If you had $120,000 to spend on one item, what would you buy? A luxury holiday? Five-carat diamond ring? High-end sports car? Whatever your choice, one thing remains constant—the expectations you have of the experience.
If you are making a purchase of this magnitude, you would expect nothing but the best service—a five-star experience vindicating that you have spent your money wisely. What does this have to do with your accounting firm? As James Ashford from GoProposal explains, a lot more than you might think.
In his short video, James explains that the lifetime value of $1,000 a month clients will often far exceed $120,000.
“That client is going to be spending $12,000 a year with you. Let’s assume you keep them for 10 years, the lifetime value of that client is $120,000, without considering all the upsells and all of the referrals. ”
Over their lifetime, clients of the most profitable accounting firms are spending the equivalent of a high-end sports car. James says that this must be the level of experience that your firm providing if you stand a chance of winning and securing clients like this.
“If you want to be attracting $1,000 a month clients, then you have to be providing $1,000 a month experiences from the moment that potential client interacts with your firm.”
Even though the services your accounting firm provides are in a completely different category to the luxury automobile industry, you still present a significant cost in your clients’ eyes. And this comes with significant expectations—expectations that mean you are not just being compared to other accounting firms.
“You are not only competing with the firm down the road, you’re competing with anyone I choose to compare you to. And if I had just bought a sports car for $120,000, then that is the same level of experience that I would be expecting for $1,000 a month.”
To ensure that his firm, My Accountancy Place, is providing an amazing experience to their clients, James and his team developed what they call, the red carpet treatment. He says this has been integral in belong them to attract and secure the types of clients that are spending much more than one high-end sports car over the course of their relationship.
Join our free webinar with James Ashford, where he will be revealing his blueprint for giving your clients the red carpet treatment. Register now to learn new methods to wow your clients and upsell your services.
Founder of GoProposal & Director of My Accountancy Place
Working with leading firms around the world, James helps practices become more profitable and systemize their processes to deliver maximum value and memorable service to their clients. He does this through challenging outdated pricing methods and mindsets, implementing powerful pricing and proposal systems and leveraging entire firms to sell more through consultative sales techniques.