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The Voice of the Client: What Loyalty Gets You
Law firms say they are committed to achieving high levels of “satisfaction & loyalty” from their clients. But, what is loyalty and why strive for it? In other words, what does client loyalty get you, in concrete, money-in-the-bank terms?
Let's begin with a definition of loyalty, in the context of a professional services firm in the business of serving any one of its large corporate clients. Loyalty can be viewed as having four components:
- Continued engagement (purchases) ' especially if problems occur
- Unwillingness to switch ' especially if presented with competing offers
- Willingness to recommend ' or, better, to proactively promote
- Willingness to spend more ' on the same product and/or other products.
Immediately, an observation arises: All types of loyalty lead to more revenue for the firm!
But, how to get loyalty? Marketing the Law Firm has published many articles that discuss the how to's involved in earning a client's loyalty. Accordingly, once this prescribed hard work has been completed, some of the “loyalty dividends” that can result are articulated below. These examples are not hypothetical, each is a quote made by an in-house lawyer or executive during a client service interview:
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