Confirming your client proposition and generating opportunities

In today’s climate, clients demand the best service more than ever before. When times are tough, clients are more choosy about where they spend their money and for businesses to gain a competitive advantage, clients must be satisfied, loyal and most importantly engaged with your business.

Clients who are engaged with your business are enthusiastic about what you do, they recommend you to others, they provide you with testimonials, they become part of your marketing collateral and ultimately they increase your profits.

A strong service proposition increases a clients engagement in your firm. As client engagement increases, this builds trust, increases loyalty and client retention, leads to more referrals, increased revenue and profitability. Your most loyal and engaged customers become brand enthusiasts. Some commentators call this ‘Customer Advocacy’, taking the view that clients are less likely these days to simply accept whatever services you provide, indeed according to a white paper published by The OMC group about Customer Advocacy in Financial Services, today’s customer is now “value-extracting” meaning that clients will look for the value in a proposition and how it meets their personal requirements. This is the very reason why firms need to develop a strategy to align their service, marketing and branding efforts with the needs of their clients.

To develop client engagement or customer advocacy with your business you need to understand what drives it for your clients. Is it that you provide a well delivered, excellent service? Is it the frequency of contact you have with your clients? Is it that you care enough to ask for client opinions? Is it that you take an open and responsive approach? Is it that the client has confidence and trust in the service and advice you offer? Is it the perception of the quality of your communications with your clients?

Finding out what inspires your client’s loyalty and engagement with your firm is the first step to creating a successful service proposition. The only way to really understand what your clients want is to ask them for their views. Doing this enables you to benchmark your service proposition and set a solid foundation on which to build your client proposition and marketing strategy.

So don’t just assume you know what your clients opinions and perceptions are, ask them. Reach out to your clients and inspire them to talk about you. You may or may not be surprised by their responses, but you will certainly benefit from them.