Ready to find out what’s not in your wallet? Contact us to develop a customized wallet share study that gives you a deeper understanding of what your customers care about.
We provide a Competitive Advantage to Family Law, Accountant, Business Brokers and CPA Firms. We don’t compete with CPAs, Business Brokers, Attorneys or Accountants. We do the work you don’t want to do providing a platform to layer tax, legal and bookkeeping services on top of. You control the client relationship. We work for you and follow your lead.
Our commitment is to support your role as trusted advisor, which is why our affiliate agreement explicitly states we will never compete with you. From our menu of services, you and your client can select which financial planning and business consulting functions you don’t want to do.
Asking COI for blanket referrals does not work. By giving up your client’s information to synergistic service provider, you lose control of service outcomes (which diminishes your relationship with client) and rarely get a risk-adjusted return through reciprocity therefore providing you virtually not outside.
1. Drop Servicing & Co-Branding
While drop servicing (can also be called agencies) isn’t a new concept, it’s a viable business model with tons of past success stories to support it. That’s where we come in. We help you create a funnel of inbound lead, differentiate, and scale your business without necessarily spending more time working. Clients view you as a general contractor even though you function more like a subcontractor. You serve in your own niche but have their trust and confidence to steer them into better outcomes in other areas.
We use co-branding as a critical technique for transferring the positive associations of your company’s service to another. Co-branding can be an excellent way to grow a company without having to make a major investment in resources or create expensive marketing campaigns and where each business benefits from the reputation, image, and customer base of the other. In other words, we create the following seven core synergies with your existing brands:
- 1) Expanding your customer base (more customers)
- 2) Increasing your profitability with perception of a premium product offering
- 3) Responding to customers’ expressed and latent needs through extended services
- 4) Strengthening your competitive position through a higher market share
- 5) Enhancing your product introductions through enhancing the brand image.
- 6) Creating new customer-perceived value
- 7) Yielding operational benefits through reduced cost
Appealing to a customer’s wants and needs should be the number one priority for every brand. If there is a gaping hole in the solutions your brand provides and you are aware it can be filled by a similar brand such as financial planning, then teaming up to create the best of both worlds for each of your customer bases is a clever strategy that proves you know what your customers want, maybe even before they do.
Partnering strategically with another business in your marketing can be wildly successful for everyone involved and will make both parties more successful than they could have been on their own by finding a partner that complements them well. My expectations with properly prepared co-branding agreement is to protect each partner, define the parameters of the co-branding strategy and create a lasting brand friendship that can produce collaboration and idea sharing for many years to come!
2. Grow Your Wallet Share…Grow Your Business
Wallet share looks at your existing book of business, and asks: “customer by customer, how much business am I getting and who is getting the rest?” In many cases, increasing wallet share is considered simpler than increasing market share. Some common strategies that are aimed at increasing the wallet share of a customer include increasing amount the customer spends each time, encouraging him/her more services and trying to get customer retention and loyalty, etc. The process of wallet share is very beneficial for businesses as it helps them improve their performance and thereby leads to accumulation of more profit.
From a business perspective, conducting wallet share research doesn’t require months of study — yet it can lead to customer insight that drives so many areas of your business: pricing, product positioning, sales strategy and more. You’ll understand: what each customer is missing from you; looking for from you; as well as if they’re willing to buy more from you. Wallet share’s fully actionable data makes you more educated about your customers before you even walk into a meeting or sales call, so your team will know they’re leveraging the price and programs your customers want and the value proposition they’re after.
Simply put: it costs more to sell to a new customer than it does an existing one — some statistics say as much as five times more. It’s also 70% easier to sell to an existing customer than it is a new one. The key to maximizing your business with your existing customers is understanding your wallet share. Wallet share provides clarity on what the customer finds valuable from your business — other than your product.
Wallet share uncovers opportunities and gives you insights you can act on to drive share and increase profitability with existing customers. You’ll be able to:
- Refine your value proposition for each customer, based on their key interests.
- Develop customer-specific strategies to replace key competitors.
- Leverage price and programs to position aggressive customer offerings.
- Focus on driving growth in high-margin products/customers.
- More intelligently target sales strategies and programs.
3. Recurring Revenue
Recurring revenue makes your company more predictable, extends the lifetime value of a customer and ultimately makes your business more valuable. If you’re unsure how to create these automatic sales, a simple service contract can be the place to start.
In a traditional business, the customer buys your product or service once, and it is up to you to try to convince them to buy again in the future. You often have no idea if they liked what they bought and what would have made them buy more, so you’re left having to guess or invest in costly market research. In a subscription business, you have “automatic customers” who agree to purchase from you into the future, as long as you keep providing your service or product. Long-term, direct relationship Unlike a transactional business model, subscribers are opting into a long-term, direct relationship with you. You know who your customers are and which of your products and services they use, so you have a much better understanding of their preferences than an industry competitor relying on a traditional business model.
Could you offer some sort of recurring plan to your customers? Here are six reasons to consider offering your customers a subscription:
- 1) Predictability
- 2) Eliminate Seasonality
- 3) Improved Valuation
- 4) ‘The Trojan Horse Effect
- 5) The Sale That Keeps On Giving
- 6) Data & Market Research
4. Customer Referral Program
A company that has a unique, yet stabilized and structured referral incentive process, will stand out in today’s fast paced society. Creating a referral program is inexpensive, sustainable, and requires relatively low effort compared to complex, multi-channel marketing campaigns. They deliver a lower cost per acquisition and a much higher ROI, compared to traditional marketing approach. Setting up a referral program with an easy and fast tool to make your customers refer you can be a game change to your business and we will help you with that.
Campaigns that leverage your existing customers to bring in new business really do not require much work at all, only structure and organization. Loyalty marketing programs should be designed with two goals in mind – to drive profitable customer behaviors and to reward customers for exhibiting those behaviors. We work with clients to:
- Establish or refine a customer loyalty program by identifying the types of customer behaviors – those that expand wallet share, increase investment in the relationship, or deepen or broaden the product portfolio, for example – that you want to encourage
- Create a system that incentivizes customers for performing the desired behaviors
- Continue to reinforce those behaviors that drive loyalty, profitability and customer lifetime value
To conclude, have in mind that an excellent referral program should consider:
- Sales Reps engagement to always ask for referrals
- Communicating customers about the process and timing to contact their referrals
- Taking good care of the submitted referrals
- Implementing an easy and quick submission process
- Rewarding properly