Thursday, July 15th, 2010
CLIENT RETENTION
Per the AICPA, client retention is the #1 MAP concern for firms in each size category (per the 2009 Top Issues survey).
As you move into the fall marketing season, don’t forget what consultants have been telling you for years. It is much easier and effective to market additional services to current clients than it is to land a brand new client.
In addition to prospecting for new clients (you still must do that), be sure to over-serve your current clients. A well-served client will stay with the firm a very long time and you always risk the chance of a new client continually searching for a new CPA firm every few years.
I often hear from managing partners, firm administrators and marketing directors, “The partners hesitate to invest time in current clients that is NOT billable.” Consider tracking and rewarding activities that help to RETAIN your best clients.
As David Maister says, “What you do with your billable time determines your current income, but what you do with your non-billable time determines your future.”
CPAs are always looking for proof that activities, initiatives and other marketing efforts actually work. Larry Bildstein of The Whetstone Group provides an informative exhibit (new vs. existing client investment) in his February 2010 article in the Journal of Accountancy – Retain Clients and Help them Recover.
Share this post with your partners, have them read the Journal article and IMPLEMENT an initiative to become more client focused, not just for the short-term but as a part of the culture of your firm. Simple as that.
- "You don't earn loyalty in a day. You earn loyalty day-by-day."
[...] have heard it several times by now…… the #1 MAP concern for all size CPA firms is CLIENT RETENTION. After 15 years, it replaced FINDING & KEEPING GOOD PEOPLE on the Top MAP concerns [...]