How to maximise the value of client insights

Table of contents

  1. Why invest? Delivering business goals through feedback
  2. The importance of leadership buy-in
  3. Client feedback in five steps
  4. Step 1: Planning a feedback programme
  5. Step 2: Collecting the insight
    1. The four stages of maturity for client feedback within professional firms
  6. Step 3: Analysing the results
  7. Step 4: Closing the feedback loop
  8. Step 5: Creating change within your firm

Sample extract

As professional firms face continued margin compression and increased competitive pressures, many have focused on client service as a way to stand out from the crowd. Lots of firms emphasise their commitment to delivering excellent service to their clients, but many clients of professional firms say they have not benefited from this increased focus on client experience or that the service they experience is not consistently excellent. Management initiatives to improve client experience, it seems, do not always yield the desired results.

73% of professional firms plan to collect more feedback from clients in the next 12 months than previously

One of the main reasons for this disconnect between client service aspiration and reality is that few firms have a consistent way of measuring how they are actually performing for client service. The people best placed to help professional firms improve the quality of their client experience are client themselves; too often professional firms second-guess the views of their clients or do not capture feedback in a structured or systematic way.

Meridian West’s research reveals that currently only one third of professional firms regularly report client KPIs at Board level. This means that many strategic decisions that directly impact clients are taken in the absence of robust insight about clients’ needs and preferences.

However, the tide is changing. Meridian West’s research also shows that 73% of professional firms plan to collect more feedback from clients in the next 12 months than previously. Firms are also being more imaginative in how they collect feedback: traditionally feedback was collected from just a few key accounts through ad hoc conversations, but now firms are turning to sophisticated means of collecting client opinion, using client portals and client journey mapping.

This How to guide draws on Meridian West’s two decades of experience helping firms to design and implement feedback programmes. It provides a step-by-step guide to help you create a feedback programme from building the business case to using technology to get the best results. It is also designed to be used by firms who might already have a feedback programme but want to enhance the value it delivers.

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