You see them all the time from software companies, heck you’ve received two from us in the past month. Why do we do them? Very simply product updates make us money and they do this in three primary ways.
- Increasing actual revenue by selling additional products to clients
- Improving customer retention by notifying them of non paid new features
- Strengthening customer relations by showing continued improvement of our product
In the context of an accounting firms point 1 is usually going to be the most relevant, let’s tackle that.
The easiest way to generate new revenue in your practice is having existing customers buy additional services as you already have them onboarded and you understand their business. In many firms though the only time sales happens is in the initial onboarding or perhaps once a year in an annual review. Product updates are an easy, non-intrusive way to remind your customers that you can do more for them while also introducing them to new skills they might not know you and your team have.
So how do you write and deliver “Product Updates?”
If your firm already sends a monthly or quarterly newsletter this is the perfect place to add in your updates. A basic template for your product updates should contain these three steps.
1. Who is the team member and what is the new skill, make it personal. Ex. “Mary got her certification in financial planning!” or “Did you know that Bob is a Fathom and reporting expert?”
2. Put it in layman’s terms, how can this new skill help your client’s businesses. Ex. She can help you build a retirement plan in addition to helping with taxes!
3. Make a simple call to action. Ex. Book a time with Mary here to learn more (with a link)
By the way we just put out multiple payment methods! This gives you more control and your clients more flexibility over how you collect money from them. If you want to learn more about multiple payment methods or just how payments work in general book a time with your local customer success manager.
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