Telemarketing companies who focus on securing new clients for accountancy businesses tell me that they have never been busier. And there do seem to be a number of such specialist firms – in addition to the more general telemarketing companies that simply work for accountants as and when engaged to do so.
Some telemarketers are more effective than others. But effective or otherwise they are all calling the same corporate clients – probably including some of yours. They source targets from local trade lists, Companies House data, Commercial list brokers and anywhere else they can trace key information.
The telemarketers generally offer the people they call tax reviews, to reduce tax bills and to provide a more hands on service. The better ones will find out what the client isn’t currently getting from their accountant and then introduce someone who promises to provide such a service.
Now, to be fair, many accountants who use telemarketing companies complain that the target client was only interested in reducing the fees they pay for accountancy services. And, as such, the introduction secured by the telemarketer was a waste of time. Leaving such situations aside, on other occasions it often isn’t hard for a newcomer to promise a client more than they are currently getting – more attention, more advice, more reasonable fees and so on.
The question then is: How loyal will your better clients be when they are approached? And it is ‘when’ rather than ‘if’.
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Hi Mark,
I agree with your points, but what this doesn’t take into account is the revulsion that many business owners have for cold calling telemarketers.
If one called me, I would very politely say no thank you and put the phone down, because I can’t stand being cold called!
So I can’t honestly see this making a huge dent in accountants’ client lists?
M
I agree with Emily, cold callers make me cold.
Although I have seen an increase in competitors using telemarketeers I am not aware of any clients leaving this firm as a result of a call from one.
Your point about fees is very valid, we are being asked to tender more frequently as the moment only to be told that they have ‘changed theor mind, and will be staying with their current firm’ all a ploy to hold their current service porvider to ransome.
Hi Mark
Good to read your article and views on telemarketing for accountants as this is an area that we specialise in.
A key factor is whether the prospective client is on the TPS register. Calling anyone that is on there is very likely to result in them being unresponsive (and risk a £5k fine). Our own statistics show that less than 0.5% of prospects are unresponsive to cold calls where they are not on TPS.
If you want to see whether your most valued clients are on the TPS register go to http://www.tps-check.com and put in their phone number.
The biggest “loyalty factor” in our experience is where the clients are tied into an arrangement with family or friends. The second biggest is where the client feels their accountant understands every aspect of their business and considering that aspect there is a feeling of value for the fees.
The biggest opportunity arises where the clients have a perception of neglect or inconvenience by the way they do business. This can range from not being around to take calls with questions or even something as small as lack of car parking facilities!
Fees are not normally the first thing that get’s a mention in our experience making cold calls. It is more about advice and support.
Sometimes using telemarketers on a pay-per-appointment basis with the leads being non-exclusive to one accountant means that the leads get passed out several accountancy firms and on those occassions price seems to be a bigger factor.
Hope that helps a bit to see things from a telemarketer who does this kind of work for a living :)
Maxine
Reward Loyalty. As mentioned, if you can retain your customers your revenues will increase. Research indicates that repeat customers spend 67% more than new customers with us. Therefore, it obviously pays to retain those customers. Are you keeping your repeat clients engaged and interested in returning to your facility or using your personal training services again? It doesn’t cost much or take much effort to let someone know you appreciate their patronage.