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Estimated reading time: 5 minutes, 37 seconds

The Three-Step Rule to Happy Clients

Happiness imageDespite Mick Jagger's tax-related problems, he did have foresight about the accounting profession when he co-wrote the song "Satisfaction" way back in 1965. Making sure you have satisfied clients should be at the top of the list for every accounting firm. Yet, while your clients seem happy, how much do you really know about their satisfaction with your firm and its services? Better yet, how can you figure out if they are actually happy? If a firm can figure this out, it can soar above its competition and truly experience long-term survival.I refer to this as the "Three-Step Rule to Happy Clients:" Trust + Loyalty + Referrals = Value

How to Build Trust
Firms often forget they must always wear their marketing hats in order to recruit prospects to the firm and retain the clients they already have. However, too many firms have been content to do business on the golf course or through the "old boys" network. They wait for the phone to ring instead of reaching out on a consistent basis to develop and maintain business. The accounting profession is truly lucky to have the "trusted business advisor" status attached to it.

Despite the fact that some really large accounting mistakes brought down multi-billion dollars businesses, the public still views the accountant as someone they trust. Not only has the American Institute of CPAs made a business out of this with its Trusted Business Advisor Resource Center; numerous books have been written on this topic.

Clearly, trust is key to the accountant-client relationship. Without trust, the client continuously doubts whether the accountant is making the right kinds of business decisions.

Trust isn't something that happens overnight, but it can be cultivated over time with honest and consistent communications. Explaining a new tax law, for example, or talking to a client about estate planning, establishes an issues-oriented dialog that positions the accountant as an expert authority.

Establishing Loyalty
Loyalty is something that can't be bought, and similar to "trust," doesn't occur overnight. However, with the right kind of approach, a firm can talk to the fact that it's clients are loyal to the firm and their specific accountant.What does loyalty mean? Sure, clients can go elsewhere for the same kinds of services, but why would they do this if the firm constantly demonstrated quality?

As consumers, we are loyal to specific brands because we know what to expect from that brand. If you go to Disneyworld, you know it's the "Happiest Place on Earth" because you will get a quality experience you will talk about for years to come. Purveyors of the iPhone and iPad buy these products because they believe Apple combined innovation with practicality to develop the absolute best device.

Accounting firms are similar. A client continues to do business with a specific firm because he or she is "loyal" to the firm. Unless the firm makes an irrevocable mistake, the client will continue to show his or her loyalty. Yet, quality output is not nearly enough; it's up to the firm to promote its strengths to clients and prospects.

Some firms even ask questions like, "How can we improve our service for you?" A firm that asks a question like this wants to improve by understanding the reasons. At the same time, the firm demonstrates that it is absolutely interested in knowing their clients' opinions in order to maintain loyalty.

Referrals Are a Two-Way Street
The third part of the three-step Rule, "referrals," is one of the most important components of the accounting-client relationship - and is often forgotten or hugely neglected. No one wants to come across as an oily insurance salesman asking for leads. Yet, the client wants referrals to his or her business as badly as you want them for your firm. Who is going to ask the first question?

Referrals should be a natural part of any "how's business" exchange, but it is incumbent on the accountant to initiate the conversation. Quite often, all that's needed is to schedule an informal meeting with the client over coffee or lunch with a very specific intent: instead of talking about a specific accounting issue, talk about business in general and discuss what's new with each other's business.

What you're trying to create is a non-threatening environment that naturally leads to an exchange of referrals. If the client says, for example, that he needs to shop around for a new medical provider, you might be able to offer a referral to someone you know who offers this service. The client, most likely, also is looking for additional business - and you are in a unique position to offer referrals based on your own network. In exchange, the client will want to offer you referrals to friends, family or businesses who you can call on some time in the future.

As a result, giving and receiving referrals is integral to your business because it not only positions as a provider of accounting solutions; it shows you are a problem solver and a true partner to the client. What you get is additional business, but you also reinforce trust and loyalty.

Value as a True Result
A firm that creates trust, establishes loyalty and offers referrals reinforces value. It is this "value" that clients and prospects will find engaging, thereby offering a compelling reason to continue to do business with the firm.

While a firm cannot always demonstrate the 3-Step Rule in cookie-cutter terms, it can train its staff to always remember the three steps and how each step plays a role in enabling a firm to retain clients and recruit prospects. At this point, the 3-Step Rule becomes a winning formula for success.

 

Hugh Duffy MBA

Hugh Duffy is co-founder and chief marketing officer for Build Your Firm, a leading practice development firm dedicated to the accounting industry.  Based in Madison, Conn., Build Your Firm works with small accounting firms providing accounting marketing, practice management and Web site development services

Prior to co-founding Build Your Firm in 2003, Hugh was a Vice President of Internet Marketing for Business & Legal Reports (BLR), a business-to-business publisher for small and medium sized businesses.  Prior to BLR, Hugh was a Director with a publicly traded global internet media company, 24/7 Real Media responsible for Business Development and Strategic Partnerships.  The foundation of Hugh’s marketing background is fourteen years of consumer packaged goods marketing with Schick, Nabisco, Clorox and Coca-Cola. 

Hugh has 25 years of marketing experience, an MBA degree in marketing from the University of Rochester and a B.S. in finance from the University of Maryland.  While at Maryland, Hugh was on a golf scholarship and his coach was Fred Funk, PGA Tour player.  Today, Hugh’s golf game suffers and he is content watching his two kids play college lacrosse.


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