Andrew Sobel

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10 Tips for Building Client Relationships in a Downturn

By Andrew Sobel

Clients are under enormous pressure to do more for less. They want more value and better service from their professional advisors. They are consolidating the number of firms they are willing to work with. They are scrutinizing, more than ever, the fees they pay. How do you respond?

1. Focus first on the vital 20. Create immediate face time with your 20 most important relationships, including current clients, prospects, colleagues, and other influencers and collaborators.
2. Follow the person, not the position. Don't just focus on top executives. Stay close to interesting, smart, ambitious individuals and follow them through thick and thin.
3. A client in need is a client indeed. Genuine trusted advisors help their clients even when there are no fees coming in.
4. Don't just understand your client's business—set an agenda. To earn a seat at the table you have to be able to add to and shape your client's strategy, not just react to it.
5. Become a crossroads for market intelligence. The more you know about what's happening in the marketplace, the more valuable you'll be to your clients.
6. Great relationships start with great conversations. There are fewer opportunities out there, which means you must hold more initial conversations just to keep revenues steady.
7. If you don't hang together, you'll hang separately (Ben Franklin). Now is the time to reach out to colleagues and other professionals and collaborate. One for all and all for one should be your slogan.
8. Only consider discounting your fees for your best clients. Add more benefits rather than reduce your price. Give discounts in exchange for volume or a sole-source opportunity.
9. Give your clients even more than value for money—give them value for time. Tell them something they don't already know and ask truly thought-provoking questions.
10. Raise your own game. Invest time in improving the core skills that enable you to excel in the marketplace.