Prepare: the time to win your battle is before it starts.
Frederick W Lewis
Employee engagement is about “discretionary effort”. Employees who are highly engaged give more and are less likely to leave! Its as simple as that. The problem is that, according to research less than 20% of employees in a typical organisation are truly engaged.
What’s more, engaged employees will have a more positive impact on the way clients feel about and towards the business. As Henry Ford said, “you can take my business and burn my buildings, but give me my people and I’ll build it right back again”
According to Julie Littlechild, president of Advisor Impact 100% of “engaged clients” give referrals. So if engaged staff can create engaged clients everybody wins. Engagement is not all about pay and rations either. It’s about development, feeling valued, and being listened to. Engaged employees are likely to have real clarity around their roles and responsibilities and will have a genuine passion and energy for what they do, possibly inspired by their leader/manager. They will also feel confident that they have the tools to get the job done and be empowered to make decisions.
The five key leadership “principles” required to engage employees are;
How engaged are your people? What do you do (or could you do) to know, grow, involve, inspire and reward them?
People don’t want good service from me… they just want good service.
Russ Hill, Halbert Hargrove.
Following last week’s post on the “obsession” with finding new clients, this week I want to explore why not having a clear and regular communications strategy with existing clients means you’re leaving significant revenue and profit on the table.
Most marketing plans (and activity) focus on acquiring new clients. Few really leverage or maximise marketing to existing clients. here are some questions to consider.
Sure, there are lots of ways to find new clients, but make sure you’re making the most of the marketing opportunities with existing clients first.
You sculpt your future with the vision you create, the decisions you make and the action you take.
Many advisers are obsessed with the need to find more new clients (strangers as Seth Godin calls them). They see new clients as the key to growth. That’s understandable. I get it. However the problem with constantly seeking out new clients is that they can be difficult and time-consuming to convert and they can be difficult to find and reach.
Delighted existing clients (Raving Fans) can be worth so much more than a “stranger” in terms of revenue and referrals. Is it better to acquire new clients at a cost of ,say, £500 each or to spend £25 a client to delight 20 raving fans who can each refer you to 5 other people like them… for free?
If you were a charity, looking to grow your donations in a controlled and sustainable way how would you do it? Would you hire a big (and expensive) PR machine to get your message “out there” or, would you look to your loyal donors and work with them to host small get togethers with their friends to spread the word?
Most people give up, just when they’re about to achieve success. They quit on the one yard line… one foot from the winning touchdown.
H. Ross Perot
Economic Immunity
Is it possible to make an advisory business immune to the ups and downs of the economy? Maybe not completely, but there are strategies you can implement to make the economic cycle less of an issue for your revenue and profitability numbers.
1. Circle the Wagons
Throw a “fence” around your clients. Customer loyalty is increasingly rare these days, but that shouldn’t stop you trying to prevent your competitors and the economy from making them go elsewhere. How?
Regular and frequent communication of helpful interesting and informative information. Keep in touch. Make sure they receive your newsletter if you have one (and if you don’t, think about developing one). Find a way of increasing the number of “touches” each client receives each month/quarter.
2. Enhance your value
Increase the value of what you offer to your clients. Most people don’t buy just on price (only about 10% do actually), they buy on value, so focus not on reducing your prices but on building in additional value. Can you increase the level of service, frequency of reporting or add services you don’t currently offer which are low cost to you but perceived to be high value by them.
3. Get good at Marketing
Marketing your business should be the number one priority for any business owner looking to grow a sustainable business. Helping clients and prospects recognise the value of what you do is key to marketing success. Marketing has to be consistent and sustained rather than sporadic and occasional if it is to deliver a steady flow of new client enquiries.
4. Grow your profile
Get out there into your target market. Hang out where they hang out. Become the expert in your niche. The go to guy or girl. Get some free PR using articles and press releases. The media are always looking for good quality, interesting and relevant content. Look for opportunities to give talks and presentations to your niche.
Too many business owners accept that they are at the mercy of the economy or “circumstances” but in reality your success will be shaped by the decisions you make and the actions you take. What are your tips for making your business immune to the economic cycle?