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Adding value that clients really care about

Adding value that clients really care about. Peter Scott Peter Scott Consulting. What do professional firms need to do to be successful?. They need to gain competitive advantage HOW?. What are clients looking for?. Core issue is to add value: More than and better than the competitors

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Adding value that clients really care about

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  1. Adding value that clients really care about Peter Scott Peter Scott Consulting

  2. What do professional firms need to do to be successful? They need to gain competitive advantage HOW? PETER SCOTT CONSULTING

  3. What are clients looking for? Core issue is to add value: • Morethan and better than the competitors • In a way which: - is regarded as valuable by the clients - differentiates you – to create your ‘brand’ PETER SCOTT CONSULTING

  4. So what is ‘added value’?

  5. You will add value that clients care about if… • You provide clients with what they need – and more • At prices they perceive to be value for money; and • You do this better than the competition PETER SCOTT CONSULTING

  6. Value that Clients Care About • Our clients’ perspective • Not our own perspective • Is there a gap? PETER SCOTT CONSULTING

  7. A value gap? • It is the client’s perception of value that matters – not yours • Professionals put too much emphasis on service attributes • Not enough on helping clients achieve results PETER SCOTT CONSULTING

  8. The value gap Typical remarks by clients: • “I cannot recall any innovative thinking being applied” • “I don’t expect lawyers to be businessmen” PETER SCOTT CONSULTING

  9. Position your firm to provide value for money High Perceived Added Value X Ave Suicide Zone Low Low Ave High Perceived Price PETER SCOTT CONSULTING

  10. Do you know what your clients really need?

  11. How can you find out what clients need? Ask them - communicate communicate communicate - commission an external survey of clients and referrers PETER SCOTT CONSULTING

  12. External perceptions of your firm? Do your clients say you are adding value? PETER SCOTT CONSULTING

  13. External perceptions? - take a reality check Find out what your clients and referrers really think about you PETER SCOTT CONSULTING

  14. Some clients’ perceptions • ‘I don’t think they show adequate interest in our business’ • ‘They are not proactive with their own clients’ • ‘They don’t think laterally’ • ‘They never visit, and they should if they want to increase the quality of the relationship’ PETER SCOTT CONSULTING

  15. How well do you communicate with your clients? • ‘Out of sight, out of mind. They must ensure regular communication’ • ‘I am not convinced I have their message or why they are different’ • ‘Their profile is very low – they need to create more noise in the market’ • ‘They must not assume that people know what they do’ PETER SCOTT CONSULTING

  16. Is lack of resource making you uncompetitive? Some clients may think so - • ‘I don’t believe they have the resources’ • ‘Sometimes they lack polish and quality in depth’ • ‘Depth of expertise – I have only one partner to contact on a day to day basis, which is a little limiting…’ • ‘City firms have greater depth of expertise’ PETER SCOTT CONSULTING

  17. Lack of Awareness ‘They must not assume that people know what they do’ PETER SCOTT CONSULTING

  18. Lack of awareness is often the problem • Lack of awareness by partners of what the rest of the firm does • Lack of awareness by clients of what the whole firm does PETER SCOTT CONSULTING

  19. A need to build awareness internally of what the whole can do • To provide partners with the means to build awareness externally • Need for all partners to understand that this will strengthen their own clientrelationships PETER SCOTT CONSULTING

  20. A need to build awareness externally • To ensure clients and referrers are aware of the whole firm’s capability • To block client opportunity leakage PETER SCOTT CONSULTING

  21. Are internal attitudes in your firm holding you back? Are you presently unable to add value to your clients because of internal attitudes and behaviour? PETER SCOTT CONSULTING

  22. Internal attitudes - but why should I? • To do this may require a shift in culture • There will be a need to build a culture of sharing PETER SCOTT CONSULTING

  23. Why should I? • Share my clients with my partners? • What good will it do me? • I will not earn any more whatever good things I do PETER SCOTT CONSULTING

  24. Doing this can also help to ‘lock in’ partners and clients • You will strengthen client relationships • By ‘institutionalising’ the clients you will make it that much harder for partners to take them if they leave • A way of locking in partners PETER SCOTT CONSULTING

  25. How can partners be encouraged to share clients?

  26. Can reward systems encourage sharing of clients? • Reward systems should be aligned with the achievement of business objectives • How can reward systems be used to incentivise sharing of clients? PETER SCOTT CONSULTING

  27. Sharing clients • Is it valued in your firm? • Is it measured? • Is it rewarded? (What gets rewarded gets repeated) PETER SCOTT CONSULTING

  28. A US law firm example ‘Which partners passed you the most work last year?’ That is the most important element of their performance evaluation. They value sharing work and clients They reward sharing work and clients PETER SCOTT CONSULTING

  29. Building a culture of sharing Values Skills & Behaviours Performance Metrics – Qual/Quant Performance Review Closing the Performance Gap Learning & Development Strategy PETER SCOTT CONSULTING

  30. Internal attitudes External perceptions To add value in this way will require an integrated strategy PETER SCOTT CONSULTING

  31. Any questions?

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