Cross Selling Web Seminar 092409

Retention Marketing: Mining Gold in Your Own Backyard
Presented by: Michelle Baca and Tamera Loerzel September 24, 2009
www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.
Objectives
Deepen your relationships with your clients Uncover opportunities within your current client base Find ways to create more business for your firm Explore methods for tracking your client prospect opportunities to increase your effectiveness
Poll #1
What is your role in your firm?
Partner or Owner Client Service Manager Client Service Staff Firm Administrator Marketing Manager, Marketing Coordinator or other dedicated marketing role Other
Cross-Selling Defined
Cross-selling additional services to your clients includes:
A combination of marketing and selling activities that result in the sale of other firm services or products to existing clients The process of matching firm services to unmet client needs - it is not selling clients more stuff
Studies show that the more services a client receives from your firm, the more likely you are to retain them as a client
Begin By Deepening Your Client Relationships
Why Focus on Client Relationships?

We want our clients to choose to stay with us
It costs more to attract a new client than to retain an existing one and our competitors are hungry
We want our clients to use us for other services

They will when they feel were fantastic and they wont if they feel were just ok or worse
Clients talk about their experiences

They are usually the #1 source of new business for a CPA firm and they can also be our most significant source of negative publicity if they arent satisfied
Why Focus on Client Relationships?

Our lives are better when we do
Our days are filled with positive interactions instead of apologies We make a bigger difference for others when we go the extra mile We feel better about ourselves it literally raises OUR self-esteem We can charge more for exceptional service which translates to all of our bottom lines
Be Proactive
Many clients say, I wish my CPA would reach out to me just to check in and I wish my CPA would think proactively and not just give me advice after-the-fact Building your relationships with your clients will give you the information to respond to both of these frequent client requests
Its hard to convince a client that you care about his or her business when it is evident that you dont know whats going on it.
David H. Maister True Professionalism
Gain Client Intelligence During Meetings

To further understand what issues your clients are facing, conduct a survey during your meetings
It will position you as someone who cares and acts as an advisor rather than just a tactical service provider
If you dont get to meet personally with each client or talk over the phone, consider an online or paper survey for them

When meeting with your clients, spend a few minutes asking about:
Their issues and their plans for the upcoming year Industry trends, cycles, politics, opportunities
Read their trade journals and attend their conferences or events (its a great place to network, too!)
What keeps them up at night?

Do you know what their top challenges are the economy, managing costs, employee turnover, generating additional top-line revenue, etc.?
Saying No
Sometimes, we have to say no to a client
Due to resource or timing constraints What theyre requesting is not a service you provide or an area of expertise
Be prepared so you can say no and still add value by providing alternatives:
Introduce your client to an alliance Make suggestions about other ways they could solve a problem or meet their objectives Show them what they could do internally to address the issue

Be genuinely interested
Remember what they tell you, which will require that you have a process in place to do so
To ensure your understanding of the clients objectives, you need to apply active listening techniques
Use phrases such as I see and I understand Confirm understanding by stating what you heard back to them Put your understanding in writing!

Each client owner can conduct a short survey and we will supply a sample during your upcoming client meetings that can:
Enable you to update constant data (be sure to capture email addresses!) Provide you information about the clients existing situation Give you an opportunity to ask questions about potential plans or needs for the upcoming year and identify potential interest in additional services Gather satisfaction feedback
Follow-Up
Be sure to put a process in place to follow up on the information gained from meetings and surveys Prioritize any uncovered opportunities Track outcomes and ensure each opportunity is acted upon
Identify owners and by-when dates for follow-up on surveys and add them to your pipeline
Internal Networking to Uncover Cross-Selling Opportunities
Poll #2
Do you have a formal cross-selling process in your firm that all client owners participate in?
Yes No Not sure
Cross-Selling Success Strategies

