Posted by: johnocunningham | December 26, 2018

Does Your Firm Give “Customer Lifetime Value” Scores ?

For years, business gurus have encouraged service providers to get their clients and customers to rate them and make suggestions for improvement. Now, retailers and other business providers are turning the tables and scoring the customers. Will law firms and other professional service providers follow?

A recent article in the Wall Street Journal noted the trend of giving “customer lifetime value” scores that help business service providers to prioritize their A-plus customers.

Service providers have long been coached to make every client or customer feel like they are the only customer, but then the age of algorithms took over and people started to focus on measures that predict which customers will provide the best return on investment over short and long-term periods.

Now, business providers are finding ways to elevate some customers from “coach” to “first class,” offering everything from bonus gifts and other forms of recognition to priority service and certain types of exclusive value-added services.

I’m not sure it is even a good idea for law firms to give tiered service to clients, but it certainly makes sense to learn which clients are providing or will likely provide the best return on investment in marketing and special services. It also makes sense to do what leading firms do now – setting up specially trained and selected client service teams for A-plus clients and prospects.

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