Adopting a client-centric culture is one way for firms to stand out from the competition, but it takes a lot of effort to put the client at the firm's center. The right strategy and approach will allow you to attain client-centricity, which helps
If you're on the fence and unsure of whether investing in a client-centric culture is a good move, it may help to understand why a cultural change may be the best thing you do for your firm in 2023.
Why client-centricity matters for your firm
Internal processes and issues are often the focal points of firms, and you can look at these issues in a few ways:
- They're your firm's problem.
- They're your client's problem.
When you look at your internal issues as client issues, you'll be more inclined to rectify them. You want your firm to provide a smooth service with refined processes and streamlined procedures that keep clients happy.
Often, you'll find that your firm aligns closer to your vision when you focus on your clients. When you follow your vision, it will lead to an increase in client loyalty, retention and trust.
Loyal clients will continue using your services. You'll find that client-centricity will lead to a higher lifetime value and a willingness to try your new services in the future. Further, reducing client churn rates, which average
5 tips to transform your firm to be client-centric
Company culture can be transformed over time, allowing you to focus on your clients' needs first and improve their experience considerably. A few steps that you can begin taking to create a happy, loyal client base include:
1. Focus on client needs first. An obvious first step is to look at everything you do from the client's perspective. Start asking yourself questions such as:
- Are we communicating with clients often enough and using the easiest means possible?
- Are we providing a personalized service?
- Does our firm meet the needs and preferences of our clients?
If you ask yourself these questions and make changes based on the answers, you'll be well on your way to building the culture your firm wants to create for its clients. You'll also find that clients often want more from your firm. Expanding into advisory services is one way to better cater to your clients' needs.
2. Become a one-stop shop. Advisory services are a great addition to your offerings, but why not become a one-stop shop? If clients trust you and like the work you perform, you're missing an opportunity to serve them on a greater level and increase revenue while doing so.
For example, financial planning services are often a want and need of clients. You can add these services by:
- Partnering with financial planners;
- Hiring financial planners in-house; or,
- Training existing team members to provide these services.
Partnering with financial planners can be a great solution because it requires the least amount of resources, while still meeting your clients' needs. Partnering also allows you to focus on other areas of client satisfaction that your existing staff can improve on.
3. Train staff to make client satisfaction a priority. Staff must prioritize client satisfaction if they want to transform your firm's culture. Train your staff to ask questions, focus on the needs of clients and keep close lines of communication with clients.
Your staff must follow your firm's vision and understand how client-centricity will benefit them.
Work with your staff to improve the customer experience and give them the tools they need to succeed. For example, something as simple as implementing an automatic follow-up system with clients can help improve client satisfaction.
4. Send out surveys to find ways to continually improve your firm. Who knows what issues clients are experiencing the best? The clients themselves. Firms should send out surveys to existing and past clients to ask:
- What do they like about working with you?
- What do they want to see your firm do differently?
- What services would they like to see you add?
- What areas can you improve upon?
I recommend you go beyond a survey and contact the client directly if they report unacceptable problems when trying to create the firm culture you envision.
5. Take client feedback seriously. Client feedback must be taken seriously. If you don't evaluate each survey you send out and make changes to improve client satisfaction, you will struggle to create a client-centric culture.
Put time aside each month to review feedback and make reasonable adjustments to your operations to solve issues that clients are having.
Your clients are the lifeblood of your accounting firm. If you spend the time to create a client-centric culture and really view everything you do from their perspective, you'll build loyalty, trust and revenue at the same time.