Soliciting client feedback is the perfect time to uncover new opportunities to serve clients
It requires that you foster a sales and marketing culture that values business development and the expansion of services provided to existing clients
This is often viewed as not necessary because of the annuity nature of the accounting profession
Make a commitment to internal trust-building the client service owners must be comfortable enough with each other to make the introductions Develop a formal process on how to refer, qualify or move forward referrals in the process
Internal Networking
Spend time on internal relationships
Meet with other client owners to discuss potential methods for cross selling and identify opportunities client by client
Check in on a regular basis schedule follow-up meetings to determine progress Ask for the referrals Provide regular and proactive status on the progress of any shared engagements to build trust and confidence
Internal Networking
Present at departmental meetings Involve yourself in firm social functions and community activities
Meet with each client owner to complete an in-depth analysis of the potential upside with each client
Start with the top 20% of your clients What more can you do for each client that will make a bigger difference?
Internal Networking
Complete a Cross-Selling Matrix using data from your internal databases and information from client owners
One person on your team may be able to populate the initial spreadsheet You may want a separate spreadsheet for each partner or manager
Cross-Selling Matrix
Client Name FS Audits and Reviews Internal Control Doc/Report Tax Compliance Multi-State Local Tax Planning International Tax Planning Cost Segregation Estate Planning
Client ABC
Client BCD
Client CDE
Client DEF
Client EFG
Cross-Selling Sales Activities

Mark those services the client is using in black Those that they are not a candidate for in red Those they may be a candidate for in the future in yellow Those that they may be a candidate for now in green

Establish a plan to reach out to each of the clients (over time) with green in their row and the client services owner should dictate the approach
A personal introduction or meeting from the client service owner is ideal Invite your client to meet (sound familiar?) with both client service owners to explore how a particular service could assist them in achieving their objectives or solve or minimize a problem Track the last contact date in the spreadsheet

Enter those clients who are qualified to then be prospects for those services into a sales pipeline
Manage them as you would any other prospect opportunity methodically! More on this later
Conduct Internal Education

Make a commitment to intense ongoing internal education of firm services and the ideal target client for each at all levels within the firm
Demonstrate how you can integrate your firm services work to add value to existing clients versus just sell them something else
Define Your Client Opportunities

Consider creating a short profile on the demographics of your ideal clients for each service and two or three questions a member of your team could ask to identify other opportunities
We recommend you do this for each of the types of clients you serve Hold a lunch-and-learn for each of your client types to teach your team who they are, how to identify them, and the difference youre making for them
Teach Your Team the Benefits

Teach each of your client owners about the benefits of surveying their clients
Be sure to include WIIFM for why they should take the few minutes to do it now, including:
Increased client satisfaction and retention to help maintain their client base Uncovering opportunities to follow up on during the slower months evening out revenue streams and their client workload Shorter cycles and less effort in selling new service opportunities to existing clients versus selling services to strangers to the firm If they dont someone else will especially in this market!
Role Play
Share the survey with your team and have them input to it for each type of client they have
They can help generate the two or three questions that should be asked to uncover specific service opportunities
Take the time to role play and practice having them ask the questions
Sometimes people feel that asking these questions is awkward or out of context in their meetings
Even more so if they are just calling proactively to learn more about their clients without the engagement meeting as a reason
They need to practice to understand how its a natural evolution to their meeting or phone conversation
It will become second nature!
External Existing Client Marketing Activities

Then, develop communications plans to educate existing clients about the firms products and services
Include client profile/success stories in newsletters, web, etc. Send letters, e-mail or other outbound communications featuring a particular service Client executive briefings targeted to specific client industries or other specialty interest groups
External Existing Client Marketing Activities

Follow up with teleprospecting it will generate leads from your other marketing activities
You can use any direct mail or e-marketing activities as a lead in for the call
Teleprospecting fills seminar seats, too
Track Your Client Opportunities
Sales Process Basics

All client prospects should be treated like you treat your new prospects
Enter your client prospects into your pipeline You can capture information you learn about your clients from your survey, client meetings or other marketing activities here to help you remember Meet regularly to review your client prospects at least monthly- and move them forward in the sales process If youre holding regular pipeline meetings, include your current client opportunities, too
Track Your Activity

