Mistake 4 of 16 – Failing to protect your client base despite increased competition

This week we continue our series of blog articles ’16 mistakes made by accountants – and how to avoid them’. This is perhaps the most common of all mistakes a firm can make – and potentially the most damaging. In our experience, very few firms have any kind of customer protection plan or strategy. It leaves your most valuable asset wide open, wherever the threat comes from.

The Alarm bells ring!

In the introduction to this report, we said we would try to stay away from making bold statements without reason. So this is a warning, we are about to make one.

It is a sweeping statement, it won’t be true for every reader, but it will be true for most. Too many firms are lazy, careless and stuck in the dark ages when it comes to managing customer data!

Yes that’s a strong statement, and it’s one we would be happy to discuss with any firm who wishes to. In our experience, some firms don’t even have an up to date database of their current customers. We have seen hundreds, and they are all too often out of date, inaccurate and in some cases a total mess.It’s embarrassing.

What’s your client data like?

If your firm does not have an up to date database of customer data then you’re leaving your most important and valuable asset unprotected. We should know! We sell data to hungry accountancy firms looking to grow. Forgetting the threats we have listed in this document, even the current levels of competition from fellow firms will mean they can probably communicate and market
to your clients in more ways than you!

Data and client feedback made simple

The very best way to update your client data is to telephone the clients and validate the data you hold for them. But what if you could make more out of that phone call? What if you could deliver some value to the client and get even more return for your firm?

Over the years our team have developed a unique approach to data management. Once a year for Insight customers who subscribe to the service, we run a client calling campaign. It’s carried out by us, as a third party, with the aim of:

1.Updating, validating and improving data
2.Gaining valuable client feedback
3.Where clients are super happy, we ask for referrals
4.Client protection

AVN firm of the year, Calcutt Matthews, used this process. They generated a great ROI through new business won and referrals generated. Plus they were also able to identify a handful of clients where action was needed, to safeguard retention. The process ticked so many boxes as well as being hassle free.

The work done by insight has been excellent. The real value is the very careful structuring of the questions & professional team to elicit the response. The summary report & assessment also
provided great value. The campaign has more than paid for itself.

Calcutt Matthews

97% of clients would happily recommend their accountants. 96% have never been asked to.

Mark Lloydbottom | Clients For Life


Categories: Biggest Mistakes, Blog


Joel Oliver | joelo@myfirmsapp.com

Joel is the MD of MyFirmsApp and is no newcomer to technology or working with professional service companies. Joel owns Insight Marketing, SalesForAccountants and Insight Digital Media, with over 30 years’ experience working with Accountants, IFAs, Financial Planners, Law Firms and professional service companies.

He pioneered the App project back in 2012 as he could see the huge benefits of Apps for professional firms who wanted to care for existing clients and market profitably to potential new customers. With over 18 years experience in both online and offline marketing, Joel has developed, led and managed many highly successful businesses.

Joel has a hands-on role within the family of companies and enjoys meeting clients and helping them future-proof their businesses. As the App continues to expand in the UK and overseas. Joel continues to ensure the App product and its bolt-ons get better and better.

To find out more about Joel and his connections, see his LinkedIn Profile or email him on joelo@myfirmsapp.co.uk

Outside work:

Outside work you will often find Joel with his friends or family enjoying varied hobbies from salmon fishing to fine wine and sailing. Joel is also an assistant pastor at a local church and runs numerous youth groups.