increasing profits through client feedback rayne tompson
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Increasing Profits through Client Feedback
Rayne Tompson
Satisfaction > Profit
Satisfied client
Loyal client
Feedback > Loyalty > Profit
Satisfaction > Profit
Satisfied client
Feedback > Loyalty > Profit
Satisfied client
Loyal client
Feedback > Loyalty > Profit
Satisfaction > Profit
Satisfied client
Fulfilment of their wishes, expectations, or needs
Loyal client
Feedback > Loyalty > Profit
Satisfaction > Profit
Satisfied client
Fulfilment of their wishes, expectations, or needs
Loyal client
Has a strong feeling of support or allegiance to you
Feedback > Loyalty > Profit
Satisfied client
Not Engaged
Engaged
Feedback > Loyalty > Profit
Satisfaction > Profit
Satisfied client
Not Engaged > can be converted
Engaged > should be converted
Feedback > Loyalty > Profit
Satisfaction > Profit
Link between client loyalty and profit
Net Promoter Score inventor Frederick Reichheld’s 2012 The Ultimate Question 2.0
Feedback > Loyalty > Profit
“Information about the reactions to
a service, a person’s
performance of a task, etc. which is
used as a basis for improvement.”
Definition of Feedback (OED)
“Feedback helps us to improve our service because it’s a competitive market out there.
Our clients tell us where we need to go and what we could do differently.
We just have to listen”Richard Sheppard, Managing Partner, Oxley & Coward
Definition of Feedback (maybe)
Assess quality of client experience
Identify where to invest
Understand what to improve
Spotlight star performers … or not
Understanding client loyalty allows you to forecast
revenues using evidence rather than assumptions
Why ask for Feedback?
Assessing Loyalty - The Big Question
Recommend UsHow likely is it that you would recommend the firm to a friend or colleague (where 0 is very unlikely and 10 is highly likely)?
109876543210
The Big Question
0-6 7-8 9-10
Net Promoter
Satisfaction > Profit
Remember the Link between client loyalty and profit?
Net Promoter Score inventor Frederick Reichheld’s 2012 The Ultimate Question 2.0
Feedback > Loyalty > Profit
Concerns over Feedback?
Concerns over Feedback – Complaints!
Social media ouch!
“It’s someone saying ‘I like you but you have not fulfilled my expectations this time and I want to tell you why.’
It’s a good thing. Don’t be afraid of bad reviews – it’s a cry for help.”
Robin Evans, Business Development Manager, 15 partner law firm Clarkson Wright & Jakes
Concerns over Feedback
Clients tell you which services they will pay for – can you develop those services?
Feedback says clients are investing their time in you
Acting on feedback tells clients how much you value them
Tell them you have listened
Tell what you are going to do
Golden Rules
