Increasing Profits through Client Feedback Rayne Tompson

Satisfaction > Profit Satisfied client Loyal client Feedback > Loyalty > Profit

Satisfaction > Profit Satisfied client Feedback > Loyalty > Profit

Satisfied client Loyal client Feedback > Loyalty > Profit

Satisfaction > Profit Satisfied client Fulfilment of their wishes, expectations, or needs Loyal client Feedback > Loyalty > Profit

Satisfaction > Profit Satisfied client Fulfilment of their wishes, expectations, or needs Loyal client Has a strong feeling of support or allegiance to you Feedback > Loyalty > Profit

Satisfied client Not Engaged Engaged Feedback > Loyalty > Profit

Satisfaction > Profit Satisfied client Not Engaged> can be converted Engaged> should be converted Feedback > Loyalty > Profit

Satisfaction > Profit Link between client loyalty and profit 5% increase in client retention 75% increase in average business’ profits Net Promoter Score inventor Frederick Reichheld’s 2012 The Ultimate Question 2.0 Feedback > Loyalty > Profit

“Information about the reactions to a service, a person’s performance of a task, etc. which is used as a basis for improvement.” Definition of Feedback (OED)

“Feedback helps us to improve our service because it’s a competitive market out there. Our clients tell us where we need to go and what we could do differently. We just have to listen” Richard Sheppard, Managing Partner, Oxley & Coward Definition of Feedback (maybe)

Assess quality of client experience Identify where to invest Understand what to improve Spotlight star performers … or not Understanding client loyalty allows you to forecast revenues using evidence rather than assumptions Why ask for Feedback?

Assessing Loyalty - The Big Question

Recommend Us How likely is it that you would recommend the firm to a friend or colleague (where 0 is very unlikely and 10 is highly likely)? The Big Question

“What is the likelihood that you would recommend Firm X to a friend or colleague?” Net Promoter Question developed by Bain & Co and Harvard in 2003 Simple to understand scoring Used across industry sectors by customer facing brands such as Qantas, Apple & Hertz and 100+ UK law firms The Big Question

A very satisfied client will tend tell 3 people about your firm (Bain & Co) A dissatisfied client will tell people September 2014: Yorkshire Building Society published a NPS result of “43” Benchmarked against the industry NPS of “1” … excellent result Net Promoter

Net Promoter

Satisfaction > Profit Remember the Link between client loyalty and profit? 5% increase in client retention 75% increase in average business’ profits Net Promoter Score inventor Frederick Reichheld’s 2012 The Ultimate Question 2.0 Feedback > Loyalty > Profit

Concerns over Feedback?

Concerns over Feedback – Complaints!

Social media ouch!

Benchmarking

“It’s someone saying ‘I like you but you have not fulfilled my expectations this time and I want to tell you why.’ It’s a good thing. Don’t be afraid of bad reviews – it’s a cry for help.” Robin Evans, Business Development Manager, 15 partner law firm Clarkson Wright & Jakes Concerns over Feedback

Clients tell you which services they will pay for – can you develop those services? Feedback says clients are investing their time in you Acting on feedback tells clients how much you value them Tell them you have listened Tell what you are going to do Golden Rules