They were all over me – when I was a prospect
Reading this could make a big difference to your bottom line
e-mbrace was inspired by my days as a banker. I spent all of my time looking after demanding customers with higher risk positions, or chasing new business. The good customers just never received the attention that was their due. And it is a bit late to start trying when the transfer of account authority turns up. Try costing what a lost account means to any business, not just in interest, commission and the fees that have just dried up, but also the cost of replacing that lost client. You should also consider the ripple effect: if much of your new business comes from introductions, how much damage is being done to your brand by the one who walked away?
Many firms have, of course, recognised this but the next question is just what are they doing about it?
Lawyers waste many billable hours preparing lengthy treatises on some new legislation that they then send out to their client base: some even still use hard copy. I have never read one in my life and neither has any other business owner I have spoken to. The standard reaction seems to be that this is what the law firm is paid to sort out and most business owners have better things to do with their time. But at least those lawyers are making a positive effort. Others will tell you about their wonderful website but will look hurt when you tell that it is about as much good as a sandwich board in the Sahara. Do you know anybody who goes to look at their lawyer’s website?
And those accountants, smiling at their friends in the legal profession, should take a look in the mirror and consider how they handle client relations too. I have had two calls from accountants in Somerset chasing my business recently so a little attention to those who receive invoices and statements from you, and little else, may be a good defensive measure. A number of invoice financiers will tell you that they contact their clients by e-mail monthly which is great. One or two though should really look at what they are sending them. Some of the material is pretty ordinary: there is no point being a first class invoice financier if you sully your name, and brand, each month, with e-communication that is far from worthy of it. It becomes an exercise in self-harm.
In this vein I well remember a leading lady in a bank marketing department saying how desperate she was trying to find material for her bank’s regular customer communication material. No surprise there, she was not employed as, or offered the resources to be, a seasoned business news editor. Business Money does. It has an immense range of material at its disposal and that is why the e-mbrace product was developed. It is already in use with several invoice financiers. We tailor each e-mbrace, which we describe as an electronically-delivered, business magazine, to carry our customer’s branding together with eight varied business related features selected to suit their client base. We have found a preference for us to deliver the master copy to our customer for approval, who then remits it to their clients. We can do the distribution if required.
editor Business Money November/December 2010 17
The pricing, if an annual contract is paid for up-front, averages out at £300 a month which is a win/win/win proposition.
1 there is no way anybody else can produce something this good, at this price;
2 valuable management time, once wasted in activities divorced from its core competence, is freed up;
3 if just one client, stays for another year as a result of your reaching out to them with your e-mbrace programme, it more than pays for itself;
4 And just in case you have a decent website, each issue of your e-mbrace drives traffic back to that too.
Why not give us a call on 0800 783 2030
or e-mail
e-mbrace@business-money.com
asking to see what the suggested package for your company looks like?
You may be surprised how good you can look.
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