jennifer hamberger chief marketing officer vance mccollough partner practice group leader –...
TRANSCRIPT
Wallet Share & Client Loyalty
Jennifer HambergerChief Marketing Officer
Vance McColloughPartnerPractice Group Leader – A&AMember of Management Committee
Lee EisenstaedtFounding PartnerModerator
How much untapped opportunity is there to grow your revenue from among your current clients?
We’ve posed this question to more than 150 managing partners across the country.
They told us:
24% (range from 5% to 100%)
So, double digit growth is possible…
24% growth from current clients
+ 3% price increase
+ 3% adding new clients
30% annual growth
X 50%
15% increase per year
Unlocking This Potential Depends On…
Retaining current clients
Bringing in new business
Selling more services to existing clients
Retaining your staff
Understanding the unmet & evolving needs of clients
Wallet Share
Measuring Wallet Share
Client’s Annual Spend with Your
Firm
Client’s Annual Spend with All
FirmsWallet Share
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Client’s spend with you on NON
traditional services
Client’s spend with you on traditional
servicesWallet Share Index
Annual Audit Federal & State Tax Returns
Business Valuation /
Gift Tax
Audit PartnerTax Partner Consulting
Partner
Chief Financial Officer VP of Tax CEO
3x3x3℠ Model
3 Services
3 Contacts At Firm
3 ContactsAt Client
Source: Wallet Share: Growing Your Practice Without Adding Clients, © 2013 Eisenstaedt & Siders
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3x3x3℠ Model
Source: Wallet Share: Growing Your Practice Without Adding Clients, © 2013 Eisenstaedt & Siders
Simplifies complex issue
Easy to communicate
Promotes collaboration
Facilitates accountability
Leads to growth, client retention, and staff development
Client Loyalty Assessment
Satisfaction ≠ Loyalty
• Focused on most recent transaction
• Backward looking• Quick to grow and
disappear• Must be updated
frequently• Difficult to apply to
marketing and business development campaigns
• Good indicator of current problems and issues
• Examines experience over time
• Forward looking• Slow to grow and decline• Best updated every 18-24
months• Results allow firms to build
individually relevant campaigns
• Provides roadmap for long term improvement and behavior changes
9 Reasons Why A FirmWould Conduct A Loyalty Assessment?
1. Long overdue
2. Uncover sources of referrals
3. Proactively save or strengthen important relationships
4. Identify opportunities for additional work
5. Get a new Managing Partner or CMO up-to-speed
6. Sharpen the focus of business development and marketing initiatives
7. Accelerate changes in behaviors of partners & staff
8. Establish benchmarks against which to set goals, measure improvement, etc.
9. Ease client transitions due to partner retirements
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4,000 clients
650 partners
130 firm leaders
L. Harris Partners Has Surveyed…
© 2013 L. Harris Partners, LLC
Examples of What We’ve Discovered From Clients
• 40% do not find their CPA firm to be “unique”• 35% use multiple firms• 29% claim they don’t know all the services
their CPA firm provides• 61% find the fees charged to be “fair &
reasonable”• 78% describe their fees as a “good value”• 60% are “loyal” to their firm
– Partners think 40% of their clients are “loyal”
• 62% are likely to recommend their CPA firm to others
Listen
Interpret
(re)Act
Monitor
Continuous Cycle
Jennifer HambergerChief Marketing Officer(716) [email protected]
Vance McColloughPartnerPractice Group Leader – A&AMember of Management Committee(972) [email protected]
Lee EisenstaedtFounding PartnerModerator(312) 775-4055Lee.Eisenstaedt@LHarrisPartners.comwww.lharrispartners.com
Special Offer forAWEBLive! Attendees
• Published May 2013• 110 pages• Paperback
Learn more about…• 3x3x3 model• Processes for obtaining feedback• Growing your business without
adding clients
Receive a 25% discount off the cover price ($14.96 vs. $19.95) by:
• Visiting www.MoreWalletShare.com• Using the discount code: 37CMBAFQ
Jennifer HambergerChief Marketing Officer(716) [email protected]
Vance McColloughPartnerPractice Group Leader – A&AMember of Management Committee(972) [email protected]
Lee EisenstaedtFounding PartnerModerator(312) 775-4055Lee.Eisenstaedt@LHarrisPartners.comwww.lharrispartners.com