Strategy Planning Client Stewardship Business Building Organisational Development Partner Coaching

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Transcript of Strategy Planning Client Stewardship Business Building Organisational Development Partner Coaching

  • Slide 1
  • Strategy Planning Client Stewardship Business Building Organisational Development Partner Coaching www.richmontewells.com
  • Slide 2
  • What do clients really really want? Sally Calverley Legalex 15 th 16 th May 2014 www.richmontewells.com
  • Slide 3
  • What do clients really really want? Meet Gemma. Calls for a quote for doing her will Two kids, single mum, owns a chain of beauty salons in the south east and has 3 buy to lets Has loyalty cards for costa and her gym, a Clubcard and a nectar card, banks online and shops at the farmers market
  • Slide 4
  • What do clients really really want? Top 10 customer priorities* 1. quality of the service 2. being treated as a valued customer 3. speed of service 4. friendliness of staff 5. handling of problems and complaints 6. handling of enquiries 7. competence of staff 8. ease of doing business 9. being kept informed 10. helpfulness of staff *UK Institute of Customer Service
  • Slide 5
  • But its different for law firms!* 1. Failure to advise 18% 2. Failure to follow instructions 16% 3. Delay 9% 4. Deficient costs info 8.4%, 5. Failure to keep informed 8.3% 6. Excessive costs 8.2% 7. Failure to progress 8% 8. Potential misconduct 6% 9. Failure to reply 5.3% 10. Failure to release papers 3% * Not its notLegal Ombudsman complaints: by type 2012-2013
  • Slide 6
  • What else can the UKCSI tell us about trends? Todays customers are savvy, discerning and expect organisations to relate to them as individuals, not as transactions. Customers have greater choice, more ability to switch their business and access to an ever-expanding set of communication channels to express their preferences or displeasure. Joanna Causon CEO of UKCSI
  • Slide 7
  • Heres the good news! Its clear from our research that customers are highly conscious of the service experience in their buying decisions. 60% of customers want a balance between price and service and a sizeable segment of customers have a preference for excellent service and are prepared to pay a premium for it.
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  • Slide 10
  • Customer Service DOES make a difference Requires magic Disney Magic! 75% repeat visits 17m visitors Most visited theme park in the world!
  • Slide 11
  • Heres why you should care: Customer service: Builds trust +10/100 points UKCSI score results in +13% trust rating Increases loyalty and positive buying behaviour +1/10 client sat score >> +10% loyalty and +11% additional purchase Increases recommendation +3/10 increase in client sat score to 9, x3 likelihood of referral Drives growth Positive correlation between above average sector scores and growth in retail food (9%) UKCSI January 2014
  • Slide 12
  • For first time UKCSI measured value Consumers want a balance of cost and service When faced with the choice, 60% of customers favour a balance of price and service and will not accept low service levels in exchange for a cheap deal. A substantial minority of consumers 25% seek excellent service and are prepared to pay for it, while 15% are highly motivated to find the cheapest deals.
  • Slide 13
  • So.. Who is best at Customer Service?
  • Slide 14
  • And.
  • Slide 15
  • Why should you care? Revenues going down amongst firms below the top 50 Ability to invest in new services/delivery reduced Consumers increasing propensity to shop around Number of competitors are going up There are only so many costs you can take out
  • Slide 16
  • RW Value Approach is a potent strategy Consolidate Build UP build ON existing Clients Expand Exploit reputation liberate partner time to win new Clients Deliver what your clients want and will pay for VALUE!
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  • What is value? Outcome Experience Price
  • Slide 18
  • Three Actions Measure involvement Align service with client needs Provide leadership
  • Slide 19
  • RW Value Approach is a potent strategy Consolidate: build up existing Clients This is where income is now Short term, defend the base But how profitable is each ? Whats the profit standard ? Maximise satisfaction How satisfied is each Client ? Will they recommend us? How do we measure it ? How do we fix it ?
  • Slide 20
  • RW Value Approach is a potent strategy Expand: use reputation to grow Attack is best defence In a market in turmoil, we must be growing ABS have no track record of excellence Best growth platform is happy Clients Partners are our Big Guns Partners grow the cake Need time to win new business What new business do we want ?
