Fringe Legal #64: improve customer experience to increase revenue
The legal sector has an NPS of -54
Increasing the NPS of your firm by 7% increases the revenue by 1%. [1]
By not focusing on clients more, firms are leaving money on the table. Improve customer experience to increase revenue.
(Quick aside: Net Promoter Score (NPS) is considered the gold-standard measure for customer experience. It tracks how likely a client is to refer you to another. It scores from -100 to +100. Anything below zero is not good).
Those that do well have a relentless focus on the customer experience.
How do successful law firms approach this? Here are a few perspectives:
- @Adolfo Jimenez, Partner at Holland & Knight, suggests staying connected with your clients regularly. Including focused sessions where you can listen to their concerns, learn how the matter or conditions have changed. [2]
- @Julia Salasky, CEO of Legl, suggests leveraging technology to measure the efficacy of programs across the firms. Understanding your customers' journey, where the bottlenecks are, and designing processes that aim to delight clients [3].
- Form a strategic approach to client management. Listen to my conversation with Janet Stanton, full of tactical steps to get started.
If you could do just one thing? Create multidisciplinary teams AND give each team member (not just the lawyers) a seat at the table when it comes to decision making. Put another way:
Don't just hire great people; hire great people and give them space to do great things.
Takeaways
- Customer success is not the same as customer support → clients will pay more for a better experience [4]
- Track your performance → leverage NPS, surveys, and other tools
- Identify and remove small obstacles that greatly hinder client experience. Technology can be especially useful here.
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