- You have no business without satisfying your clients! They deserve to be treated fairly, but not all will be equal which is where segmentation comes in. Try segmenting to different service levels.
- 20% of practises don’t segment, yet businesses who do are more profitable. Those who do it well have achieved 235% more profitability than those who don’t.
- The 80/20 Pareto Principle tends to be true. Start your segmenting by working out which are the highest revenue generators.
- Start with revenue, then overlay with things like relationship, referrals and ease of doing business.
- Meaningful, customised communication works to demonstrate value to every client.
- Every practise should be able to articulate what it does and what value it provides to clients. E.g. “By working with … you will get (benefit)”.
- Seek feedback from your clients.
3 Steps To Creating Value For Clients:
2. Communicate in a meaningful way.
3. Seek feedback.
Terry Bell is a principal of Business Health Pty Limited. Business Health is headquartered in Sydney, Australia and was established 14 years ago to provide practical “down to earth” assistance to businesses with particular emphasis in the financial services industry.
Terry has had many years experience in a variety of senior management, business development and operational roles. Through his consulting he has been able to help businesses position themselves for success in the 21st Century. His knowledge of market trends and business structures, both in Australia and internationally has allowed many professional advisers to build valuable, profitable, sustainable and relevant practices.