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The Client Experience:  What does that mean?  Why is it important?  How is it a fiscal management issue?  What can you do to help your business clients in this critical discipline?

The roller coaster ride of the national economy over the past decade has had a large impact on how people view the world, trust others, and spend money.  In most industries, the days of “pushy selling” are long over.  Today, whether a “sale” is business to business or business to consumer, the decisions are all made on whether people feel safe in the relationship.

Think of how Lexus changed the luxury car market.  Toyota makes a fine automobile in the Lexus line.  Toyota sold them below the “market price” of Mercedes and BMWs.  In its early years, Lexus added every “electronic do-dag” it had at its disposal as a basic part of the vehicle.  Despite all these fine attributes, the biggest weapon in the Toyota arsenal?  It was the experience at the dealership.

If you haven’t gone through the “facility walkthrough” at a Lexus Dealership, make a vow; get over to one, even if you are only “pretending” to shop for one.  Here is what you will find:

 

• The showroom floor is spacious and well appointed
• The vehicles are displayed as “works of art”
• You are treated as “royalty” and have the experience of a “valet” escorting you around
• The coffee you were being served was not Maxwell House in a Styrofoam cup
• The lighting, space, size and floor of the SERVICE DEPARTMENT is so spectacular, you would be certain you could eat a meal off of the floor without concern
• In the unlikely event your car is in for service for any prolonged period, you will receive a Lexus loaner car, not a Hyundai
• The list goes on and on…

 

In fact, the training for all personnel and OWNERS of the dealerships was so comprehensive; it took a year to get “approved” by Toyota so that you could open the doors.  The impact on Mercedes, BMW, Audi and other luxury lines was immediate and profound.

 

• Lexus captured a significant market share at the expense of all others
• Lexus was “the car to have” in the eyes of the luxury buying public
• Mercedes Benz went through a period of significant quality control issues on their cars in an attempt “overtake” the technology in a Lexus
• In fact, nearly every luxury car manufacturer has exceeded the Quality Standards Lexus absolutely DEFINED in its early years.
• Mercedes, BMW, Audi, and many other luxury car lines were forced to significantly upgrade the interior dealership, despite these dealerships being independent businesses only loosely able to be influence by the car manufacturer.
• People began to expect the “Lexus Experience” in ALL luxury car sales.

 

How far has the upgrade in the Client Experience gone?  Despite the fact that my wife and I have been exclusively German Car owners for over 25 years (other than an inherited American pickup truck…), when we opened offices in Providence, Rhode Island we felt the need to have a “local” car for the apartment.

After a lot of research, I felt great about getting a 2012 Ford Focus Titanium Sport Edition; a $25,000 vehicle.  We have not been disappointed: a fantastic “German Car” ride, both in the suspension and seating, over 37 miles per gallon on the highway, and, believe it or not, a true “Lexus Dealership” experience at a good old Ford Motor Company retail location.

What makes up a great “Client Experience”?  Certainly there are lots of elements, more than I can put in a short article, and absolutely enough to write a book about, but at a minimum

 

• No “Pushy” selling.  Sales come from trusted relationships.  Sales come from referrals from trusted relationships.  Sales come from “word-of-mouth” about what an incredible experience someone had.
• Every element in the experience is important, from the cleanliness of the physical location, to the cheerfulness of whomever is talking, to the quality of coffee (and water) that is served
• A deeply ingrained understanding that it is the service and benefits to the customer that is the only thing that matters, and that this touches ALL aspects of every department in a business
• A consistent, predictable, repeatable event for every single prospect and customer at every single point of contact.

 

Think about it in simple terms: if you were having a handyman work on your house and they showed up in a dirty tee shirt, torn jeans, and needing a shave for the past three days, would you have a high level of confidence in the labor that was about to be performed? Keep in mind- they might actually be a master craftsmen that lacks skills in hygiene, but the question is not what the actually can do; it is what you BELIEVE about them

Why is this a “Fiscal Management” issue? What does this have to do with you providing services in Accountancy?

The answer is a simple one. Most of your business clients trust you to give them financial advice. Upgrading the client experience can cost money. Making the money back can take time. Business owners “hate” change, especially when they don’t clearly understand the very “short-term” benefits.

You are the individual they can trust; you are the person they will believe when you tell them “they have to spend a little money to make a LOT of money”. You are the individual that can show them the cost/rate of return projection of making the change (through ProfitSee, of course!).

How do you bring this about? What should you do to create a project for your business clients that help them prosper?

 

• Set up a client “walk-through”.  Take the time to experience what the customers of your client go through.  If it is a physical location shopping experience, start in the parking lot, and walk through from there.  If it takes place from a direct salesperson effort, go through the process.
• Assess the experience.  Set your thoughts down on paper.  Evaluate methods and costs of improving the experience.
• Find out some basic sales/revenue information: What is the average value of a new sale?  How many sales are closed each month?  What is the burden carried in each sale?
• Run a scenario for what you have found out.  You can do this through Excel, or, the easy way, through ProfitSee
• Meet with your client.  Ask questions: Have you ever done (any of the strategies or tactics you thought might help)?  How did they turn out?  Did you do a cost/cash flow analysis of the project at that time?
• Take this information and build a presentation of your rational, the tactics, costs, and cash flow projections.
• Make the presentation to your client, including a reasonable calendar and “time to performance”.
• Offer to help monitor not only the financial performance but the project(s) also if they would be helpful.
• A consistent, predictable, repeatable event for every single prospect and customer at every single point of contact.

 

A Client Experience Project is the fastest way to help your business clients increase revenue.  Increase their revenue though this kind of a project and they will trust your future advice for a long time.

My next update will cover helping your business clients build their target market’s Top Of Mind Awareness…

 Rebuild the Economy, One Small Business At A Time

 Thanks to everyone!

Peter M.