Less than a third of advisory firms collect formal client feedback. Here are some tips to ensure that you’re using customer insight to develop your service offering.

A common trap for advisers is to assume that their close client relationships allow them to get a good enough read or insight into their needs, making formal feedback mechanisms like customer surveys unnecessary. 

In fact, amongst 328 Australian advisory firms, just 30% had a structured approach to seeking client feedback, despite evidence indicating that client feedback can generate, on average 111% increase in bottom-line profit1

Of the firms that did formally seek client feedback, only 34% shared the results of the feedback with other clients, staff and business partners1. Sharing client feedback across your advisory practice is critical to ensure that your customers- voice can affect change in how your firm operates internally. 

In this day and age, customer is king and everyone's a critic - it's time to take advantage of the benefits of receiving regular customer feedback:

  • Improve your service quality - feedback highlights gaps and opportunities for improvement, and provides a deeper understanding of customer needs
  • Understand your competitive position - get some perspective on how customers view your services in comparison to others, and identify any market trends or behavioural changes that may affect your business
  • Increase satisfaction and loyalty - customers value providers that take their opinions and suggestions on board, which leads to long-term loyalty and trust.

Tip #1

Kick-start your customer feedback cycle today with CommInsure's Smart Adviser Marketing's customer survey templates.


Log in to SAM to access all the free how to guides, tools and templates.

Seek out your happy customers - they're your most powerful advocates

81% of advisory practices reported that over half of their total revenue is generated from existing clients1. This is partly due to keeping your customers happy with your services, but you can play a more proactive role by being strategic about seeking out client referrals.

An ongoing referral strategy will help:

  • Develop a pipeline of new clients at a lower cost relative to other forms of marketing activity
  • Build trust at the outset - word-of-mouth is a powerful force amongst consumers
  • Quicken the conversion of prospects - your referees have done the 'pre-sale' work for you
  • Strengthen current relationships - reward your influential customers so they continue to advocate for your firm.


Tip #2

Build your proactive referral strategy with CommInsure's Smart Adviser Marketing referral templates and checklist.


Transform your firm with effective customer feedback today with our Smart Adviser Marketing: client feedback tools. If you don't have access contact your CommInsure BDM or state office today.

 

 

1. Rubik/Business Health’s Future Ready VI whitepaper (2015)

 

Google+