What’s Better Than Acquiring A New Client? Retaining One.

Learn how to boost client loyalty in 6 easy steps

You can pour money into marketing, but without a focus on loyalty, your accounting firm will become a leaky bucket. As you look for new ways to grow your business this year, client retention should always be a top priority. That’s not to say client acquisition isn’t important for your growth, but without long-term clients, there’s no sustainability and generating revenue is harder.

Why is client retention so important?

Beyond profitability, client retention is a great measure of how well your firm services your client. If your retention rates are high, you’re making yourself so valuable that clients know they would be worse off without you. 

Loyal clients have additional benefits – they refer you to other businesses and spend more with you. With a reputation in the market for happy long-term clients, anything you spend on marketing will also be more effective. 

 

How to boost your client retention

We’ve outlined six client retention strategies that will keep your clients happy and engaged for longer and deliver the most impactful long-term results. 

1. Set their expectations 

New clients come to you with varying ideas of what an accountant can and should offer. If you can be clear about what you provide and what you need from them for success, you’ll remove the risk of disappointing them. The best way to do this is a quick conversation or document at the beginning of the relationship. From there, give clients plenty of advanced notice if you make any changes. 

Here are some of the key points you’ll want to go over in your first meeting:

  • Timelines. Outline when you’ll complete their services.
  • Accessibility. Let them know when, where and how they will be able to contact you. 
  • Response times. Explain how long it usually takes for your firm to return emails and phone calls. 
  • Payment timeframes. Make them aware of the acceptable timeframe for payments. 
  • Their responsibilities. Go over what you’ll need them to do and when.

2. Show them you care

Making your clients feel special will foster longer, stronger relationships. That doesn’t mean you should send every client an expensive gift basket or give them free services. Personalised welcome emails or weekly newsletters will go a long way and won’t cost you as much in time or resources. BOMA makes it super easy for you. The content library and digital marketing toolkit support you to consistently show clients you care. You can send them automated emails like “Welcome to the family” or “Happy Birthday!” or keep them updated with useful information to help improve their businesses. 

3. Make their lives easier

Doing business with your firm should be as straightforward as possible. With great online tools at your disposal, let clients get in touch on multiple channels and set up automatic appointment scheduling, reminders and online payment processes.

For documents that need signing, make little notes to reduce errors on their end. Digital signature software works well for everyone, but if you’re working in hard copy, give clients pre-addressed courier bags. These courtesies will improve your client experience and make your business more efficient. 

4. Connect with them regularly

Building a good relationship comes down to connection. In a business setting, it paves the way for loyalty, profits and referrals. Our advice? Get to know your clients. Think of yourself as a doctor taking notes about patients – what are their business goals, hobbies and anniversaries? With more information, you create opportunities to connect with them on a personal level. 

BOMA’s content can be easily personalised to keep up with this extra engagement. In minutes, you can tweak expertly written advisory articles to create informative emails and social posts. 

Find out how BOMA can help you keep in touch with your clients and boost engagement. 

5. Use incentives

Clients who feel you’re looking out for their best interests are more likely to stick with you. That’s why offering incentives to encourage repeat business is valuable — you can show your appreciation and also grow your business. Here are a few examples of how to use incentives to boost client retention:

  • Encourage them to stay another year. Offer a free consulting session for their next birthday or business anniversary. 
  • Ask them to talk about you. Give a discount for successful referrals. 
  • Urge them to pre-book services for later. Implement limited-time offers.

6. Ask for feedback

Identifying a client’s pain points allows you to fix issues before they consider leaving. Two-way communication also helps to build trust and transparency – the foundation of any great relationship. For regular feedback, there are a few great options that you can quickly set up:

  • Surveys. Send an email asking for feedback with a link to a survey or feedback form.
  • Phone calls. Schedule phone meetings with clients to discuss what you could be doing better.
  • Follow-ups. Call your clients after each service to see if they were happy with their experience.

Loyalty wins

As an accounting firm, your reputation will set you apart. When your existing clients are happy and you maintain long-term relationships, you know you’re knocking it out of the park. To work towards this goal, focus on making clients feel valued by improving communication and reliably meeting their needs.

That way, you’ll build trust while making yourself indispensable to their success. If you want to stay connected with your clients more efficiently, start the BOMA 14-day free trial today.