Poll: Why business clients choose a competitor
ProfitCents by Sageworks recently hosted a webinar, How Will You Win Your Next New Client, which discussed key strategies on how to position your firm to take on new clients and expand service offerings to your existing client base. Peter Brown, senior consultant at Sageworks, mentioned that the central focus of any marketing or business development initiative must address the “why”—the reason behind starting the initiative. Knowing whether you want to increase your market presence, focus on a new industry or offer a new service will allow you to begin your plan to cross-sell and win new clients.
During the presentation, finance professionals were polled on why business clients choose a competitor. Almost 70 percent of respondents expressed price and cost of services as the primary reason.
Hinge, a branding and marketing firm for professional services, recently performed a similar survey. Their results showed that lack of industry knowledge was the top reason why business clients go to a competitor. Lack of industry knowledge was followed by bad fit or wrong values, then by price and cost of services. It is important to notice the different perceptions that finance professionals and business clients have. In fact, according to Hinge’s survey, finance professionals were three times as likely as business clients to view price as a major concern.
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