Title

Report
Jennifer Hamberger
Chief Marketing Officer
Vance McCollough
Partner
Practice Group Leader – A&A
Member of Management Committee
Lee Eisenstaedt
Founding Partner
Moderator
How much untapped
opportunity is there to grow
your revenue from among
your current clients?
We’ve posed this question to more than
150 managing partners across the
country.
They told us:
24% (range from 5% to 100%)
So, double digit growth is possible…
24% growth from current
clients
+ 3% price increase
+ 3% adding new clients
30% annual growth
X 50%
15% increase per year
Unlocking This Potential Depends On…
Retaining current clients
Bringing in new business
Selling more services to existing clients
Retaining your staff
Understanding the unmet &
evolving needs of clients
Wallet Share
Measuring Wallet Share
Client’s
Annual
Spend with
Your Firm
Client’s
Annual
Spend with
All Firms
Wallet
Share
Client’s
spend with
you on NON
traditional
services
Client’s
spend with
you on
traditional
services
Wallet Share
Index
Page 8
3x3x3℠ Model
Annual Audit
Federal & State
Tax Returns
Business
Valuation /
Gift Tax
3 Contacts
At Firm
Audit Partner
Tax Partner
Consulting
Partner
3 Contacts
At Client
Chief Financial
Officer
VP of Tax
CEO
3 Services
Source: Wallet Share: Growing Your Practice Without Adding Clients, © 2013 Eisenstaedt & Siders
Page 9
3x3x3℠ Model
Simplifies complex issue
Easy to communicate
Promotes collaboration
Facilitates accountability
Leads to growth, client retention,
and staff development
Source: Wallet Share: Growing Your Practice Without Adding Clients, © 2013 Eisenstaedt & Siders
Satisfaction ≠ Loyalty
• Focused on most recent
transaction
• Backward looking
• Quick to grow and
disappear
• Must be updated
frequently
• Difficult to apply to
marketing and business
development campaigns
• Good indicator of current
problems and issues
• Examines experience
over time
• Forward looking
• Slow to grow and decline
• Best updated every 18-24
months
• Results allow firms to
build individually relevant
campaigns
• Provides roadmap for
long term improvement
and behavior changes
9 Reasons Why A Firm
Would Conduct A Loyalty Assessment?
1. Long overdue
2. Uncover sources of referrals
3. Proactively save or strengthen important
relationships
4. Identify opportunities for additional work
5. Get a new Managing Partner or CMO up-to-speed
6. Sharpen the focus of business development and
marketing initiatives
7. Accelerate changes in behaviors of partners & staff
8. Establish benchmarks against which to set goals,
measure improvement, etc.
9. Ease client transitions due to partner retirements
L. Harris Partners Has Surveyed…
 4,000
clients
 650
partners
 130
firm leaders
© 2013 L. Harris Partners, LLC
Page 15
Examples of What We’ve
Discovered From Clients
• 40% do not find their CPA firm to be “unique”
• 35% use multiple firms
• 29% claim they don’t know all the services
their CPA firm provides
• 61% find the fees charged to be “fair &
reasonable”
• 78% describe their fees as a “good value”
• 60% are “loyal” to their firm
– Partners think 40% of their clients are “loyal”
• 62% are likely to recommend their CPA firm
to others
Continuous Cycle
Listen
Monitor
Interpret
Act
(re)
Jennifer Hamberger
Chief Marketing Officer
(716) 332-2773
[email protected]
www.freedmaxick.com
Vance McCollough
Partner
Practice Group Leader – A&A
Member of Management Committee
(972) 590-5239
[email protected]
www.traviswolff.com
Lee Eisenstaedt
Founding Partner
Moderator
(312) 775-4055
[email protected]
www.lharrispartners.com
Special Offer for
AWEBLive! Attendees
Learn more about…
• 3x3x3 model
• Processes for obtaining feedback
• Growing your business without
adding clients
Receive a 25% discount off the cover
price ($14.96 vs. $19.95) by:
• Published May 2013
• 110 pages
• Paperback
• Visiting www.MoreWalletShare.com
• Using the discount code: 37CMBAFQ
Jennifer Hamberger
Chief Marketing Officer
(716) 332-2773
[email protected]
www.freedmaxick.com
Vance McCollough
Partner
Practice Group Leader – A&A
Member of Management Committee
(972) 590-5239
[email protected]
www.traviswolff.com
Lee Eisenstaedt
Founding Partner
Moderator
(312) 775-4055
[email protected]
www.lharrispartners.com

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