Accountants should cross-sell, clients should cross-buy

Accountants must cross-sell and encourage clients to use all of their services rather than just one, and they must also help clients ‘cross-buy', a research and consulting house said.

Beaton Consulting partner, Dr George Beaton, said clients who opted to cross-buy across multiple service lines in a firm showed higher levels of satisfaction.

He said clients preferred to use one supplier rather than multiple suppliers because it decreased their transaction costs and saved time, and it gave clients more leverage over the service provider, and it gave them more purchasing power.

"First, we know that if you manage your pricing and cost-to-serve effectively, you will make more profit from a client buying several services, compared to one buying a single service,: Beaton said.

"Second, by hugging your clients in this way, you discourage them from shopping around. You reduce the chances of them switching to another firm."

Accountants must be reliable, and clients should find it easy to do business with them in order to cross sell. By doing this, accountants can grow with their clients as their businesses expand, and grow their own share of clients' external expenditure on accountants and consultants.

"These are the top three drivers of satisfaction among clients of public accounting firms. And these are also the drivers of your clients' decisions to use your services again, and to say good things about you to business associates and friends, i.e. recommend you," Beaton said.

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What pray tell will they cross sell? Pens and mouse pads? Oh thats right maybe some life and TPD? Cross sell, cross buy , cross dress all the same. Only one is useful you guess which one. Hugging clients, geezuz cmon talk in real terms not this buzzword crapola.

This is more about a communication issue...If asked if I would rather have a convenient breakfast, lunch and dinner all served in the one house with a menu in order to save time most people would say yes....but if it turned about to be McDonalds we'd think differently. I've seen many accountants trying to "cross sell, value add,, add on extra services" but it ends in tears. You could just do what clients "'want"...but above all else clients want trusted advice and they want and value the truth above all else. You could be just a "yes man"'.. So my advice is it is far better to form a relationship with a trusted adviser (whether that be a financial planner, mortgage broker, banker, insurance broker or Solicitor) whom you've researched and qualified them and REFER on the work...rather than saying "we can do it all"... or "yes Mr Client forget seeing a solicitor about your binding death nominations and estate planning so we can do it all". Clients love it far better when you refer them to an expert and have a great relationship with that expert. What this article fails to mention is that clients love to SUE, are quick to blame others, and seek compensation also..

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