packages make the process easier.
by august j. aquila
price it right: how to value accounting services
while most accountants and consultants struggle with trying to sell their services to the next new client, there are two ways to get new and additional business without moving too far out of your comfort zone.
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one way is cross-selling and the other is upselling. cross-selling is persuading a client to buy other products or services to complement a purchase. upselling encourages a buyer to purchase a higher-end, more expensive product or service.
for example, let’s say you are currently providing estate-planning services to the client, and you get the client to invest in your wealth-management services. or you have a wealthy tax client, and you advise her to use the firm’s estate-planning or retirement-planning services.
cross-selling
the aicpa offers these five tips on how to cross-sell your services:
1. it’s not about the sale!
cross-selling is not about closing a deal or swaying a client with a list of features. it’s a process that involves building relationships. getting to know your client from a professional and personal level will help you make a more informed decision about which services will benefit that client.
2. get the training you need
every firm expects its staff to cross-sell but cannot expect success if the firm doesn’t prepare them properly. train employees to be aware of key indicators that could result in the need for additional services. the process begins at orientation where each employee meets with department heads and niche group leaders to gain an understanding of the work being done in each department. regular updates are then given from the various niches during department meetings, firm meetings and at lunch. pipeline lead and referral meetings are held every other week with supervisors and those in positions higher than supervisors. they report, by niche, on wins, losses, new opportunities and trends in the marketplace.
3. establish face-to-face communication
many cpas are too comfortable sitting in front of their computers and crunching data. that simply won’t work for successful cross-sellers. to build and maintain a strong relationship with a client, you must be present, and you must be ready.
introduce your client to the other members of your team. not only is this a way to ease tension and anxiety, but chances are your client will also be advised by some of these team members down the road. when that happens and you are the client’s advocate, you must be present to nurture the process. when your client gives you the nod, schedule a meeting for all of you to meet.
4. every action yields a reaction
whether it’s the managing partner or receptionist, everyone must represent your firm in a professional and appropriate manner. returning emails and phone calls promptly, being on time for meetings, and being polite and respectful are all just as important as displaying your skills and delivering your services.
5. approach senior staff for partnering
for the sake of nike, “just do it!” if there’s anyone who should know how important cross-selling is, it’s your experienced senior staff. taking the initiative to talk to them about how you want to learn more about their areas of expertise and service delivery shows them you are putting your best foot forward and may help your longevity in the firm.
upselling
upselling is turning a client contact into a selling opportunity by providing the client with a more sophisticated service. think for a moment about how many calls you get each day or month from clients that could be turned into an upselling opportunity. an example would be if you are currently providing monthly financial statements to a client (compilation services) and you are now able to provide the client with review services. you have just upsold the client.
you have hundreds of 1040 clients and many of them just use you for tax preparation, but not for tax-planning advice. one day, a client calls you with a tax question. this is a perfect opportunity to discuss your tax-planning services.
upselling is quite simple. you just need to give your clients a choice when it comes to your services. think of american express: do you want a green, gold, platinum or black card? does the client need a review or compilation? generic software or customized software? do you want a, b or c service?
the best way to upsell is to bundle your services. bundle your products and services together when offering upsells. think about when you make a flight reservation. the airlines offer you economy, select and first class. that’s bundling – offering the client a selection they can choose from for upselling. your clients may not want one product or service, but they might desire another.
here’s an example of services you might provide to a cas client. each level of higher services includes the services in the lower level.
| green level services | gold level services | platinum level services |
| · individual tax return
· schedule c · quarterly financial statements |
· monthly financial statements
· client accounting software installation · cloud-based support · compilation · two 15-minute calls per month |
· individual family tax returns
· small business tax returns · monthly and quarterly financial statements · client accounting software updates · business-planning assistance · review · up to six calls per month |
| $ monthly fee | $$ monthly fee | $$$ monthly fee |
upselling can even allow the customer to make their own upsell bundles, so they feel like they’re in control of the purchase. a great example of this is in business consultancy, where customers can often choose different packages of tailored services. here’s a key principle: when a customer or client has committed to buying already, adding extra purchases feels natural. this is where upselling is at its most powerful as a marketing tool.
peter drucker says that there is a 1-in-16 chance to sell to a new client, a 1-in-4 chance to sell to a past client and a 1-in-2 chance to sell to an existing client. the next time you go out looking for the next new client, think about these statistics. remember, it is easier and quicker to sell to existing clients. you have already built a trusting relationship with them based on their previous experiences with you. they know you and your firm.
what clients and prospects don’t know is everything that you do.