Price is NOT the determining factor in your success or otherwise. Most people leave their advisers and go elsewhere because of a poor customer experience rather than a lower-price opportunity! This transcends economic cycles.
I've just completed research of buyers into professional services and
57% of people admit that they have higher "service expectations" than
five years ago. They are expecting better quality customer service from
their accountants, bankers, lawyers, consultants, financial planners and
If that doesn't snap you out of the limited thinking around pricing, consider this:
38% admit they have higher service expectations than they did just one
year ago. So, customer service expectations are higher than they were
Your clients perceive there is better service being offered elsewhere
than what they are receiving from you currently. Only 40% of the buyers
we surveyed believe they are receiving an appropriate level of service.
This means that three out of every five of your clients believe they
will get better service from one of your competitors.
Forget about competing on price and immediately move to increase
customer service, improve communications and develop stronger
relationships with your existing clients. The majority of them are
reviewing your competitors to determine if they will get better quality
service from them.
Improving Organisational Performance
Providing Strategy Consulting & Mentoring
Posted Tuesday, April 19, 2011 by Ric Willmot