Six catalysts to grow client revenue using detective work

A core part of our offering includes helping firms to expand revenues with their key clients, with our output becoming a catalyst for moving client relationships from the transactional to strategic. Here are six pointers on client management and when to do some detective work.

1. Your meeting face to face

Can you get a heads up on their strategy, ambitions and pain points? Even smaller companies are now revealing how they have fared through the pandemic and how they will navigate change. Inevitably, companies will put a shiny gloss on their performance and outlook. By understanding their industry and their peers’ performance you can ask the questions that position you as a consultant.

2. Your client is acquiring or being acquired

Familiarity with the new parent company can help you understand whether they are on a mission to asset strip or invest in your client. If managed carefully the acquisition can become an opportunity to work with a larger organisation. Research can reveal their strategy, and supply a list of current advisors and key decision makers, helping you judge how to get closer to them to navigate the transition.

3. There’s a new guy in town…

New key people are likely to want to bring about change and potentially shake up procurement. Detective work helps you understand their work history, their wants and needs and whether your firm knows them already. You might need to start conversations about changing your client team to reflect the new relationship.

4. You're stuck in a revenue silo

Do you only advise through one of your practice groups? Alternatively, you may only advise the subsidiary of a larger organisation or assist in one region. High calibre researchers can find the opportunities to broaden your relationship based on your client’s ambitions and presence.

5. It’s time for a review

If you have internal key account meetings, does everyone around the table know what the client’s strategy and pain points are? Now more than ever, firms need to take stock of their client's journey through and out of the pandemic. Concise insight provides the recommendations that firms can debate and lift directly into their client plan.

6. It’s pitch time!

Do you know who your client’s advisors are for panel and off panel work? Understanding the competition can reveal what work you may be missing out on, or even what not to pitch for.

Research can also help you answer standard procurement questions. By knowing exactly what the company is up to and what their policies and strategy are; you can present the best possible ideas, case studies and people to position yourself ahead of the pack.