Currently only a third of professional services firms regularly report client KPIs at Board level, so most management decisions are taken in the absence of robust insight about client needs and preferences.
Creating a structured client feedback programme is an effective way to assess the health of your client relationships, identify clients at possible risk of defection to your competitors and capture insights from ‘client promoters’ who are willing to champion you to their peers. It will highlight systemic client servicing issues throughout your business and provide a robust case for make changes to the way you work with your clients.
Client feedback also represents a powerful opportunity to identify new sales leads. Businesses, whether in professional services or in other service sectors such as private equity, financial services or B2B more generally, increasingly use feedback conversations to hear directly from clients about immediate priorities on the horizon, and where they would be open to using them in the future.