Debbie Mayo-Smith international inspirational motivational how-to speaker technology, time management, improving business performance
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How many clients did you say?

Paul Watkins, New Zealand
A lawyer told me that his firm had 5500 clients. Upon going through the firm’s records, we discovered that (in round figures):

1. 3400 hadn’t been seen in the last five years, in part because 800 of them were DEAD!
2. 2000 of these hadn’t been seen for ten years.
3. They didn’t want to see 400 ever again!
4. Of those seen inside five years, over 1000 were just for small conveyances of wills.
5. Only 600 had been seen in the past 12 months, of which fewer than 100 were considered active, high-value clients.

This 600 represent just 11% of the total number of ‘clients’. The top 100 represented only 1.8% of the total. They have not undertaken a profitability analysis, but agreed that the 600 (11%) would account for around 90% of the firm’s profit, and the top 100 for more than half of this. This came as something of a revelation to the partners, and further discussion led them to the following observations:

That they treat ALL clients exactly the same – poorly! They never contact clients, but simply wait for the phone to ring.
Interestingly, the more contact they have with a client, the more the client values the work done – and the less they question fees.
They had no segmented database, so sorting for communication purposes was impossible.

Strategy

An information-filled database is your most valuable asset. Categorise your clients and then reach out and touch them – do this more often for important clients, of course. Ring fence your clients. Broaden your services, increase your value to them and keep them
from your competition.



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