Technology and automation have significantly changed accounting over the years, with manual processes all but a thing of the past. However, one thing that hasn’t changed has been the important of retaining accounting clients.
Research shows that re-engaging with past and existing clients is almost five times cheaper than solely looking for new ones. In this article, we will explain the art of re-engaging with past accounting clients and illustrate how doing so can enhance your brand.
How to Build a Brand
Building a brand in the accounting industry goes beyond offering standard services. It involves creating a memorable experience that positions you as the go-to expert in your field.
Valued accountants understand that their relationship with clients should not end with the completion of a service. Instead, it’s about continuously providing value, showcasing your firm’s evolution alongside technological advancements, and personalising your approach to meet each client’s unique needs.
Why Re-engaging with Clients is Vital
With technology and automation software making accounting more competitive than ever before, the art of re-engaging with accounting clients has perhaps never been more important. Re-engaging with past clients is a vital strategy underpinning any accounting firm’s sustainability and growth. This approach is cost-effective, as securing repeat business from individuals already acquainted with your service quality is less expensive than acquiring new clients. It’s a method that leverages existing trust, making it easier to reinforce client loyalty. Such clients are predisposed to continue their partnership with your firm, preferring your services’ familiarity and proven reliability over venturing into new, untested relationships.
Beyond the cost and trust benefits, re-engaging past clients opens doors to upselling and cross-selling opportunities. Having experienced the value your firm delivers, these clients are more likely to be receptive to additional services that can address new or ongoing business challenges. This increases the lifetime value of a client and enhances the depth of your business relationship.
Six Strategies for re-engaging accounting clients
Re-engaging past accounting clients is a nuanced art involving several key strategies. Please see below for a selection of strategies that you can employ to reconnect with lapsed clients.
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Gather Feedback and Testimonials:
Start by reaching out to past clients for feedback on your services. This provides valuable insights into areas of improvement and reopens lines of communication. Positive testimonials can boost your brand’s credibility and attract new clients.
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Send Personalised Communication:
Personalisation is key to making clients feel valued. Tailor your communication to reflect the client’s previous interactions with your firm. Whether it’s acknowledging a business milestone or referencing a past project, personalised messages demonstrate your attentiveness and commitment to their business.
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Remember Their Preferences:
Showing that you remember a client’s preferences and past concerns can significantly enhance your re-engagement efforts.
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Add More Value:
With the evolution of accounting technology, firms that re-engage lapsed clients have unprecedented opportunities to offer new and improved services. Inform past clients about how these technological advancements can benefit their business, offering them something they didn’t realise they needed.
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Host Educational Events:
Hosting educational events can be a great way to re-engage past clients. These events allow clients to learn about industry trends and how your firm is equipped to assist them, fostering a sense of community and ongoing partnership.
- Provide Regular Check-Ins: Don’t wait for clients to come to you with a need. Proactively check in with them to offer your expertise on potential challenges they might face. Regular check-ins keep the lines of communication open and position your firm as a proactive partner in their success.
Grow your business with INAA
As illustrated above, leveraging personalised communication, technological advancements, and continuously offering value is a surefire way to rekindle relationships with past clients.
Re-engaging with lapsed accounting clients not only aids in revenue growth for your business but also strengthens the firm’s brand image as a client-centric entity. Remember, in accounting, your clients are your greatest asset, and re-engaging them is a testament to your firm’s resilience, adaptability, and commitment to excellence.
Here at INAA, we aim to help professional accounting firms deliver best-in-class services worldwide.
If you’re interested in learning more about the current trends within the accounting industry, be sure to look at what INAA can do for you. Apply for your membership today.