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The NPS is no panacea for understanding client loyalty, but...

In thinking about NPS, I usually focus on two things: Its distinctive formula of: NPS = Promoters – Detractors, and The originators' claim that the Recommend question is the key, indeed only, question needed to assess client loyalty and satisfaction. These raise three questions for me. The questions are: Does the NPS formula actually add any value over, for example, just using a mean score? Is the Recommend question necessarily the single best question for assessing client loyalty? Is using a single question/metric enough to tell the whole story? My overall conclusions are that the formula adds only little value if any; that the Recommend question is fine, but that a single question/metric b

Ways to deliver fair value

This post explores ways to deliver fair value to both their clients and professional services firms. It shows why one of the key elements of beatonbenchmarks research is an analysis of what clients consider to be fair value for professional services in any given market. One of the key elements of beatonbenchmarks research is an analysis of what clients consider fair value for professional services in any given market. The perceived level of a firm’s fees, as judged by its clients, is plotted against the firm’s overall client service score and then compared to the other firms in the market. A ‘Fair Value’ line is drawn through the average points of the axes and is a proxy for clients’ percept

Maximising your bid:win ratio

Increasingly firms are using their bid:win ratio to gauge return on investment, that is to maximise the value of their bid:win ratio. Business development in a B2B enterprise, including professional services, is much more costly than a business to consumer enterprise because the investment is mainly in ‘push’-related activities that involve expensive human resources. Increasingly firms are using their bid:win ratio to gauge return on investment by measuring both the number and value of wins as a proportion of bids made. This is useful, especially if tracked over time and if reasons are sought from the prospective client in both winning and losing situations. Benchmarking your firm against cl

Focusing your prospecting and pitching on what matters most to clients

To win work, you have to convert clients from consideration to purchase, in other words you have to focus your prospecting and pitching on what matters most to clients. This requires effective business development, with prospecting and pitching that is more persuasive than your competitors who are also being considered. This means focusing on what matters to clients and demonstrating your potential value. Our beatonbenchmarks analysis of what drives client consideration and purchase shows that the attributes that clients value fall into two areas: Expertise in your area of need, based on understanding your business and industry, leading to commercial advice and documentation (see the red box

Why Consideration matters

'Why Consideration matters' addresses a critical marketing metric, namely the proportion of prospects and clients who would consider engaging a professional services firm. Creating sustainable growth in professional services requires a firm to continuously strengthen its brand equity. Investing in your firm’s brand equity improves your market competitiveness, increases price-setting discretion, attracts exceptional talent, and enhances clients’ loyalty and inclination to recommend you. Building a firm’s brand equity requires a number of stages to be executed sequentially. The foundation phase is measuring your clients’ and potential clients’ awareness of your firm’s brand. Brand awareness re

How industry strategies drive profitable growth

This is the first of a series of posts on how to develop and execute an effective industry strategy to drive profitable growth in a professional services firm. Clients are telling us loud and clear that they value and select advisors based on industry expertise and experience rather than pure technical expertise. Firms across the professions have responded by developing industry strategies with varying degrees of success. Industry strategies drive profitable growth Our 2016 beatonbenchmarks research shows that firms with the strongest industry reputations are winning more work, and unpacks how a successful industry strategy influences client choice. Our research across law, accounting, engin

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