Client Expansion – The Fastest Road To More Revenue
Learn how to maximise value on both ends of the client relationship
Consider the time, energy and resources it takes to acquire a new client – it’s a lot. A far better idea is to strategically plan to expand your customers once they are with you. By looking beyond your standard compliance services to see how your other services could help your customers, you’ll likely find you’re sitting on a goldmine. Most clients need these extra services, and using you as a one-stop shop would be much more convenient. Not only will this tap into amazing growth opportunities, but it’s also easier than acquiring new clients because they already trust the benefits of your services.
It’s time to stop worrying about acquiring new clients for a while. Here are three easy steps to maximise revenue from the clients you already have:
Find out what your clients need
By frequently checking in with your clients, you can better understand the problems they’re facing and how you might be able to solve them. Are they struggling with specific tax problems? Could they use some advice about profit margins? Figure out how to help them beyond your standard service, and you’ll find a new way to boost your revenue.
Consider implementing quarterly courtesy calls. Assign a small number of clients to yourself and your managers and call for a quick chat each month. It’s the perfect way to identify common problems you can start addressing.
Offer more solutions
The more services you have, the more opportunity there will be to help your clients. You want to encourage them to solve problems with your help instead of going elsewhere. Here are three simple ways to expand:
1. Go deep into specialisation areas
Want to charge higher billing rates while adding value to your existing services? Train your team (and yourself) in tax, commercial, personal and accounts coaching areas. If you specialise in more areas of accounting, your clients won’t have to go elsewhere. It also allows you to identify areas where you can streamline processes more effectively and efficiently.
2. Outsource to experts
When a client comes to you with a problem that’s out of your league, don’t turn them away. Instead, outsource to a well-trusted specialist and keep the client relationship with you, rather than handing it over to someone else. Remember, whoever you contract out to will reflect on your business, so you want to make sure they’re good. Start building a portfolio of trusted partners you can use confidently.
3. Take advantage of better technology
Over the past decade, technology has allowed accounting firms to spend less time on manual tasks and more on data analysis, tax strategy and predictive insights. By upgrading your software, all those services that would have taken too long you can now offer efficiently and effectively. The same is true for your marketing efforts – better technology can help build your brand and improve customer loyalty.
Boost client retention with BOMA
The longer your clients stay, the more opportunity they have to spend and the more value they bring to your firm. In other words, it pays to keep your existing clients as happy as possible. An important part of this is to consistently give them helpful information that supports their businesses while keeping you connected.
If regular content sounds tedious (especially when you have new services to worry about), then purpose-built marketing software like BOMA can help. BOMA’s content library gives you fresh, relevant articles to share with your clients as often as you like. From compliance and financial advice to HR and training tips, bring real value to your clients with information that helps them grow. The timely advice will also remind them about extra services they may need.
Double down on value-adds
If you’re not up-selling or cross-selling to each client, you’re leaving money on the table. Make the most of your existing clients while simultaneously improving customer satisfaction. You’ll see your revenue grow significantly by checking in with your clients more often and giving them what they need. Your client relationships will also last longer.
To find out more about how BOMA can support your client expansion, sign up for a free trial today.
