Your client lifetime value affects your company’s future. Without long-term clients, you have to depend on costly new client acquisition. Find out how to make decisions that benefit your practice and your clients.
If you struggle to get repeat business, you can find inspiration in other niches outside of the accounting sphere. Some companies have found smart ways to secure customer engagement for long periods.
Take, as an example, Swiss Rasoi, which is a speciality grocery store operating online. The company specialises in Indian spices and ingredients. They cater primarily to the Swiss market and offer free delivery. Along with the vast selection of staple ingredients and spices necessary for authentic Indian cuisine.
When you think about it, it seems like Swiss Rasoi operates in a tiny niche. Yet the company has created a brand recognition that’s made it a nation-wide success. One of the ways the company has boosted its image is through creating unique and recognisable content.
Great prices and an inventory with rare ingredients have also increased the company’s client lifetime value. As have its unbeatable customer service and delivery. So it’s not just the offering that makes Swiss Rasoi stand in a league of its own.
So, what is client lifetime value or CLV? Also called LVT, lifetime value.
The CLV is a unique business metric. It predicts repeat business from customers or clients over their entire life with your brand. It gives a clear indication of how many clients want to continue doing business with you.
There’s much to learn from a company like Swiss Rasoi, even if you have an accounting practice. This grocery store has leveraged many techniques to increase their CLV. The techniques they used to secure repeat customers apply to your niche as well.
Here are some perfect examples to help you show that you have a VITAL practice ideal for long-term partnerships.
Technique #1 – Create Content That Resonates with Your Ideal Clients
This first technique is one that Swiss Rasoi leveraged to great success. Statistics show that 83% of consumers agree that trust leads to brand loyalty. And 26% believe that consistency is an essential element in establishing trust.
So how did Swiss Rasoi leverage consistency to build trust? They used their content. They deliver vibrant, branded images that highlight their products. And, they consistently share their content over social media, not just on the store’s website.
You can increase your practice’s LVT by creating content that resonates with your audience. Offer free accounting tips to those who visit your website. Share testimonials that directly speak to your ideal clients. Come up with a unique sales proposition that engages prospects and builds trust.
You can also use your content to provide a knowledge base for your audience. Your firm’s website doesn’t have to be bland. You can have more than an opt-in form and contact form on there.
Did you know that up to 70% of consumers like to use the company’s website to solve their issues? Not everyone needs phone support. And not every situation demands it either.
Offering a vast knowledge base can help your clients to understand their pain points better. It can help establish your VITAL accounting attributes. It can solidify your role as an industry leader and expert source of information.
Technique #2 – Create a Strong Onboarding Process
Why do you need a strong onboarding process? Because a weak onboarding process may limit your LVT and cause clients to leave. Up to 23% of clients end up switching brands and service providers because of poor onboarding.
For a robust onboarding process, you need to showcase your VITAL accounting services with respect to your client’s needs.
Six critical elements make this process efficient and lead to a higher client retention rate.
- Recognising the client’s pain points and unique problems
- Letting clients know what to expect from your firm in terms of experience and delivery
- Emphasising the value of your service by linking it back to client pain points
- Consistently following up through emails, push notifications, or promotions
- Delivering a continuous positive service to your clients
- Tracking essential metrics and feedback to continually improve your delivery
Here’s another pro tip – outclass your competition. If your service is consistent and you deliver on your promises, clients don’t need to look for a new firm.
Technique #3 – Never Forget the Power of Great Customer Care
You may think that customer care doesn’t apply as much in the accounting sphere. But this is incorrect. High-end customer service is something that many clients want.
Poor customer service may be responsible for up to 33% of your clients looking for alternative representation.
You can improve customer service by offering support on multiple channels. Put in place 24/7 support whenever possible. You can accomplish this with technology. Learn how to identify your clients’ needs better than they can themselves.
Building on the above, you can supplement phone and office availability with online live chat support. Manage your resources so you can answer a call as fast as possible. Every client wants to feel important, and a quick reply shows that you care.
You can also look into dedicated customer service software. It can help with your resource management, as well as client reach. And you want to amplify your reach as much as possible. In fact, this is so important that we call it a marketing and sales superpower.
Excellent customer service also ties into content creation. Your knowledge base can help you with resource management. Clients with simple problems can refer to it to solve their own issues. This can free up time for you to communicate with the clients who have complex issues. Those who prefer a hands-on approach can solve the little things with your guidance.
That guidance can be provided through video tutorials, self-service articles, case studies, and so on. Happy clients are less likely to leave your practice for one of your competitors.
Technique #4 – Listen to What Your Audience Says (And Take Their Advice)
Taking advice from clients is one of the easiest ways to improve your service delivery and CLV. An honest review of your firm can give you a different perspective on how you conduct business.
And there are many ways to get the feedback you need. Some clients will tell you to your face what they like and what they don’t like about your services. Others will review your practice over social media. You can also ask for periodic feedback from your repeat clients.
That said, the best way to get consistent feedback is through social media channels. These channels make it easier for clients to share their thoughts in their own time. And it’s easier on you, as you can review many testimonials in succession.
Identify any inconsistencies in how you treat your clients based on the revenue they bring and their unique needs. Actionable feedback allows you to understand what your practice does wrong and what you can improve.
Making fewer mistakes in the future helps your LVT growth. This backs up your claims of having a VITAL accounting practice.
Technique #5 – Focus on the Client’s Pain Points (Rather Than Your Service’s Features)
Here’s an interesting fact in the world of B2B: Most B2B buyers want a personalised experience. They resonate with it and find it compelling.
One of the best ways you can create a personalised experience is to focus on pain points instead of features. Identify problems that clients can resonate with, rather than listing features.
Your clients likely don’t understand many of your features and services. But they can relate to pain points that affect their businesses. Another great thing about focusing on pain points is that it allows you to emphasise solutions.
Providing a solution for a specific problem right from the beginning establishes your authority. At the same time, it offers instant gratification. Which is something that everyone wants in B2B or B2C dealings.
Prioritising pain points should be your go-to concern when interacting with prospects and clients. And, to take things one step further, learn to identify pain points in every client. This includes happy clients and clients who are considering new representation.
Your main goal should be making your company an entity that clients want to keep working with. It means satisfying even the toughest clients. Once you begin changing the minds of disappointed clients, you know that your CLV is higher than ever.
You may also benefit a lot from proper competitor research. It’s not enough to identify pain points. It’s also critical to provide better solutions than your competitors. Find out why clients are unhappy with your competition, and you can figure out how to offer something better.
Don’t Ignore Your Client Retention Potential
Swiss Rasoi managed to succeed in a limited market. Not only that, they established themselves as a standard to follow. But at the end of the day, they didn’t use any techniques that you can’t use in your accounting practice.
The methods of increasing client lifetime value are applicable in any industry. These are reliable business principles designed to please your ideal audience. And don’t worry if you don’t succeed in your first try. Things can take time, and help is available.
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