How professional services firms interact with their clients will determine how well the business relationship develops. Accountants, lawyers, financial planners, business coaches & consultants, recruiters, et al believe they need to become ever more technically better to attract more and/or better clients. But that’s not always what the client is seeking.
The relationship between client and professional is about two people working together as peers, mutually evaluating the worth of one another in the partnership. If developed in a positive environment of improving the client’s condition, there will be a bond that is created that will weather the test of time and competition.
Open, honest two-way communication is required by both parties; yet in many instances, good communication is absent.
Accountants, lawyers, financial advisers, recruiters and alike sometimes lack the ongoing, proactive communication their clients would appreciate to build an ever stronger bond. In my consulting life, large numbers of professional service firms seek my counsel in improving their marketing strategy, business development and fee/revenue growth.
During the initial enquiry analysis and research, I commonly discover similar results:
The professional services firm is exceptionally good at clearly explaining their costs and methodology, supported by qualifications, skills and experience. What is not so well done is articulating the results and outcomes for the client (both tangible and intangible) in language common to the client.
Professional service firms are in an age of relentless competition. Pressure to continually lower prices comes from the clients. Pressure to continually raise revenues and profits comes from the principals and partners, while pressure to reduce costs comes from CFOs and Practice Managers.
Professional service firms can rise above the mire to stand out from the crowd by focusing on service, quality, innovation … a broader approach.
This can be achieved by speaking to the client about what interests them, in a language the client can understand. What’s important for your client? Being in a better position today than what they were yesterday because they had you working on their behalf.
So, what target do you have in your sights? The technical issues? The fees and prices? Your qualifications? Or the results, value and outcomes to be achieved for the client? Hit the mark and watch your business grow.
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Ric Willmot
Improving Organisational Performance
Providing Strategy Consulting & Mentoring
