Symphony APS: Three steps to improve client retention and increase revenue
Your commitment to clients and the longevity of these relationships is the lifeblood of any professional services firm, but how can you perform more strategically to not only maintain revenue but increase it?
For an accountancy practice or law firm, here are three key areas to focus on to help navigate the COVID-19 journey as we begin to ease lockdown further.
1. Identify client relationships to nurture
Relying on busy professionals to manually enter ongoing client interactions, communication and meeting information, has traditionally meant that client relationship initiatives have simply not had the data or visibility required to support them.
With access to real-time communication information and 360-degree relationship mapping, data-driven insights allow you and your firm to perform much more strategically.
This is where a software solution such as Client Sense allows for a new strategic capability. By leveraging existing data, Client Sense enables you to understand who the right people are on both sides to open up new topics of discussion to improve the client experience and be a key component in your client retention strategies.
2. Cross-service to protect and increase revenue
Cross-serving can be one of the hardest business development initiatives to get buy-in, implement and track. But, when done right, the rewards are extraordinary.
Being able to identify the relationships held within one area that have not had contact with another area of specialisation within the firm is vital to protect and increase revenue.
By using existing data to identify cross-servicing opportunities and monitor relationships across groups, you can build strong connections with the right clients and referrers and enhance your ability to win work.
Cross-servicing not only provides the opportunity to increase firm revenue and develop new practice areas, but it can protect a client from being lost to a competing firm who manages to cross sell their services sooner.
3. As staff move, identify business development opportunities
As businesses come to terms with the new landscape, firms could be forgiven for not communicating staff changes.
In assessing live communication across all of your client, contact and referrer relationships, Client Sense can detect a ‘drop’ or an absence of communication which may indicate that the key external contact is no longer available. With a contact ‘risk report’ automatically identifying external individuals who have become non-responsive, you can not only act to assess the situation, you can identify individuals that may be best placed to know what has happened and how to respond.
By acting decisively and quickly in the event of an external staff departure you can Identify opportunities where a key contact has moved to another organisation.
Manage, protect and grow key relationships that drive revenue
It is impossible to predict the extent or impact the Coronavirus pandemic will have on professional service firms. Now, more than ever, clients need their accountants and lawyers to bring them through the uncertainty and navigate complexities, manage risk and protect assets.
Client retention should be at the forefront of your mind but armed with data-driven relationship intelligence insight, you can manage, protect and grow these key relationships that drive revenue. Understand the potential opportunities and risks within your client base just by collecting data that helps you identify relationships held within the firm to improve client experience, retention rate and importantly build trust.
We want to support you, and see you come through this time stronger. Together, let’s propel you forward, armed with client data to manage key relationships, explore new opportunities and maintain revenue.
At Symphony - APS we specialise in offering products and services for professional services firms, including legal and accountancy firms, that support change and drive growth. Read about other solutions in our library: CRM, Practice Management and Automation.