370 How To Make the Clients You Already Have Better!
Nov 22, 2024
auto_awesome
Nurturing existing client relationships can be more rewarding than finding new ones. Discover how to evaluate client value for sustainable success while avoiding low-value engagements. Entrepreneurs redefine professional value by focusing on real solutions over traditional credentials. Visibility and community involvement can drive growth for small accounting firms, especially with subscription-based models. Finally, establishing boundaries with clients is crucial for improving relationships and modernizing firms.
Enhancing relationships with existing clients can redefine their value through improved interactions and impactful services beyond financial capacity.
Exploring niche markets and transitioning to innovative pricing models can streamline client acquisition and enhance satisfaction while fostering stronger relationships.
Deep dives
Improving Client Relationships
It is possible to enhance relationships with existing clients rather than losing them, even if they are not high-paying. Client value can be redefined based on how interaction occurs and the level of service provided. Understanding that terms like 'better clients' can imply wealth may lead to misunderstandings, as value is not always tied to a client's financial capacity. Focusing on delivering more impactful services, such as comprehensive advisory roles instead of basic bookkeeping tasks, can elevate the client's perception of value.
Choosing Your Ideal Client Base
Choosing to work with smaller clients, like mom-and-pop businesses, can be fulfilling despite their financial limitations. The perception of what constitutes a 'lot of money' may vary; many firms can thrive even with clients that don't provide top dollar. Acknowledging personal desires to maintain certain types of clients can help avoid falling into a trap where firms lose sight of their financial goals. Ultimately, it is crucial to evaluate whether the clients being retained genuinely benefit both the firm and the clientele.
Niche Marketing Strategies
Exploring niche markets can lead to effective client acquisition with minimal effort, as demonstrated by a listener who successfully targeted a specific industry through a tailored newsletter. Engaging potential clients on platforms like Reddit can spark interest and result in substantial new business opportunities. Identifying a niche aligns with personal interests can create a more enjoyable work environment while fostering strong relationships with clients. The key is to be genuinely interested and knowledgeable about the niche to establish trust and authority among potential clients.
Transitioning to a Subscription Model
Transitioning to a subscription or bundled pricing model is beneficial but should be approached cautiously, especially in firms accustomed to hourly billing. Achieving buy-in from partners requires demonstrating how a portfolio approach can work, addressing common concerns about fairness and pricing. Starting with recurring projects and providing price transparency upfront can significantly enhance client satisfaction while streamlining billing processes. Over time, this strategy can evolve to incorporate more innovative pricing models, ultimately improving operational efficiency and client relationships.
🫠 Are you stuck in a legacy firm? Over 100 progressive firms are looking for accountants like you on Jason’s job placement platform: https://jason.careers/
🗣️ Continue the discussion on social! Twitter https://twitter.com/JStaatsCPA LinkedIn https://www.linkedin.com/in/jstaats/ YouTube https://www.youtube.com/@jasoncpa
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode