Accounting firms in the UK have always the competitive advantage of knowing the client experience better than other industries as they directly deal with customers for a longer run. When the client is the greatest asset in the business, UK accountancy firms can do whatever it takes to increase the customer experience to make them stay longer but measuring makes it always difficult to know what client thoughts with services or specific experience especially in referral industry like accounting firms in the UK. Studies show that acquiring new customers is 5-20 times more expensive than keeping the current ones and 70% of clients wanted to change their CA firm because of bad customer service according to the research by Bay Street Group Accounting firms shouldn’t just provide a solution with services like taxation, bookkeeping, auditing but the way of delivering it to the customer is inescapable to beat the competitors. Customer satisfaction is measurable with metrics to determine the level of satisfaction a customer has to deliver impact and create value. This holistic approach of any accounting company can be anything related to your services like service experience, customer service quality, brand perception, social listening, etc.
For setting the metrics for any UK accounting firms, there is a need to ascertain by connecting the dot of where do they belong in the development of the firm client relationship.
Listen to your clients: It is always fatal for accounting firms to assume that the clients are happy with their services. Always ask open-ended questions or surveys to know what the clients think about the services they got. Make sure to ask how an improvement can be done in the process from your client.
Net promoter score: it is the most widely used metric in customer experience by calculating the percentage of customers who would recommend the UK accounting firms to friends and family. The most common example is “how likely you would recommend this company to a friend or family” on a scale of 1 to 10. The result can be used to set up the customer experience strategy for better results.
Customer retention: It is common to have a client for the last 20 years in an accountancy firm as clients would like to hire only one company for their overall accounting work. To capture those quality leads, a smooth positive client experience is a must to keep them stay with the firm in the longer run. This metric helps to measure if the client comes back to take the service or not.
Social Listening: When you get a good/bad service, you tell the world. The same applies to the accounting industry where clients can make or break the image by just one review on social networks. This metric can track how often people are talking about the services by UK accounting firms on social media. With this metric, a regular feedback will be used to get the company base concrete.
We at AcoBloom International recently conducted a survey for our clients asking them if they like the quality of our UK outsourcing accounting services. It was noteworthy to analyse the result that they have liked the high quality work which eventually increased the measure for the Client Experience (CX).