I had some good quality enquiries. I lost out because my fees were higher than others. I could not lower them anymore at the time.
They are accountants whose views are never drop your prices- do not compete on fees. Further, they go on and say they are clients who are looking for quality. This used to be my view.
Reality check! We all want a good quality service at the lowest possible price. Just look at price war among the supermarket giants. The majority of consumers are looking for low price and good quality. They are getting it!
I recently bought a mobile phone. I looked at price comparison sites showing me where I can buy it at the cheapest price. I wanted trustworthiness, so I paid a bit more and ordered the phone from Tesco.
Here is the thing, most of us are not an established brand. That costs millions. We the little people selling mobiles on price comparison sites. Our quality of service can only be communicated after clients have experienced it.
Where does all this leave me? I no longer want to lose good quality enquiries. I will review my fees, processes and efficiency. I hope efficiency savings and volume will enable me to compete on fees.
Reading some of the comments on Accounting Web on client recruitment and retention, you would think we are doing a big favour to clients. Believe me once the client numbers fall, reality will change them.
We are living in a mature internet age now. It means clients have many other options. To survive and be a strong competitor, we have to be on the ball about what our competitors are up to.