If you are serious about managing your clients as your most important and valuable asset, then you should make the effort to obtain their feedback on a regular basis. Yes, this could include an ad hoc discussion while you’re meeting with your clients, but ideally should include a more formal request for structured feedback about key outcomes that are critical to the future of your client relationships and your business. Here I mean the need to understand whether your clients:

  • Are satisfied
  • Trust you
  • Are happy
  • Will remain a client
  • Are likely to spend more on your products/services
  • Are likely to recommend you to colleagues, family and friends OR are likely to dissuade colleagues, family and friends against using your business.

These are all critical markers that determine the strength of your client relationships and provide sound insights into your clients’ intentions and their predicted lifetime value to your business. Just as importantly, it’s important for every business to obtain feedback from former clients as well to find out the cause of their defection, whether they’re likely to return as a client, and the single most important thing you need to improve in order for them to return.

Here are my 13 reasons for why your practice should be collecting client feedback:

  1. Identifies the true client experience
  2. Draws a line in the sand for business development purposes
  3. Aligns feedback with client lifetime value
  4. Provides tangible, social proof evidence of service levels
  5. Informs senior management
  6. Integrates with team KPIs
  7. Supports employees to be diligent and client focused
  8. Protects your client relationships
  9. Acknowledges client opinions and feelings
  10. Ensures your practice is top of mind
  11. Reduces client churn and inertia
  12. Facilitates solutions with dissatisfied clients
  13. Promotes transparency (particularly if using a 3rd party)

As you can see, asking for client feedback can provide extremely valuable insight and other benefits for your business. There’s a lot to be gained and absolutely nothing to lose. All you have to do is ask!

Do you collect feedback from your clients on a regular basis? What sort of things do you seek feedback about, and can you link the feedback to your bottom line? If you’re not sure where to start, try a free 30-day trial with Valuiza.

Easily connect to an adviser who will make you happy.

Understand your clients and grow your practice.

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