Happy New Year to you all, and welcome to the new calendar year that is 2022.
During the holiday period here in Australia (published 13 December 2021) I was fortunate enough to read a really insightful article in MIT Sloan Management Review by Andreas B. Eisingerich, Deborah J. MacInnis, and Martin Fleischmann titled ‘Moving Beyond Trust: Making Customers Trust, Love, and Respect a Brand’
which set-out how service providers, like law firms, could provide real value to their customers using the 3Es:
- Enable = help your customers solve problems in ways that are economically feasible, reliable, efficient and convenient
- Entice = making your customers feel good
- Enrich = build self-affirming identities.
And the benefits of using this method?
Evidencing the research outcomes of this methodology, the article sets out 6 benefits you should see:
- Higher Revenue
- Lower Costs
- Higher Barriers to Entry
- More Paths to Grow[th]
- Stronger Talent Pool (within your firm as lawyers want to do this type of work for this type of client), and
- Greater Retention Rates in your firm.
All of which – should – result in higher profit.
Well worth a look, take a read – and certainly food for thought!
As always, the above represent my own thoughts and would love to hear yours in the comments below.
(ps – I would recommend you add a 4th ‘E’ to this list – Empathy’ 🙃)
Photo credit to Jon Tyson