Is Your Project Evaluation Plan Measuring all the Metrics You Need?
Adding client feedback results to your project evaluation plan provides an incredible return on investment. Conversely, by failing to identify key satisfaction metrics, your projects are less efficient, and you have less insight in to the mindset of your clients. Ask yourself, in the modern competitive business environment, can your firm afford to overlook anything -- let alone the satisfaction of your clients?
Our easy to use client satisfaction solution, The Client Feedback Tool, allows clients to quickly and easily provide insightful data that will ensure that projects stay on course, and meet or exceed expectations. Utilizing our tool, asking your clients how your processes work takes them only two minutes to complete - but the information provided gives both parties valuable data to assure effective, successful projects.
Based on our research, including 100K pieces of data from our clients, we've listed 4 ways that feedback will add to your bottom line.
- Identify your top 10% most loyal clients. Do you have a way to identify which clients value you most? Using the information provided using the Client Feedback Tool, our clients have identified their top 10% most loyal clients and converted this knowledge into increased billings, increasing fees by 3% to their top-rating clients. For a $10 million firm, this translates into roughly $30k in additional profit each year.
- Retain one client on the "bubble." One-third of our subscribers came to us after losing a major client. In every case, these firms were surprised by the defection and realized they were blind to a pattern of problems the client never brought to light. Frequent feedback greatly reduces the chances of this happening.
According to PSMJ Resources:
- AEC firms spend four times more money replacing a client than the costs of retaining one.
- Even if you replace the lost revenue of a departed client, the added cost of winning a new client typically exceeds $22k.
- Increase marketing efficiency by 3%. The average AEC firm spends 11% of their revenue marketing, while seeing only 25% of pursued work turns into billable work. Adding client feedback informs you of your market successes and identifies where your firm’s strengths are. By marketing your strengths to your best market sectors, you’ll not only target the markets that are most satisfying (and profitable), you will also reduce wasted effort pursuing work that doesn't match your firm's core services. Even a 3% increase in efficiency will save a $10 million firm over $33k a year.
- Reduce key staff departure by 5%. PSMJ Resources again reports that replacing your best staff costs in excess of $100k per departure. Most key staff don’t leave for better salary. They leave because they feel unappreciated, unvalued, and because they feel their growth is not supported. Quantitative feedback gives you the tools and information to recognize performance. In fact, your clients will be directly recognizing your staff’s efforts as they provide feedback. Research based on nearly 10 years of helping our clients collect feedback indicates that their clients rate staff performance as "Exceptional" 22% of the time. This satisfying work environment will help retain (and identify) your best people, saving an average of $67k each year.
It’s simple, regardless of firm size, incorporating feedback in to your project evaluation plan can increase profits 13% or more just by applying these tools and strategies.
Garnering the client feedback metrics needed for your project evaluation plan is easy with a simple and powerful system like The Client Feedback Tool.