craig

This article was written by Craig in marketing for our professional network of lawyers and accountants.

“The problem is, we all tend to think far too transactionally.”

An honest and transparent response from an accountant during a casual chat at a recent event. We were discussing professional connections in general, client management and business development.

As a firm of financial advisors that work with long-term client visions, with a service that relies on planning, it hit me how different that outlook is, despite the lead-up to the ‘sale’ being so similar.

As professionals, we don’t transact quickly. You can’t pop what we do in the basket and buy now. There are pre-sale conversations to build confidence and trust. We have to audition for clients.

I know from experience how several law firms and accountants work hard at marketing and business development, so for me, looking beyond the transaction – well, that’s ‘low-hanging fruit’ that benefits the client, first and foremost, but also the practitioner looking to build their practice.

In other business environments, these opportunities are often classed as up-selling or cross-selling. Not in the sense of a burger joint asking, “Would you like fries with that?” and not aggressively or unethically, simply for profit. In this very situation, however, you can look for additional value for both parties – especially if you have done a great job.

Looking beyond the transaction helps professionals make future business development easier as you build trust and reputation. The hard work has already been done, and the trust built, so why would you not look to maximise the relationship at this point? Especially with a new customer, where your acquisition cost through marketing needs justifying.

From the client’s point of view, any conversation you have could offer potential value. At the very least, it gives them options and a better understanding of what else they may benefit from. After all, you don’t know what you don’t know until you know it, right?

Cues

Nearly all professional transactions – legal, accounting, insurance, and financial – occur over several interactions. Yes, you’ll keep your professional hat on, but this is also a transaction between people. If you don’t know what to say to a client by the end of the overall transaction, you may have missed many cues along the way, the subtle messages during dialogue, where they are basically asking for more help.

If that’s a new approach for you, take the pressure off. Play with it. And if that sounds unprofessional, remember, this may be a brand new skill you are learning. It’s infinitely better to experiment with listening and feeding back than to clumsily guess at the end. Why not take the pressure off – listen, learn and look for added value?

Or, chat with the manager in charge of Business Development in your firm and explore courses that could help you in this very situation. It’s a transferable skill and could help you grow your client-base, and that of your colleagues.

Maximise Your Quality

If you already get repeat business or referrals, the chances are you are good at what you do. You care. Why would you not build on that for your client’s benefit and also for your personal reputation?

Obviously, you need trusted advisors at hand for a joined-up approach. Whether it’s colleagues, partner organisations or general contacts, remember that their reputation, response, and delivery reflect on you. So why not start building that trust now to grow a reputable network you can rely on to benefit your clients? And remember, it works two ways – you should end up getting more work being referred to you.

Be less passive with your network. Ask your professional contacts about the type of clients they work best with, and don’t take “anyone” as an answer. Tell them who your ideal client is, and don’t use “anyone” as the question. Focus on the areas where you can offer genuine value.

Build up an old-fashioned Rolodex.

Summary

The worst sales opportunity to lose is the one that walks out of the door, especially if you are so focused on the job at hand that you miss it happening. You may also be doing your client a disservice by not adding the extra value.

As an organisation focused on long-term client relationships, we are always looking to connect with like-minded professionals who enable us to offer additional value to our clients with a much more joined-up approach.

Professional Teamwork