An early Upward Acceleration client of mine deployed the techniques in this article with his team and ended up doubling revenue quarter over quarter.
That said, you might be here for more than just the revenue boost.
You might want clarity to help shape the services you already sell and determine which service lines you'll create or cut.
You might want a pulse on what's driving your brand forward and what's jeopardizing it.
And wouldn't it be great to be able to separate out the complaints of that noisy client from the real updates and upgrades you need to scale?
WARNING: Using the techniques in this article requires committing to attentive communication and interest in your client. Anything less will feel disingenuous to your clients and likely create that clam-up reaction.
It's time to shape your opportunities so you can grow and grow profitably. And that means it's now time to ask some questions of your clients.
And truly, that time is now, not later.
The Key To Growing Revenue
As a Client Relationship Manager and later as Head of Client Service at UBS, my team and I created some massive expansion opportunities within a very small market (40 or fewer high value players globally). Among them...
- $5 million that grew to $1 billion
- $90 million in seed capital that grew to $1 billion
- 12 months after LOSING a long-standing account, $1 billion in AUM + 6 funds, $1.5 billion AUA. In another 18 months, 22 funds, $6 billion AUA.
- Multi-year consulting relationship turned into IP licensing for $3.2 billion AUM
Questions like the below played a role in all of these. And as evidenced by my small law firm client I mentioned at the beginning, can help to grow any service relationship, at any size.
The Cost Of Not Asking
It's that last relationship though that I always have the "what if" thoughts about.
I was invited to this little 20 minute meeting out of courtesy... a "listen in" call I probably could have skipped or stayed silent on.
But if I'd done either of those things... that $3.2 million funding would never have happened.
Except I didn't skip it.
I didn't stay silent.
I asked questions.
I got interested and I used some of the exact questions you'll see in this article.
90 minutes and 9 months later, off a sleepy relationship I had overseen for years but no one else really cared about or paid attention to, we launched one of the biggest programs of my career.
Trust me... people cared after that.
But it was the power of asking good questions that brought it about.
What To Ask To Increase Your Opportunities & Profit
Questions are POWER for your profit. But you've got to care BEFORE the opportunity to really tap in.
So without further ado, here are five questions you should be asking your clients on a regular basis... especially if your goal is to grow both your profit and your brand.
What big things are you looking forward to this year? What are you working on right now?
Shows interest. Helps you connect professionally. And puts you in a position to be a trusted advisor by showing you opportunities to cross-sell, upsell or connect them to another trusted advisor.
It also helps them paint a vision of the future and, by them sharing it with you, gives you the potential to be a part of it.
Anything keeping you up at night? (or less dramatic... Anything else going on with X, Y or Z?)
Gets them talking about other problems you can help solve or potentially context to deliver better on what you've already been hired for.
This is the other side of the coin to our first question. We might know to ask in an initial sales consultation about their vision of success and the roadblocks that keep them from attaining it. But that's a conversation worth continuing if you want the relationship to continue.
What's been the biggest win working with us? What has that meant to you?
This may sound like you're fishing for compliments, but you want to find out about great things happening in your organization. Particularly the ones that you weren't aware of. That's because one person's excellent behavior can be built into a process or even a product.
This is also important because the more clients you ask this of, the better sense you'll have of the good things that are shaping your brand. After all, you might want to double down on them or mitigate the risk of them falling apart.
If there was one thing we could improve here, what would it be? Anything else?
I could write a whole article on the power of the "Anything else?" question. Get people talking and keep them talking!
But also, be open to the feedback. You don't have to follow the whim of every suggestion but way too often, you hear the loudest voices, not the most accurate.
Let's be clear here. One client might be making such a fuss that you assume every client feels the same way. But chasing approval doesn't win you business.
Who else could use this kind of help?
This is probably the one that gets people the most stuck in their heads about. But asking for referrals from your current clients is a process you need to get established.
Consider it this way... they already like you so much, they're paying you money to show it! If you've been communicating well, they know what you offer and what it means to be your client. And they can speak to your services in words their peers understand.
Which mean they can be your best advocates... if they know what to do and when.
The script can be as simple as... "I would love to work with more clients like you. Is there anyone you know looking for help with ____?" No need for fancy referral programs. Just simple asks.
The Power Of Direct Client Conversations
It's easy to slip into a vacuum when we set strategy.
It's even easier to focus on the last thing to grab our attention or the loudest voice in the room.
But getting this kind of direct feedback and insight can truly shape the kind of scalability you dream about... increased profit and stronger multiples, the right kind of relationships, and you in your genius zone.
So pick one, put it into practice in your next conversation, and start to seriously upgrade your results.
If you want help finding the growth hiding in your organization and operational structure, let's talk.
