Successful client feedback programmes enable professional services firms to make informed business decisions based on comprehensive client opinion. Whether you are getting started with client feedback or you have an established approach, the more information and actionable insight you can gather on a continuous basis, the more informed your decision making is likely to be. Investing in client feedback has a payback – there are many examples of firms investing and yielding continuous commercial benefits. We have been able to observe many examples of firms benefiting from client feedback programmes using insight to inform:
1. Strategic advice
Client feedback helps firms identify market trends, enabling firms to recognise and prioritise opportunities and resources needed to refine their service offerings
2. How clients choose suppliers
Client feedback is an ideal way to find out how clients make decisions on which firms they will select to handle matters. If a firm knows how its clients make their buying decisions, they are in a better position to react and defend themselves against their competition
3. Marketing
Find out clients’ perception of brand and brand messaging. Use the feedback to understand gaps and opportunities to refine marketing messaging and optimise branding
4. Business Development
By keeping a finger on clients’ pulses, a firm will be in a better position to identify and capitalise upon emerging opportunities. Pre-empting clients’ pitch processes will help a firm take a leading position
5. Bidding and tendering
Whilst collecting feedback, a firm will gain, with appropriate client permission, quotes and testimonials to evidence their service quality and recognise the skills of their staff. With feedback transcripts stored and tagged, a firm will be able to easily source relevant quotes for pitches, giving compelling evidence of their suitability for such work
6. Key account management
Client feedback will provide informative material to support account management teams in identifying the strengths and weaknesses of individual relationships and to prepare action plans to maintain and extend revenue from key clients
7. Internal operations
Where client feedback identifies flaws or opportunities in internal processes, a firm will be ready and better placed to fix problems quickly for clients and to report and monitor continuous improvement
8. Improve quality across the entire firm
Client feedback across all areas of a firm will allow the identification and sharing of best practices across teams and offices, strengthening a firm's overall service offering
9. Bonus discussions and team appraisals
Use client feedback as an objective measure in appraisals and compensation discussions
10. Resources
The more a firm understands its clients’ business and their needs, the better placed you will be to make decisions about the resources needed to deliver the best possible service
11. Cash flow
Client feedback can become a surrogate indicator of likely future cash flow trends and potential profits. Unhappy clients are unlikely to buy more or will be more difficult to provide services to, whereas happy clients are likely to recommend you and potentially buy more services
12. Knowledge management
With a comprehensive client feedback programme, a firm will be able to increase its knowledge across many of the factors that affect its business performance and become an opinion leader