Building a more profitable business from the clients you already have – Cross-selling in a modern professional services firm.
As I speak with my clients, more and more I am asked to help them go about attracting new clients. Its a new year after all, and its time to put all those business resolutions into practice.
More clients = more fees = a growing business.
Well, yes it does. But, before we start to look at bringing in new clients, have we made sure that we are making the most from the happy clients we already have? If we are looking after our clients, and they are returning to us every time they need our type of help, then perhaps we can sell them more of our services?
Cross-selling is fast becoming a hot topic, particularly in the world of Law Firms, where the wholesale changes in the new Legal Services Act mean a far more competitive marketplace for some of the services offered.
As always, the media have wanted to make a very big deal of “Tesco Law”, and yes it is a big change, and yes it has an impact for many, but if we look after our clients and provide a sound and cost effective service, are they going to look to use non-qualified service providers?
There are many tactics being put into place with this in mind. Some of my clients are even looking at trying to scare their clients by explaining the repercussions of getting inferior advice, or a poorly worded Will, etc. It’s a tactic of sorts I guess, but is it the best? I’ll leave that for you to decide.
A competitive market
It is fair to say that the professional services marketplace is already a very competitive one. There are many providers, offering different types of service to a variety of types of clients. This competition is healthy, and it is good.
My view is that before you start a campaign of new business development, make sure you are close to the clients you already have. Make sure you know them and are providing them the service they want and need from you. Be sure that you are cross-selling your services, and that your departments are aware of each other’s clients, and where the opportunities may lie.
Yes, please do go out and get new clients. Please network, build new and lasting relationships, and take time to focus on market opportunities. But, before you do, look after the business you already have. It’s the first place your next fee might come from.
For more on developing yourself, your staff and improving the profitability of your business, please do get in touch. You can email me at email@example.com, use the contact page on my website www.jamesnathan.com or call me on 07736 831151. Follow me on Twitter at @jamesnathan, connect to me on LinkedIn, or follow me on Facebook.
I look forward to speaking soon.