Collecting and Using Feedback to Grow Your Accounting Business

Did you know that 86% of customers are willing to pay more for a better customer experience? And that would make sense, considering how the success of most businesses rely on the people – the clients, the employees, the support staff, and ultimately YOU, the owner. Couple that with the only race in the world where you must sit for hours on end just for your business to break-even and then succeed, all because of one thing – competition. That one phenomenon has raised one end of the seesaw, taking client expectations to a whole new level, whereas the fees that an accounting firm can charge keeps falling on the other end of the seesaw. Accounting firms are feeling the pressure! A whopping 82% of them see firsthand how client expectations have evolved in recent years, with clients now seeking a wider range of services.

Now, you may think your business needs better employees, cost-cutting practices, better technology, upgradation of services, and other improvements, which may be true, but truly at the heart of this particular issue lies only one solution – client feedback. There can be no better source to analyze this problem than directly from your clients. And we are not talking about just doling out a standard client feedback survey. What we are suggesting is tantamount to truly listening to what they have to say about your firm. A practice such as this might seem futile in the immediate term, but it provides a compounding effect on the foundations of trust and reputation, establishing a community that feels valued and connected to the success of your firm.

To assist you in this endeavor, we have a downloadable feedback template ready to use by accounting businesses, making it easier to gather valuable insights from your clients. But how do we listen to our clients effectively? Let’s dive in.

Approaches to Client Feedback Collection

1. The Feedback Team, but of Clients!

Assemble a group of 5-10 of your most loyal, long-term, or high-value clients. Establish strong-ties with them. Invite them to participate in a virtual or in-person advisory board meeting, either quarterly or annually. The focus of these meetings should be on strategic discussions, gathering feedback on potential new services, pricing strategies, technology adoption, or overall client experience.

2. Outside Partners

Network with lawyers, financial advisors, or other professionals whose clients overlap with yours. Create a system for exchanging feedback and referrals. This collaborative approach can provide valuable insights and expand your reach.

3. Asking Your Employees

Your team members interact with clients daily, making their observations and suggestions invaluable for continuous improvement. Regular brainstorming sessions can help them convert client feedback into actionable strategies. Foster that mindset in your team to drive overall performance.

4. Social Media

Your Unfiltered FriendSocial media serves as a hub for all information, including discussions about your firm. Use this real-time feedback to your advantage, even if they have negative comments on you, to recognize your pain points and your clients’ needs. Another strong and unique practice you can adopt is responding to the reviews and feedback posted by your clients on social media, which is what most businesses tend to avoid. Regardless of your likeness of the review, try to acknowledge and answer in a genuine and conversational tone. Include a token of gratitude or alternative resolution instead of justifying their opinion. Pay special and close attention to the organic feedback. Run quick polls on platforms like LinkedIn or Twitter to gauge client preferences on specific topics or service offerings. Your perceived image from social media would be one of the most important driving factors for clients to consider your firm.

5. Client Surveys

Stay away from generic client satisfaction surveys and try to build a survey that is tuned to the specific values that reflect your business’s identity. Try customizing your surveys to match specific touchpoints and engagements. Limit your survey or form to high-quality questions or the most critical aspects of your services. Choose an appropriate method strategically - email, form, personal meeting. Consider offering a small incentive that rewards your clients and tempts them to choose you again.

6. Feedback Champions

Identify and cultivate "feedback champions" among your clients – those who are particularly engaged and willing to provide regular feedback. Offer them exclusive perks, such as early access to new services or invitations to special events, to incentivize their participation.

Why make client feedback an essential part of your business?

Investing in an effective client feedback mechanism is like starting your SIPs early in your life, consistent efforts will serve huge payoffs later in your firm’s growth trajectory.

• Competitive Differentiation

Exceptional client service is your secret weapon, and personalized attention is the best ammo.

• Ladder of Improvement

Along with upskilling your employees, your firm will adapt to the market needs and provide a platform to come up with innovative ideas.

• Loyal Clients

Making your client feel heard and valued through periodic feedbacks shows the commitment of your firm and fosters rock-solid loyalty.

• Word-of-Mouth Marketing

Positive reviews and recommendations from satisfied clients are the most potent form of advertising. In a world of online reviews, a stellar reputation can attract a steady stream of new business.

Summing Up

Don't be afraid of negative feedback. Use it as an opportunity to learn and improve. It is how a business responds to criticism that demonstrates their genuineness and character to the world. Reflecting your deepest principles through your actions is the healthiest way to propel your firm to new heights, and client feedback is one of those actions that needs your sincere attention.

Treat client feedback as gifts from your clients that are personalized to you, and actively listening to them will shower you with a treasure chest worth of wealth. Use their inputs to gain new perspectives to strengthen the quality of the service that you offer, and pave the way for the brightest future your firm can experience!