Advisors who are in the dark about how their clients view their relationship or feel about the level of service they receive risk losing them to advisors who care about what they think. It’s not that you don’t care; it’s that your clients won’t know that you do if you don’t periodically ask them for their feedback.
Without direct and honest feedback from your clients, you won’t know what’s working and what’s not. You could be perpetuating a less-than-remarkable client experience that could drive clients away. At the very least, you won’t know the reasons why you’re not getting referrals from your clients.
Want to know how you differentiate yourself? Be the advisor who demonstrates a sense of partnership and commitment to the relationship by proactively asking for your client’s feedback. When you do, it’s an opportunity to learn how to improve and grow your practice and make your clients appreciate that you value their opinion.
Here are five ways you can gather valuable insights from your clients while deepening your engagement with them.
#1. Conduct a post-interaction survey
At the end of an interaction with your clients, let them know you value their feedback and ask their permission to send them a survey. The survey, which can be emailed or accessible through a link, should be brief with no more than five or six questions, such as the following example:
Our firm exceeds expectations. – Yes/No
We regularly provide information of value to you. – Yes/No
We make it easy for you to do business with us. – Yes/No
Our people often go above and beyond to serve you well. – Yes/No
Anyone in particular? _________________________________________________
We sincerely try to answer all your questions. – Yes/No
Our team has a good understanding of your needs. – Yes/No
Please elaborate on any “no” answers: ____________________________________ ____________________________________________________________________
Is there anything about our relationship you would like to see changed or improved? ____________________________________________________________________________________________________________________________________________________________
#2. Online surveys
Using an online service like Survey Monkey, create an online survey form that clients can complete at their convenience. Include links to the survey in all your communications and have it prominently displayed on your website.
#3. Make a Call
Pleasantly surprise your clients by reaching out by phone to discuss their experience following an interaction. This approach allows for more personal engagement and enables clients to provide real-time feedback. Use the opportunity to ask specific questions about what they liked, what you could improve, and any suggestions they might have. Make sure to actively listen and play back what you heard them say.
#4. Focus groups
Invite five or six clients to breakfast or lunch to show your appreciation and offer them the opportunity to provide feedback on your services and their experiences. Conducting one client appreciation/focus group event a month will deepen your relationships with your best clients over the course of a year.
#5. Conduct one-on-ones
Arranging face-to-face or virtual meetings with individual clients to discuss their experiences can be more personal, and it assigns high importance to the interaction. Block out one day a week to schedule meetings or virtual calls with two or three clients.
Creating opportunities to receive client feedback is critical to understanding what they think about the experience you provide so you can constantly improve. It’s also essential for growing your practice, as clients will feel valued and heard, elevating their loyalty and the likelihood of them giving you referrals.