Why poor client experiences may be costing you revenue

“The biggest source of lost revenue is the prospect you never knew about,” said David Avrin, author and president of Visibility Coach. The potential client called, but you didn’t answer the phone. They went to your website, but they clicked away before leaving their contact information. The worst thing is, you’ll never know who they were, he said. They’re just gone.

Clients have more choices than ever in today’s marketplace — from other advisors to online financial services products. What sets you apart from the competition are the client experiences you create, Avrin said from Main Platform at the MDRT Experience and Global Conference in Bangkok, Thailand.

Are you creating self-imposed barriers to clients?

If there are too many barriers to doing business with you, people will go elsewhere, Avrin said. To find out what’s causing people to not do business with you, look at every client touchpoint in your sales cycle and ask yourself, “Would you like doing business with you?” Question if how you’re doing things is how it must be done, and if what you’re doing is making clients happy. If the answers are no, fix the problems and eliminate the barriers to make your business model more convenient for clients and, as a result, make yourself memorable to clients, which generates more referrals.  

Fixing the problems

To start, Avrin suggests mapping out everything a client should expect from you, or someone in your business — from the first contact to the final follow-up. Brainstorm with your staff how to improve your processes and client touchpoints. Think about offering what your competitors no longer do. It may be the best way to have an advantage over your competitors, Avrin said.

When examining processes, Avrin said, sometimes you find they exist for the convenience of staff and not clients. If that’s the case, is putting the clients second the best way for you to serve your business?

Clients aren’t going to say they want a great customer experience. They just want one. They will vote with their time, money and feet, he said.

Watch Avrin’s full presentation, “Why clients leave you for competitors and how to win them back.”

Written by Antoinette Tuscano, MDRT Content Specialist

You can also watch

• “Build a lasting business” to learn from two MDRT members with long-time financial services practices about how to build a solid business.
• Five pillars of a first-class client experience
• Read about business planning in “Are you working hard but losing money”