When leaders think of how to improve their customer’s experience, they often associate this practice with retail or technology services that are digital-first, transactional businesses. While the need for a positive customer experience is widely acknowledged, its importance across industries is highlighted by the fact that
Similar to technology and retail industries, accounting and advisory firms began increasing their customer experience efforts in recent years to focus on client retention and growth. This prioritization is still expanding across the industry, but there is no doubt that now is the time to implement personalized CX strategies in accounting and advisory client practices.
A differentiator: Why CX matters in accounting and advisory
In professional services, prioritizing the delivery of a positive experience can yield significant benefits for the organization as a whole.
Focusing on client relationships and satisfaction can lead to longer and more productive partnerships, directly impacting the firm’s revenue. Organizations that prioritize CX strategies are
Long-term client relationships also enhance efficiency for both clients and employees. Reducing client turnover provides a stable work environment for team members, creating opportunities for growth. Conversely, high turnover can hinder employee development, as they constantly onboard and offboard from various projects.
Prioritizing CX serves as a key differentiator in the accounting and advisory industry. When organizations seek new partnerships, client retention and growth metrics play a crucial role in decision-making. Firms that can clearly articulate their CX priorities, processes and successes will stand out in a competitive market.
Providing personalized client experiences
Gone are the days of transactional client encounters. The rise of technology, increasing client expectations and stiff competition have clients looking for much more than technical expertise. Clients expect firms to have deep knowledge and understanding of their industry, and their company’s unique day-to-day needs. To succeed in the current landscape, firms must provide personalized and proactive approaches to customer service.
One of the most effective ways to provide a holistic approach to client relationships is having a dedicated team focused on understanding and improving the overall client experience. This team engages with clients at all points in their journey, soliciting feedback from prospects and clients to understand buying motivations, decisions and strategy as a neutral party. They can also host conversations with the client, separately from practitioners, to address questions and concerns.
Practitioners, of course, build relationships and understanding with clients, but a dedicated CX team can take an “outside in” approach, starting from the customer perspective and driving inward to understand the internal changes needed to deliver growth. Enlisting a dedicated CX team provides a set of fresh eyes and new perspectives that can be helpful for practitioners who are closest to the day-to-day work and processes.
This CX team is charged with checking in on clients proactively and anticipating potential issues before they arise. One way to accomplish this involves the CX team in client onboarding, so they can have time to learn the client’s goals, brand strategy and challenges at a firm level, separate from the expectations of the actual work product. This holistic approach can result in a higher client retention rate. Clients often say this approach has made them feel more seen and understood, and more likely to be loyal clients.
Measuring CX success
When it comes to measuring CX success, there are a few metrics that are commonly used. Both the Net Promoter Score and the Customer Satisfaction Score are used across industries to measure the overall customer experience. NPS is a metric used to measure customer loyalty with a company or brand by asking customers how likely they are to recommend a company or service to a friend or colleague. CSAT is a metric that measures how satisfied customers are with the firm’s services. CSAT can be useful for identifying issues or achievements at specific points in the customer journey.
Both metrics are important for CX measurement, but when they are not used to their fullest extent, they are limited to acting as vanity metrics. Often, if a company scores well on either of these metrics, it is common to take these scores at face value and assume the customer is satisfied. Though NPS and CSAT can give your CX team insightful information, follow-up conversations and questions must occur to learn more about the client feedback. Closing the feedback loop with clients is paramount to gain their loyalty.
In addition to these metrics, the CX team should have consistent check-in meetings with clients to provide a space for feedback and questions. The best form of measurement is receiving consistent and honest client feedback across the spectrum of service delivery, from the proposal stage to user experiences with products and services to project closeout. The ability to share and receive feedback requires a level of trust and understanding that is vital in the CX space. When firms lean on metrics alone, they miss out on important insights and information.
The bottom line
The days of transactional client experience in the accounting industry are fading. Firms must transition to a holistic and personalized approach, and be willing to dedicate resources to understanding the overall client experience. Though this approach will take time and investment, increased retention rates, higher revenue and employee growth are just a few of the potential successes linked to a strong CX program. Developing a separate CX practice within your firm allows for more opportunities to build client relationships and ensure that client needs are met and exceeded.
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