Long live referral relationships
Business development and marketing functions are there to win new clients. Too often, however, consultancy firms fall into the trap of simply relying on existing clients renewing their contracts in order to hit their revenue targets.
That tactic may have been ok in the past, but with increased competition and consolidation, it is becoming increasingly difficult for consultancy firms to differentiate themselves in a globalised world. And the more competitive the environment you operate in is, the harder it becomes to retain your existing clients as the temptation for them to move to a competitor that offers superior services becomes ever more common.
To ensure you remain relevant to today’s client, you need to deliver a more personalised, technology-driven service that your clients demand. You need to invest in superior client relationship technology that allows you to deliver a modern, superior experience that meets the needs of a new generation of client.
Do this successfully, and your clients remain your clients because of this level of service that you provide. They come to trust you due to the sustained, timely and personalised interactions that you maintain with them. It’s a relationship that takes time and effort to nurture, but no-one can the results.
Beyond this essential client relationship, smart consultancy firms also understand that these loyal clients not only bring in substantial revenue from repeat projects, but that they can add even more value by extending your referrer reach.
To truly ignite your business development capabilities, you need to engage intelligently with your regular, repeat clients, because as well as their direct business, you need every client referral they can give you.
Your clients are influential individuals, they know people, they talk to people and they discuss the burning industry topics. They participate in social media, industry events, online conversation, industry forums and networking activities. Providing a positive experience through all the engagements you have with them will bring new referrals and keep your business development plans on track.
Don’t wait for your loyal clients to bring you their next brief
In the digital world, it can be easy for your clients to start talking about their consulting needs with a competitor who’s taking a more active interest and providing valuable answers to their specific industry, job function and current priorities.
To fend off the competition, you need to engage and stay engaged with all your clients and prospects through the digital channels they use for research and communication. To achieve this, intelligent digital applications are the key weapons in your armoury.
With useful content, including sharing innovation and industry-leading thinking, you can maintain a topical dialogue and stay close to the issues that matter to your clients. Social listening means you can demonstrate your responsiveness and commitment to current client agendas. Business intelligence tools based on robust customer data and responsive analysis help you predict changing needs so you can adapt your resources ready to meet them.
You can forge a trusted relationship through sustained, interactive communications, that goes beyond one-to-one dialogue with an industry specialised consultant that builds loyalty to your brand and approach, not just an individual partner. These satisfied clients will actively promote you to their social and professional networks and draw you in referral prospects.
Long live client referrals!!!
To learn more about the many benefits of Microsoft Dynamics 365 and how Xpedition can help your consultancy firm overcome the key five strategic challenges consultancy firms face, download our consultancy whitepaper today.