Client Relationship Development
It is often said that it easier and less expensive to keep a client than gain a new one. Many studies provide specific numbers, but to me it is common sense that keeping a client happy should be more of a focus than gaining new ones. Focusing on developing client relationships is the foundation for all of the best organizations.
Developing and maintaining strong client relationships is vital to a firm, but it should not be made difficult. There are a numerous ways to ensure that you are maximizing the relationships you have with your clients. Some examples I use in my position, but are not limited to are:
- Ask rapport building, non-business questions in the first meeting
- Provide value from the start of the relationship
- Take advantage of social events with your clients
- Refer business to them when appropriate
Meeting someone for the first time in person or on the phone can be somewhat tense. Use rapport building questions to not only break the ice, but to learn about the person you are talking to. This only needs to take a couple of minutes, but will start the relationship off on the right foot. I like to ask people about the area they are from because I talk to people all over the country. My questions are never very deep, but they get the ball rolling. For example, I will ask about the weather, or local sports teams, or look for commonalities between us. If a person is not willing to take two minutes to talk about their city or themselves, I know the call or meeting will be that much more difficult.
Providing value from the start is a great way to start building a relationship. Ask what keeps them up at night and what opportunities they are looking to take advantage of. I provide value by sharing insight gained by working with firms that have had similar concerns or by putting them in touch with others that can shed light. I also provide many firms with articles and information we have gathered over the years to help them save research time. Providing value from the start helps build credibility.
My favorite way to develop client relationships is by taking advantage of social situations. This could be dinner after a meeting, or a quick drink at a local hot spot, or any other situation outside of the office. These are great relationship builders because you are able to get to know your clients as people. You don’t have to solely focus on business and can learn much more depth of individuals…i.e. kids, family, favorite activities etc.
Whenever possible, try and refer business to your current clients. For me, it is usually a firm to firm referral. This tells our clients that they are important enough that I will send them possible business. The firm that I refer is also happy because they have a possible solution to a need. It is a win-win situation for everyone.
The development of client relationships can be accomplished in countless ways. The main idea is to understand the value the relationship represents and to knowingly work at building relationships with all of your clients. Finding ways to accomplish this will go a long way in the success of your business.