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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!
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