Finance and Accountancy Briefing

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Your practice data - a goldmine for your business


In today's uncertain economic climate, wise practices are taking nothing for granted. Many are actively seeking to attract new clients, often embarking on marketing campaigns for the first time.

Adopting a two-pronged approach creates the optimum balance: while you need to target new clients to build your practice and combat ‘churn' as clients move on or retire, selling additional services to existing clients is generally more cost-effective. Indeed, some business gurus reckon that acquiring a new client costs between six and seven times more than retaining an existing client.

Selling more to your existing customers is, therefore, one of the best and easiest ways to increase your revenues and profitability. After all, much of the heavy lifting has been already been done. You don't need to establish your credentials or the quality of your services. They're already convinced! This makes the data you hold on your existing clients an invaluable source of intelligence.

This whitepaper explores the potential for mining your practice data. It explains how your accountancy software should be able to uncover genuine opportunities for new revenue streams for you or your team to quickly and easily pursue.

Tags: Practice management, Marketing, Data, Business development.

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