When's Best to Ask for a Referral?

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Friday, March 16. 2007

When's Best to Ask for a Referral?

Percentage of Clients Who Would Recommend Their CPA Firm, by Tenure of CPA Firm.
RESEARCH SNAPSHOT
WHAT CLIENTS SAY: Would you recommend your CPA firm?
(Percentage answering “Yes,” based on tenure of CPA firm)

Which are the best clients to ask for referrals?

You might think that your oldest, seemingly most loyal, clients would give you the best recommendations.

But you’d be wrong.

In fact, new clients—clients less than a year--old are probably your best. Call it the “Honeymoon Effect.”

According to our research into the clients of CPA firms, 77% of the clients who have been working with their CPA for less than a year are happy enough to recommend the firm.

But overall, only 55% of clients are that satisfied. The danger period for losing a client is in the first five years.

Survive the first five years, and client satisfaction could increase. Still, it may never reach the level of enthusiasm you’ll find in the first year.

So, to maximize your referral marketing strategy, focus on new clients.

Source: Bay Street Group Research Program, "What Clients Really Want."
Copyright 2007 Bay Street Group LLC. All Rights Reserved.
Posted by Editor in BSG RESEARCH at 00:21

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Rick Telberg - Editor

Rick Telberg is president and chief executive of Bay Street Group LLC, advisors in marketing, management and strategy.