How Much Money Do You Leave Behind?
When you act for a client, how much money do you leave behind which they would happily give to you?
Many clients are incredibly happy with your service. They like what you do for them, they like you as people and they are more than happy with all that you do for them, yet you are letting them down time and time again.
I am talking here about offering a range of services instead of just a basic level service. One of my favourite examples of this is coffee shops. We love our coffee shops in the UK. Costa Coffee, Starbucks etc manage to sell you a 10p cup of coffee for £2 or £3.00. What they do so cleverly though is offer you a choice of three sizes. This makes them so much extra profit it is almost criminal. If you stand in the queue you will hear someone ask for a coffee (a latte, cappuccino or whatever their preference). If they do not specify a size the question comes from the Barista which size they would like. If they only had one size of coffee cup, they could only buy that one small size; but cleverly, because they fully understand the principle of “upselling”, they offer three sizes, and if you stand in that queue and listen to the responses very few people opt for the smallest and cheapest service.
60% of Your Clients would pay you more for a higher level of service!
How many levels of service do you offer?
This question could literally add thousands of pounds to your bottom line for very little extra cost for you to implement the changes. If you are offering a conveyancing service, why not offer a standard service and a gold service? Let me explain why this is so vital. If you persuade a client to instruct you, on average 60% of those clients would be prepared to upgrade to your next level of service, but usually solicitors have no other level to offer them. Change this now, create new levels and be amazed how many of your clients will pay the extra fee and how this will add instantly to your profits.
Examples of how you can add a new level of service
- Conveyancing. Standard Service £500. Premium Service (includes 10% off with ABC removals, free Home Information Pack, 0.25% deduction in Estate Agency Fees with XYZ (yes that is you now in control of referrals to the estate agent) etc £750. In this example all of the additional benefits of the Premium Service are supplied by other businesses, not you. But by using your power as the provider of the leads you add value for your clients and can charge a premium for doing so! You have now added 50% more to your fee and apart from negotiating the deals with these companies who will all be happy to give them to you if you are referring business, it has cost you nothing except time, and that time is only used once, whereas the additional price can be charged forever.
- Joint Wills. Standard £175.00. Premium (includes lifetime free storage, three year annual review and rewrite included) £150 set up fee plus £75 per annum. By lowering the initial price you create a client that will pay you every year and you only need to rewrite the will every three years and only then if the client’s circumstances change.
I could provide you with countless more examples, but by now hopefully you see the point. If you only offer one level of service, your clients can only buy that level. Offer two levels, or preferably even three and you can upsell the 60% of your clients who would gladly pay you for a higher level of service.
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