Do you have a feedback loop?
Before a firm can analyse data about clients, it must be collected. While firms already hold a huge amount of data about clients, they often lack a feedback loop. By this, we mean actively asking clients what they thought of the service they received. Did your lawyer understand the business concerns sufficiently? Did you receive the right paperwork at the right time? We have all filled out one of those little surveys after we have stayed in a hotel. Have we all done the same after using a lawyer?Having built this feedback loop, firms must also learn how to make the feedback visible. Firms are often vast, filled with hundreds of different departments and practice groups. All, however, must answer to clients. As such, it is important that all departments collect and share feedback from clients. In this way, teams can collaborate to ensure that improvements are implemented across the board. Innovative Dutch firm, Kneppelhout Korthals, have already implemented this strategy to great success.Use your data to understand your clients

Why existing clients cost less than new clients
The logic is this. Bringing on board new clients costs considerably more than increasing sales to existing clients.'A 5% increase in customer retention produces more that a 25% increase in profit' (Bain & Co.)Therefore, firms which can identify cross selling opportunities in their existing client base, are likely to see better profit margins. One of the simplest ways of cross selling, is to identify which practice groups are not working with specific clients. This could be because the client does not need the service. However, it could equally be because the client uses an alternate firm for this service. Clocktimizer breaks down client relationships to show which practice groups or teams work with a client, to inform cross selling opportunities.
Be data driven in your client relationships
The personal element of clients relationships cannot be understated. However, in many firms that exists at the detriment of the collection of data. Firms should seek a balance between the two in order to truly understand and improve their service. Data in this instance can be objective; like knowing what matters you have running, across which practice groups, for which clients. But it can also be subjective, like looking for feedback to improve service delivery. The successful collection of any data will come down to the tools used to understand, process and act on it. A lesson that the most successful firms are already learning.Posted in Foundation