How to generate new revenue from your existing client base: Part 1

Building a solid client base for your business is vital to its success. And once you have that foundation, you need to ensure you keep them engaged, or you risk clients falling away over time.

Are you getting the most out of your client data bank or Will bank?

Are you doing everything for them that you could be doing?

CTT creates a support system to help you elevate your client services. We want you to excel in your field, and we think achieving excellence is possible by working together, focusing on training, planning, and support.

If you are a

• Mortgage Broker
• Will Writer
• Independent Financial Adviser
• Estate Planner
• Solicitor
• Accountant

Reach new heights of success by finding novel ways to engage your existing client base. Finding the right balance between new and existing clients is difficult, but investing your time in client retention is always time well spent.

The reality is you are dealing with highly emotionally charged aspects of people’s lives. Even though your services are essential, the division of assets can be a prickly topic for many because of its attachments to family and mortality. Some clients will also feel vulnerable when opening up about their financial history.

There is significant value in your client database and Will bank as an untapped resource of revenue, especially when dealing with the subjects of Wills and asset management after death. Many of your clients may be in need of services that they don’t even know exist.

Keeping Estate Plans and Wills up to date after significant life-altering events is important, and if not dealt with can have legal ramifications for your client’s families. Offering financial advice around major life decisions saves them money in the long run.

Generating increased revenue from your existing clients helps them as much as it helps you. Ensuring how their assets and finances are managed is a vital service and part of everyone’s life at one stage or another.

Four simple ways to ensure your clients are getting the most out of your services:

1. Nurturing relationships with existing clients - Develop a way to regularly touch base with your clients. You could:

• Give legal news updates
• Target clients with information on specific legal and estate-planning issues
• Offer helpful legal and estate-planning information
• Ensure you are responsive to queries
• Build trust with open and effective communication
• Explain your processes

Building relationships with your clients doesn’t take much effort but can pay dividends in the long run. If a person has a good experience from their interactions with you and the services you provide, they are more likely to refer friends and family members to you for those same services.

2. Be aware of unmet needs – There are several ways to discover if your clients are missing out on some of your services without even knowing it.

We would be remiss if we didn’t mention CTT Legacy Portal. As a member of the CTT Group you’ll be able to point people toward our user-friendly portal, and after inputting personal details it will be able to give them a Recommendation Report detailing the most suitable legal products.

You can also review client data to see gaps in services they may be interested in. These could take the form of clients who have a Will but not an LPA, for example.

When conversing with your clients, it becomes much easier to probe their interests without it seeming forced or like you’re fishing for business. Simply listening to their concerns and engaging them on a personal level opens new avenues of possibility.

3. Diversify your services – Take an audit of the areas in your business where you excel and those where there may be opportunities for training.

Developing expertise takes years; broadening your knowledge and skill base is a great way to offer your clients services they didn’t know they needed.

CTT is perfectly placed to help you fill those blind spots in your skillset. Using a wealth of industry insight and knowledge we hold regular courses and webinars allowing you to carry out the training to your schedule at your own pace.

4. Implement a marketing strategy – This goes back to communication and could be as simple as a newsletter outlining your services, or detailing updates to legal processes you think could be useful for your clients.

Things like clearly defining your services on your website are another great way to communicate what clients can and can’t expect when doing business with you.

Other things to consider that enhance your marketing potential:

• Testimonials – celebrate your long-term clients by using their stories as reviews to generate trust in your services.
• Case studies – shout about success stories as much as possible. Highlight stories that focus on one of the services you provide and how using that service helped. You could even use an example where not having a certain service led to an unfavourable outcome, showing how useful it is.

• Regular emails – reach clients directly with targeted emails designed to make them aware of services they could be missing out on. Include any service updates and links to further details.
• Posting engaging content – generate content about industry news, new developments, and show off your expertise. All of this helps to build trust and strengthen bonds between yourself and your clients.

Not all of these will be applicable for everyone but should help to give you an idea of the things to think about to successfully market your services.

It’s all about keeping your clients informed. The more you engage with them, the more likely they are to have you in mind when it comes to dealing with assets, finances or whatever they need.

Reviewing estate plans at regular intervals

A specific case, but it is worth noting that many people simply aren’t aware of the legal underpinnings behind estate plans and how they can change depending on life circumstances. Clients tend to put off changing their estate plan because of the emotional connections and implications in dealing with it, but it is beneficial that your clients keep their plans up to date to avoid any awkward legal issues later on.

Take advantage of CTT Legacy’s digital platform to send automated annual reminders to your clients. This allows them to update their Will or Estate Plan easily if they have any change in circumstances.

So, how does all of this increase your revenue?

Client retention is essential for any business to survive. The services mortgage brokers, estate planners, and financial advisers offer often lead to a high level of client retention, assuming their experience with you is good. When it comes to legal and financial issues, clients are likely to stick with the familiar, and if you can offer a broad range of services then all the better.

Creating a comprehensive service means your clients don’t need to go anywhere else.

Making it your business to offer incredible customer service as well as exemplary products leads to new work via referrals from existing clients, and a higher rate of retention and therefore, increased revenue.

Being proactive and developing lasting relationships with your clients is the key. It may take planning and hard work, but it’ll be worth it to generate increased revenue for your business.

There is no perfect solution, only ways to increase your odds of success. Make the most of your CTT membership by diversifying your services; use our expertise to improve your own.

CTT Professional Services focus on training, marketing support, and estate planning advice. We offer tailored support services to relieve heavy workloads and get you working to your maximum potential.

There’s so much to discuss around generating new revenue for your business that we’ve decided to make this a multi-part series, and this is only part 1.

Join us in part 2 where we’ll explore how to use AI and implement a digitised workforce to increase revenue from your existing clients!

Find out more about CTT Professional Services and unlock the potential in your client base today.