Last Wednesday, at the Brisbane offices of Macpherson Kelley Lawyers, I attended a presentation by Macquarie on its 2015-16 Accounting and Financial Services Benchmarking Report, which is based on survey data collected from 355 accounting and financial services firms across Australia. I was stunned that fewer than half of respondents considered that new client acquisition is an effective strategy to improve profitability in the current market (see chart below). Instead, most respondents favour adding value for existing clients and finding efficiencies, which are both admirable goals, but are unlikely to result in startling business growth and profits.
Source: Macquarie, 2015-16 Accounting and Financial Services Benchmarking Report, p. 17.
I would suggest that many accountants and financial advisers would benefit from reading The 10X Rule by US sales guru Grant Cardone, in which he notes (in Chapter 19):
Customer satisfaction doesn’t concern me very much! Why? Because I know that we over-deliver to our clients and provide customer service that is well beyond “satisfactory”…
…I am most worried about noncustomer satisfaction; that is, the people who are dissatisfied because they do not have my product and may not even know that they are unhappy…
…It is impossible for a company to create success by just focussing on customer satisfaction. I believe that the trend of focusing on customer satisfaction has been detrimental to customer acquisition. Companies become so consumed about their current customers’ “satisfaction” that many are failing to aggressively acquire and expand their market share.
These are very wise words, and I hope to see an improvement in the proportion of accounting and financial services businesses that believe new client acquisition is an effective profitability lever in Macquarie’s next benchmarking report.