15 Oct Is Your Firm Betting on CX?
How Much Is Your Firm Investing in CX?
CX is the last competitive frontier for business.
You need to focus on CX (your clients’ experience) with your firm if you’re in a professional services industry (legal, accounting, architecture, engineering, construction, or management consulting).
Every professional services firm needs to take a hard and sober look at both how they’re organized and how they communicate (internally and externally) to compete against firms providing what may be perceived as a commodity service. You have to find constructive ways to elevate the perceived value of what you offer above and beyond “excellent service.”
As more firms divert resources from the unpredictable side of their marketing and into the more predictable side of managed CX or client experience, the methods and means of outcome-measurability are becoming too positive to ignore. It’s a far different proposition these days to enter a game you know you can win.
A Troubling Trend In Firms
We’ve begun to notice a potentially troubling trend that is catching many professional services firms off-guard. In the past year or two, we’ve seen firms losing long-lasting clients not as a result of something they did wrong per se—but because they did nothing at all.
Their competitors are investing resources into the work of programmatic client experience. They’re investing in CX to better understand the experiential world of their clients and how to use that understanding to serve them more successfully (offense); and to make themselves more competitive in tightening marketplaces (defense).
This approach is beginning to demonstrate increases in net new wins through higher rates of referrals and gradually increasing revenue and overall client lifetime value while eroding competitors’ ability to keep nipping at their heels. And as if this wasn’t enough, those who are investing in CX are finding they are able to consistently and reliably command a higher premium for better experiences their competitors cannot fathom.
Where to Place Your Bet
CX is emerging as a team sport with an offensive and defensive playbook. Some firms are focused on systematically improving both their offense and defense while others aren’t yet investing at all. It’s not difficult to imagine who’s going to win.
Competitively speaking, within which approach are your placing your bet—the team of practiced offensive and defensive players who’re continuously improving by watching past plays and addressing points of service friction and following a modern playbook? Or are you betting on a team with neither, who is confident they’ll keep winning based on past reputation, old friendships and processes that have worked well over the past several decades?