Accounting firms that effectively manage their prices and costs make more money from one client who buys several services than from a client buying one single service. Accountants should keep this in mind when interacting with customers, ensuring they maintain a healthy relationship, and that clients are fully aware of all services provided by the firm.
When a client uses many or all of a firm’s services, the firm is able to gather an extensive amount of data that can be used to better cater for that particular client. Combined with high quality customer support, this knowledge and personalised service ensure customer satisfaction, and once a trusting and reliable relationship has been formed, clients are less likely to shop around.
Dr George Beaton, from Beaton Consulting Group, says clients prefer to use one supplier rather than multiple suppliers because it decreases their transaction costs and saves time, and it gives them more leverage over the service provider, as well as more purchasing power.
Strong, long-lasting customer relationships also allow firms and accountants to grow with their clients, as the security that comes from a steady client base allows the firm to take risks and expand.