Client profiling

What do you really know about your clients? How can you use this information to increase the revenue they generate - and ensure they stay your clients? These are some of the questions you need to ask yourself:

1) Why do your clients buy from you? Is it because you're the least expensive? You're local? You're the best? Your range of expertise? You need to know what they are buying and why.

2) What other options do your clients have? Could other solicitors satisfy their needs? How easily could they change solicitors? Are your clients loyal to you and what alternative offer would test their loyalty?

3) What will your clients need in the future and will you be able to service their needs? What are their plans? Are there any changes that they are planning which could effect their use of your services?

4) Are your current clients of interest to your competitors? If so, how are you locking your clients in and your competitors out?

5) What plans do you have to retain your existing clients? How loyal and averse to change are your clients? Are they likely to change to another solicitor if they reduced their hourly fee or offered a fixed fee arrangement? Do you need to innovate or add new skills to your practice to retain their business?

6) What do your clients really think of you and the service you offer? Are you too slow? Are you too expensive? Do your credit control people chase too fast for payment? Is it easy for them to park at your offices?

7) Are your clients dual-sourcing? If so, what other solicitors are they using and why? What services are they buying from other solicitors?

8) Are your current clients good clients? Are they too demanding? Are they slow to pay? Are they profitable?

9) What are you doing to get more good clients? How do you attract them? How do you even know who your future clients are and where to find them?

10) What plans do you have for when your clients' internal buyer of legal services leaves or retires? Do you have other good connections internally to protect the relationship? Suppose the partner within your firm leaves or retires - will that effect the relationship with the client? If you feel vulnerable, what are you proactively doing about it?

Are you being honest and objective about answering the above? Are your clients simply those that your competitors don't want?

If you want help and assistance in helping you answer any of the above, please contact us.