Case Study: How a FirmChecker Subscriber Saved a Massive Client

This is part of our 6 weeks of daily content designed to give your firm an edge over the competition. To stay across our posts, be sure to follow us on LinkedIn. 

Once a week, we feature a top-performing firm on FirmChecker to share with you how they do it. 

In this case, we can’t name the firm because it relates to a private and negative piece of feedback regarding their business. However, the impact that it had showed the value of their disciplined feedback collection. 

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For most firms, there’s much more fanfare associated with winning a new client than there is for retaining an old one. 

There shouldn’t be. 

Client retention is a much better predictor of business success than client acquisition. This blog post from Five Stars insights includes a bevy of statistics to back up this point. This post on Forbes also paints a compelling picture of why you should attract clients through organic growth rather than paid advertising. 

It’s strange, then, that most firms just do the work and expect it to happen – without any systematic measurement of client feedback. 

I recall specifically asking a group of accountants during a presentation how they knew if a client was dissatisfied. The significant minority said that they asked each client for feedback or reviews. An alarming proportion (around ~40%) said they only knew if the client refused to pay an invoice. 

Expert opinion: put yourself in YOUR OWN shoes when making other purchases. 

Professional services marketing expert Jon Huxley tells you to consider how you make purchases with other service providers – like electricians, plumbers, or builders. 

Chances are, you want them to be reliable, perform quality work, understand what your main needs are, keep you updated with good communication, are easy to work with, and provide good value for money. 

When you think about what you would say about other service providers, think about what your clients would say about you. 

Do you know what your clients would say about you?

Knowing the answer to this is critical for turning clients into repeat clients on a systemic level. I.e. if you can aggregate your clients’ sentiment through a tool like FirmChecker, you can make better firm-wide decisions about how you do things, so that you have less incremental client churn. 

But it’s also critical from a tactical perspective with individual clients. 

Case study: FirmChecker Member Saves Client

One Melbourne-based FirmChecker member in the legal & consulting industry (which will remain anonymous given the subject of the private feedback on FirmChecker) experienced first-hand how important it is to collect feedback from each client. 

Generally, its feedback from clients was overwhelmingly positive. It has a strong collection of reviews in its niche area and gets over 30 visitors per month on average checking its page. This is consequential for a firm that primarily wins high-value work, particularly given many clients use FirmChecker as a due-diligence tool. 

However, one client left a review through FirmChecker privately, with several criticisms of how the firm provided its service, and it was quite clear the client was a very big risk to leave. The firm was able to rectify the relationship and save a retainer worth upwards of $50,000 annually. 

The benefit to FirmChecker’s approach was that clients can leave reviews publicly or privately depending on their preference. Thus, the firm doesn’t need to duplicate processes and have separate platforms for feedback and for public reviews. 

Next steps

If you’re ready to identify your firm’s strategic priorities, now might be the time to start with your free FirmChecker profile. It will boost your online presence (minus the risk) through our Google Reviews integration and, on our premium software, you’ll be able to collect private feedback as well to stop clients from leaving. 

If you’d like more tips on how to stand out from the crowd in professional services, be sure to follow our LinkedIn page where we are posting new content daily. 

About the Author

This article was written by Ben Farrow, FirmChecker’s CEO and Co-Founder. You can connect with Ben on LinkedIn here.

Co-Founder & CEO

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