If SMEs are the backbone of the UK economy, then accountants are surely the muscle. Your expertise keeps thousands of small businesses running smoothly and maintains the integrity of our financial systems. But while there will always be a need for great accountants, expertise alone is not enough to grow your client base.
While your services will always be in demand, with over 40,000 accountancy firms in the UK and the majority of the business going to the big 4, how can you stand out? Customer experience is the key, having overtaken price and product as the leading differentiator.
Enhancing customer experience (CX) can help accounting firms attract, win, and retain more clients. Great CX builds loyalty, increases customer lifetime value, and creates valuable brand advocates and referrals.
Of course, developing and delivering a great client experience is not a quick win. It takes time, energy, and resources, which are precious commodities in a busy accountancy firm. But with 80% of marketers believing they deliver excellent CX and only 8% of customers agreeing, there is clearly a gap that needs addressing.
With everything to play for, accountants must prioritise excellent client service to stay competitive and win new business. Read on for Think Wow’s brief guide on why you should embrace CX and practical tips on where to start.
Why is customer experience for accounting firms?
Customer experience (CX) is crucial for accounting firms aiming to stand out in a crowded market. While technical expertise and accuracy are, of course, fundamental, the way clients feel about your service is what inspires loyalty.
I realise that the touchy-feely aspect of marketing can seem elusive and somewhat arbitrary, as it’s hard to quantify.
So, how about some good, hard stats to back it up:
- Increasing customer retention rates by 5% can increase profits by 25% to 95% (Bain & Company and Harvard Business School)
- 73% of customers say experience is more important in their purchasing decisions than price and product – (PwC)
- 86% of buyers are willing to pay more for great customer experience (PwC)
This is why it’s crucial for everyone in your business to recognise the importance of CX and the role they play in delivering it.
How does improving customer experience benefit an accounting firm?
Stand out from other firms
Your firm may have a highly qualified team, robust processes and the latest software… but so do hundreds of others. CX can differentiate your service and grow your company’s reputation setting you apart from other firms.
Retain clients
Happy clients are more likely to stay with your firm, simple as that. Your existing customers may have come to you for your skills, but they’ll stay with you because they feel valued.
Win more clients
Exceptional customer experiences create loyalty and advocacy, leading to repeat business and valuable referrals.
Target your ideal client
By clearly defining your CX and service style, you can target and win more of your ideal clients, i.e. those who share your values and are willing to pay more for superior service.
Save on marketing costs
Satisfied customers are your best marketers. Today, word of mouth spreads online, so it’s crucial to gather as many online reviews as you can. Combined with other digital marketing tactics, like SEO for accountants, you can reach more of your target market and maximise your ROI.
Improved efficiency
Implementing a strong CX strategy is not only a marketing tactic. It can help you streamline processes and communication, making your practice more efficient and a better place to work.
How to start implementing customer experience tactics in your accounting firm
Improving customer experience (CX) is essential for the success of any accounting firm. Here are a few ways to get started:
Get everyone on board
This is the fundamental requirement for improving CX. Great client experiences require consistency, so every last employee needs to understand why a customer-centric approach is so important. CX training can help unify your people, allow them to share ideas and boost motivation to deliver exceptional customer experiences.
Clear and consistent communication
Maintaining clear and consistent communication with clients is crucial to CX. Regular updates, prompt responses to inquiries, and transparent explanations of services build trust and satisfaction.
Start by creating a customer journey map showing all customer touchpoints. Collaborate in teams and discuss how to optimise and improve that journey, increasing the number of touchpoints if you can.
Personalise your services for existing clients
Personalisation and treating clients as individuals are key to making them feel valued. Be proactive and deliver personalised touches to surprise and wow them.
For example:
- Send personalised updates on relevant tax changes or industry-specific regulations
- Analyse a client’s sales data to identify seasonal trends and make recommendations
- Allow clients to choose their preferred communication channels, such as WhatsApp
- Schedule regular client check-ins to demonstrate a genuine interest in them and their business
Embrace complaints
Too many businesses view complaints with negativity. But it’s essential to change your firm’s mindset and realise that complaints are a valuable tool. See them as insights that you can use to shape a better customer experience.
Start by keeping a simple complaint log using CRM software. Track key details, categorise issues, and analyse trends to identify problem areas. Address urgent complaints promptly and involve customers in solving them. Remember, every complaint is a chance to learn and grow. Read more about why customer complaints are useful.
The role of technology in CX
Technology is changing the face of the accounting industry. Cloud-based solutions have automated repetitive and time-intensive tasks, freeing up accountants to deliver higher-value services.
Leading accounting companies recognise technology as a strategic asset and an investment in CX. AI-driven personalisation and automation can transform the way accountants serve and interact with their clients, enabling deeper – and more profitable – relationships.
Network with prospective clients
Attend business events to connect with your target audience. For example, if you specialise in CIS accounting, seek out construction expos. Networking events are great for building relationships with potential clients and are a goldmine for referrals.
Joining industry-specific business groups can also help you stay up to date with trends and gain valuable insights into evolving client needs.
Want to level up your customer experience? Get in touch with us
At Think Wow, we specialise in helping accounting firms enhance their customer experience. Over the past five years, we’ve devloped an award-winning, tried and tested process for helping our clients improve CX.
Get in touch today to find out how we can help you attract, win and retain more loyal customers.
