Colin Dunn
min read

Virtually every CPA firm needs new target clients

The law of entropy suggests that it is impossible to stand still and make progress; every plateau on which you stand will ultimately erode.

So just to stand still, we need to be moving forward.

This alone should inspire you to get very focused on your positioning, lead generation and selling activities.  

Here are six other reasons why new target clients are important:

  1. New clients create energy. They inject vibrancy into your firm. A regular inflow of new target clients brings with it a ‘feel good’ factor. Good people want to work in growing, successful practices and new target clients onboarded is a great metric by which team members subconsciously measure the success of a firm
  2. New target clients bring with them new challenges and new demands. When people change accountants, they usually do so because they want better service and more services. So, you will often find that new clients demand help from your firm over and above compliance. This forces you to learn and implement new skills, which is a good thing!
  3. New clients require new ideas. With the same old clients year after year you can get stale. An injection of new blood can impel you and your team to do some serious thinking about ideas that you can take to the new client to delight them and help them overachieve their goals. A peripheral benefit is that you can then take those ideas and brainstorm with your team which other clients they might be relevant for
  4. New clients open up a new pot of referral potential. When you take on a new target client you should pre-frame for them that in six months’ time, and assuming they are delighted with what you have done, you will be asking them for the names of two business owners who would benefit from working with your firm
  5. A new angle on testimonials. We sincerely hope you have many testimonials from your existing clients talking about how they have benefited from working with your firm. What about asking new clients for a testimonial outlining why they chose to become a client of your firm? If they have chosen you, there is a reason. Capture it and leverage it in your marketing
  6. New targets clients have no baggage. You have an opportunity to introduce new approaches without worrying about what the client might say. With new clients, you can change the rules. Like defining the ways in which people can QUALIFY to be a client of your firm. Or even establishing a waiting list to become a client.

What is your new target client attraction strategy?

Having spent almost 10 years in a business advisory capacity in a fast-growing UK firm, Colin Dunn FCA has spent the past 25 years training, coaching and consulting to accounting firms globally. Read more »

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