keep them with our services for longer, all without throwing more and more money at the issue. How is this achievable without alienating the customers?
The answer is simple – client experience.
What is client experience?
Whilst is it quickly becoming the new buzz word of the marketing world, it is applicable to all faucets of business, and can be a driving factor for revenue. In simple terms, the client experience is the interaction between you and your client for the duration of their time with your company.
What are the benefits?
When done correctly, a positive client experience has the ability to:
- Increase client satisfaction
- Reduce client turnover
- Reduce acquisition cost
- Increase brand awareness and reputation
When you put this all together, the conclusion is obvious. A good client experience equals more money and more clients for a smaller cost, causing more profit.
It sounds great on paper, but if it was really that simple to put into action, everyone would be doing it.
How can you increase the client experience?
One of the most important parts of the client experience is making sure your business provides value. When you can demonstrate value to your client, they don’t question price and they will be happier with your service over-all.
For financial advisers this is traditionally seen as providing higher returns and demonstrating portfolio growth. However, this is not always possible, especially with the uncertain economic conditions we have been recently been weathering. This is why it is important the client experience shouldn’t just be left to the results, although this should play a part.
When determining your clients experience, it is important you are making constant touch points with your clients. At the forefront of your mind you should always be thinking “what value, and what emotion am I leaving my client with?” Every time you talk to your clients, they should feel as though you are working for them, and your organisation is genuinely working in their best interests.
Providing a positive client experience isn’t as simple as flipping a switch. You will need to reach out to your clients, talk to them, find out what they are thinking and find out what it is they want from you.
A good client experience isn’t the silver bullet to all your problems, but it can help your business to grow and the maintain its client base. You will need to put in the time and effort to make it happen, but it also doesn’t have to be a cost prohibitive exercise, as there are a number of businesses and resources out there which can assist you and help provide the touchpoints you need to have these conversations with your clients.