No matter the size of your firm, if you want to continue to grow your firm, you must take account all potential channels for increased revenue.
This means that you cannot only focus on selling services to new clients, but you must also focus on cross-selling additional services to your current clients. If you can identify which clients have needs that may be unmet, you will not only help your client, but continue to grow your firm.
There is no doubt, that your clients value your relationship with them and put a lot of trust into you and your firm. A trustful, valued relationship will also help sell new services to existing clients. Give it a shot.
Before shooting in the complete dark, evaluate where your firm and it’s clients in terms of performance. Here are some things you should be evaluating:
– Which service offerings are the most financially rewarding for your accounting firm?
– What is the average number of services used per client?
– Which clients have stayed with your firm for __ number of years?
– How often do you meet each client, per month?
Once you ask yourself some of these questions, it may be a bit more clear on which clients would be a better fit for certain services, as you don’t want to attempt on selling a completely unneeded service to a client or they will lose their trust in you.
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Next, it’s time to reach out to your clients and express which other services would add value to them. According to a report run by Hinge, two-thirds of an accounting firm’s buyers don’t even know the full array of services offered by their accountant.
Talk to your clients, and expose your firm’s resources. Face to face communication will allow you to identify unmet needs. So, schedule an appointment with the clients you think need a service the most, they will also appreciate the fact that they are trying to mentor them, and guide them in the right direction.
Your ‘discovery process’ can be as simple as asking a few questions, or can be as complex as asking them to complete a formal questionnaire. This will more depend on the relationship you have with the client.
According to Invespcro, it can cost up to five times as much money to attract a new client, than to grow with an existing one. It’s time to start cross selling your services to your existing clients.