  • Slide 21
  • RW Value Approach is a potent strategy Involvement is key to profitability Define Client Involvement Profile How does the client want to work with us? What are the best channels for delivery? How can we guide them through the firm? Where are they on the timeline? We need a measure Systematic method of tracking Client needs and level of satisfaction
  • Slide 22
  • RW Value Approach is a potent strategy Alignment to Client Involvement profile How do we match our service to Client needs ? Do we do enough ? Do we overdo it ? How can we improve the sensitivity? And what about Client profitability ? How does that match Client satisfaction ? Unhappy Clients we lose on is VERY bad business Low service quality companies average lose 2% market share a year High service-quality companies grow 6%
  • Slide 23
  • 23 Client study Reports to firm Status, outlook of industry, firm and key clients Segmentation of client base Interpretations and recommendations Competitive rating of current service and value Potential based on segmentation Define Client Value Measures per client The Richmonte Wells Value Standard Recommendations for Action Style, services, communications, products By client group
  • Slide 24
  • 24 An example Segmentation 19 clients plotted by level of involvement & revenue Substantial range Involvement score 44 to 22 Revenue 75,000 to 1.2 M Only 4 clients very involved Spend over half a million 35% total, about 1 m each 15 clients less involved with much lower spend
  • Slide 25
  • 25 Defining Value by segment Defining VALUE Set group and individual criteria What success looks like Optimum yield for the firm, satisfaction for client Financial, reputation, growth etc Group criteria is primary focus Clients sharing common needs, expectations Potential for segmentation into clusters Individual criteria is key refinement Particular requirements Organisation, personality, communication etc
  • Slide 26
  • 26 Three segments Partners, Procurers, No Frills Law key to business or grudge factor Very different needs & expectation Align service Boost rating of Value Lift loyalty Enhance profitability An example
  • Slide 27
  • How do retailers use this information? Branding Shop design Investment Logistics Channels Service levels Recruitment Product design/purchasing
  • Slide 28
  • How would you use this to change? Current service Premises Website and other channels Choosing new clients Recruitment Complaints Structure
  • Slide 29
  • The Richmonte Wells Value Process
  • Slide 30
  • 30 The Richmonte Wells Value Process Briefing Objectives Priorities Timing Budget Step 3 Implementation Step 4 Tracking Step 2 Client Study Step 1 Scoping Value StrategyWhat Clients valueSatisfaction driversClient & Firm StrategyRECOMMENDATIONS At Client Study Involvement, needs, expectations, evaluations The RW Client Study In House study Client Data assembly Analysis, Comparison, Trends, Outlook, Consultation Coaching Plan How to deliver Value Partners & Managers Staff & Suppliers Benefits & Rewards Value PlanThe RW Standard Plan for each ClientBusiness Plan for Firm5 year rolling Client x Client Plan Client service pres Satisfaction standards Earnings goals Servicing plan Tracking ProgrammeStewardship ConceptSurvey DesignImplementation PlanReporting schedule Step 1 is Agreeing the Plan RW needs your Brief Your objectives, priorities and sensitivities What time horizon, how much in the kitty Confidentiality agreements signed RW will then produce a specific design What exactly will be done By whom and when and how much Target Step Report dates PresentationDetailed DesignTasks, costingsStep report dates
  • Slide 31
  • 31 The Richmonte Wells Value Process PresentationDetailed DesignTasks, costingsStep report dates Briefing Objectives Priorities Timing Budget Step 3 Implementation Step 5 Tracking Step 2 Client Study Step 1 Scoping At Client Study Involvement, needs, expectations, evaluations The RW Client Study In House study Client Data Assembly & Analysis, Comparison, Trends, Outlook, Consultation Coaching Plan How to deliver Value Partners & Managers Staff & Suppliers Benefits & Rewards Value PlanThe RW Standard Plan for each ClientBusiness Plan for Firm5 year rolling Client x Client Plan Client service pres Satisfaction standards Earnings goals Servicing plan Tracking ProgrammeStewardship ConceptSurvey DesignImplementation PlanReporting schedule Step 2 is Study & Strategy First, in house Assemble Client data Trends, outlook, performance Consultation with teams Then at the Client Survey of needs, satisfactions, involv