Track and report on your activities, including:
The client owner Rating using a percentage probability, stage in the sales process or simple A, B, and C rating Your contacts names and contact info The next follow up date and last follow up date for each contact Next follow up action Any results that come via that contact Result to close the opportunity win/loss analysis
Sales Pipeline
ConvergenceCoaching, LLC Sample Pipeline
Owner Prospect Co. Contact Name Lead Source Primary Interest Last Date of Contact Next FollowUp Date Next Follow Up action Approx. Services Value Close Probability Est. Close Date If Deal Lost, Why?
Next Steps
Poll #3
What one thing will you commit to do out of this web seminar?
Define the services that you can offer to each of your firms client types Hold lunch-and-learns or other firm meetings to educate your team about your clients and services Conduct a simple survey during each client meeting over the next several months and following up thereafter Undertake completion of the Cross-Selling Matrix and introducing each other to the appropriate clients Begin using a pipeline report to track client prospect opportunities
Other?
Thank You!
Contact us at anytime!
Tamera Loerzel (952) 226-1780 Tamera@convergencecoaching.com http://www.linkedin.com/in/tameraloerzel Michelle Baca (402) 933-2900 Michelle@convergencecoaching.com http://www.linkedin.com/in/michellebacaprofile
Resources
ConvergenceCoaching Resources
ConvergenceCoachings web site includes articles and tools on these topics
www.convergencecoaching.com
Visit our blog for posts on various marketing and sales topics at:
http://blog.convergencecoaching.com
Resources
AICPA Marketing Toolkit
www.aicpa.org/cpamarketing Association for Accounting Marketing www.accountingmarketing.org American Marketing Association www.marketingpower.com eMAP - the electronic MAP Handbook www.cpa2biz.com
Resources
Built to Last - Successful Habits of Visionary Companies by James C. Collins and Jerry I. Porras (HarperBusiness, 2002) Clients for Life: How Great Professionals Develop Breakthrough Relationships by Jagdish Sheth and Andrew Sobel (Simon and Schuster, 2000) Contemporary Marketing by Louis Boone and David Kurtz (South-Western College Publishing, 2004) Consultative Selling The Hanan Formula for HighMargin Sales at High Levels by Mack Hanan Good to Great by Jim Collins (HarperBusiness, 2001) Management by Bartol & Martin (McGraw-Hill 1994)
Resources
Marketing Management by Peter Dickson (SouthWestern College Publishing, 1996) PartnerShift: How to Profit from the Partnering Trend by Ed Rigsbee, CSP (Wiley, 2000) Practitioner Making Rain: The Secrets of Building Lifelong Client Loyalty by Andrew Sobel (Wiley, 2003) Rain-Making: The Professionals Guide to Attracting New Clients by Ford Harding (Adams Media Corporation, 1994) Secrets of Closing the Sale by Zig Ziglar (tapes) Selling the Invisible by Harry Beckwith Solution Selling by Michael Bosworth
Resources
Solution Selling Creating Buyers in Difficult Markets by Michael Bosworth Swim with the Sharks by Harvey Mackay The Art of Partnering by Ed Rigsbee, CSP (Kendall/Hunt, 1994) The Discipline of Market Leaders by Michael Treacy and Fred Wiersema (Perseus Books Group, 1997) True Professionalism: The Courage to Care About Your People, Your Clients, and Your Career by David Maister (Free Press, 2000) Ziglar on Selling by Zig Ziglar www.convergencecoaching.com
Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

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Retention Marketing: Mining Gold in Your Own Backyard

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2004-2009 All rights reserved.

Begin By Deepening Your Client Relationships

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Why Focus on Client Relationships?

We want our clients to use us for other services

Clients talk about their experiences

Why Focus on Client Relationships?

Gain Client Intelligence During Meetings

Gain Client Intelligence During Meetings

What keeps them up at night?

Gain Client Intelligence During Meetings

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Gain Client Intelligence During Meetings

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Internal Networking to Uncover Cross-Selling Opportunities

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Cross-Selling Success Strategies

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Cross-Selling Sales Activities

Cross-Selling Sales Activities

Cross-Selling Sales Activities

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Conduct Internal Education

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Define Your Client Opportunities

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Teach Your Team the Benefits

External Existing Client Marketing Activities

External Existing Client Marketing Activities

Teleprospecting fills seminar seats, too

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Track Your Client Opportunities

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Sales Process Basics

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Track Your Activity

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

www.convergencecoaching.com Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

Copyright ConvergenceCoaching, LLC 2001-2009 All rights reserved.

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