Ever heard the old saying, “a bird in the hand is worth two in the bush”? The same can be said for your existing client base.
Often we believe that the only way to grow our business is to go out and find new clients. But often you will discover it is far easier and more cost effective to simply increase services to your existing client base – alleviating the cost of acquiring and bedding new clients. However, you need to have something to offer to get that 20% growth from your existing client base.
Here are three ways you can engage existing clients to assess their needs.
The first way is to run an email survey. Ask your clients whether they are satisfied with your services. Are there are any other facets of their lives or family members that could use quality advice? What other service providers do they use?
Information is power and sometimes to help someone, all you have to do is ask. Chances are many of your clients will be more than happy to tell you what they think of you and what they need.
If you don’t have time to respond to everyone, send out 10 a week to start, till you gauge the response rate. You can set up simple surveys and put your brand on them at www.surveymonkey.com.au. But remember, if they provide you with feedback you don’t necessarily like, you need to act on it. If someone tells you they are not happy, then the best course of action is to pick up the phone and talk to the source.
Secondly, look at significant dates on your client files – does anyone have children going to university? Are they nearing retirement? Do they have a super balance that might justify an SMSF?
Proactive conversations with clients are the best kind and will be thoroughly appreciated, even if they don’t use more of your services. This should be considered a good investment either way.
The third option is to send out a short, but meaningful opinion piece via email. There are several subjects which tend to be of interest to most clients. For instance, maybe draft a piece on the upcoming election and what a change of government might mean for your clients and their financial situation. Or perhaps look at the various opportunities available in SMSFs moving forward, or on the importance of saving for education.
There are a multitude of topics you could choose from and if you include a call to action, some of your clients will relate and respond. While there is a bit of work to do with all these approaches, much of the legwork can be done by office staff. A worthwhile investment to see an increased return on your existing client base.
Vanessa Stoykov is the founder of No More Practice, and the founder of the parent company, evolution media group in 1999. She has over 20 years’ experience in financial services as both a journalist and business owner. She is an award winning chief executive who is passionate about creating education and communications to help the wealth industry and consumers fulfill their prosperity potential.
