10 benefits of having a Key Client Program

In a recent post, we discussed implementing a Key Client Program (KCP). In this post we want to expand upon that and discuss what the benefits are of having a KCP – and trust us, there are plenty more than the 10 listed below!

1. Strengthen client relationships: A KCP will help foster and build trust and collaboration with your Key Clients.

2. Enhance client retention: A KCP will provide a platform to demonstrate client value and thereby reduce the chances of client churn. 

3. Develop strategic partnerships: A KCP should align values and goals. Aligned values and goals result in mutual long-term success.

4. Improved client experience: In dedicating resources to understand and serve your key clients better, your firm should be better positioned to offer personalised client solutions and, thus, a higher-quality service. Done right, this will lead to improved client satisfaction – which you can determine from your client feedback program.

5. Developing stronger relationships: A KCP will help foster deeper connections through regular communication and engagement.  

6. Resource management: Having dedicated personnel on your KCP allows you to better manage the workflow of your employees. It also allows those resources working on your KCP to work with clients they like working with, which should mean less churn in employees and better retention numbers!

7. Referrals: Happy clients are far more likely to advocate for your firm, enhancing your reputation and potentially attracting new clients through referrals.

8. Greater innovation: Implementing a KCP should provide you with opportunities to collaborate with your key clients. This can lead to opportunities for co-creating solutions and new products and drive innovation.

9. Increase profit: One of the biggest sells of a KCP internally is the opportunities it provides to upsell, cross-sell, and resell your firm’s services. Done correctly, each of these should super boost your firm’s profitability margins!

10. Cashflow predictability: One of the biggest struggles professional services firms have is determining their cashflow projections. The Pareto Rule states that 80% of your revenue comes from 20% of your clients. On the face value that your KCP will include many of those clients, then having a KCP in place will not diminish the issue of second-guessing where your next dollar is coming from. Rather, it should go a long way to helping your firm’s finance team chart the firm’s revenue projections.

Implementing a KCP is an investment. It’s an investment in time. It’s an investment in money. It’s a long-term game.

But, by investing in your most important clients via a KCP, you’re not just securing the relationships you have with those key clients, you are also creating a competitive advantage that drives your business forward!