Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A...
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![Page 1: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/1.jpg)
Wallet Share & Client Loyalty
![Page 2: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/2.jpg)
Jennifer HambergerChief Marketing Officer
Vance McColloughPartnerPractice Group Leader – A&AMember of Management Committee
Lee EisenstaedtFounding PartnerModerator
![Page 3: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/3.jpg)
How much untapped opportunity is there to grow your revenue from among your current clients?
![Page 4: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/4.jpg)
We’ve posed this question to more than 150 managing partners across the country.
They told us:
24% (range from 5% to 100%)
![Page 5: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/5.jpg)
So, double digit growth is possible…
24% growth from current clients
+ 3% price increase
+ 3% adding new clients
30% annual growth
X 50%
15% increase per year
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Unlocking This Potential Depends On…
Retaining current clients
Bringing in new business
Selling more services to existing clients
Retaining your staff
Understanding the unmet & evolving needs of clients
![Page 7: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/7.jpg)
Wallet Share
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Measuring Wallet Share
Client’s Annual Spend with Your
Firm
Client’s Annual Spend with All
FirmsWallet Share
Page 8
Client’s spend with you on NON
traditional services
Client’s spend with you on traditional
servicesWallet Share Index
![Page 9: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/9.jpg)
Annual Audit Federal & State Tax Returns
Business Valuation /
Gift Tax
Audit PartnerTax Partner Consulting
Partner
Chief Financial Officer VP of Tax CEO
3x3x3℠ Model
3 Services
3 Contacts At Firm
3 ContactsAt Client
Source: Wallet Share: Growing Your Practice Without Adding Clients, © 2013 Eisenstaedt & Siders
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![Page 10: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/10.jpg)
3x3x3℠ Model
Source: Wallet Share: Growing Your Practice Without Adding Clients, © 2013 Eisenstaedt & Siders
Simplifies complex issue
Easy to communicate
Promotes collaboration
Facilitates accountability
Leads to growth, client retention, and staff development
![Page 11: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/11.jpg)
![Page 12: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/12.jpg)
Client Loyalty Assessment
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Satisfaction ≠ Loyalty
• Focused on most recent transaction
• Backward looking• Quick to grow and
disappear• Must be updated
frequently• Difficult to apply to
marketing and business development campaigns
• Good indicator of current problems and issues
• Examines experience over time
• Forward looking• Slow to grow and decline• Best updated every 18-24
months• Results allow firms to build
individually relevant campaigns
• Provides roadmap for long term improvement and behavior changes
![Page 14: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/14.jpg)
9 Reasons Why A FirmWould Conduct A Loyalty Assessment?
1. Long overdue
2. Uncover sources of referrals
3. Proactively save or strengthen important relationships
4. Identify opportunities for additional work
5. Get a new Managing Partner or CMO up-to-speed
6. Sharpen the focus of business development and marketing initiatives
7. Accelerate changes in behaviors of partners & staff
8. Establish benchmarks against which to set goals, measure improvement, etc.
9. Ease client transitions due to partner retirements
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4,000 clients
650 partners
130 firm leaders
L. Harris Partners Has Surveyed…
© 2013 L. Harris Partners, LLC
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Examples of What We’ve Discovered From Clients
• 40% do not find their CPA firm to be “unique”• 35% use multiple firms• 29% claim they don’t know all the services
their CPA firm provides• 61% find the fees charged to be “fair &
reasonable”• 78% describe their fees as a “good value”• 60% are “loyal” to their firm
– Partners think 40% of their clients are “loyal”
• 62% are likely to recommend their CPA firm to others
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Listen
Interpret
(re)Act
Monitor
Continuous Cycle
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Jennifer HambergerChief Marketing Officer(716) [email protected]
Vance McColloughPartnerPractice Group Leader – A&AMember of Management Committee(972) [email protected]
Lee EisenstaedtFounding PartnerModerator(312) 775-4055Lee.Eisenstaedt@LHarrisPartners.comwww.lharrispartners.com
![Page 19: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/19.jpg)
Special Offer forAWEBLive! Attendees
• Published May 2013• 110 pages• Paperback
Learn more about…• 3x3x3 model• Processes for obtaining feedback• Growing your business without
adding clients
Receive a 25% discount off the cover price ($14.96 vs. $19.95) by:
• Visiting www.MoreWalletShare.com• Using the discount code: 37CMBAFQ
![Page 20: Jennifer Hamberger Chief Marketing Officer Vance McCollough Partner Practice Group Leader – A&A Member of Management Committee Lee Eisenstaedt Founding.](https://reader036.fdocuments.us/reader036/viewer/2022062715/56649d8d5503460f94a74b88/html5/thumbnails/20.jpg)
Jennifer HambergerChief Marketing Officer(716) [email protected]
Vance McColloughPartnerPractice Group Leader – A&AMember of Management Committee(972) [email protected]
Lee EisenstaedtFounding PartnerModerator(312) 775-4055Lee.Eisenstaedt@LHarrisPartners.comwww.lharrispartners.com