4 Ways to Cut Client Communication Costs Now
When change is afoot, bosses often want to rein budgets in – and client communication can seem easier to trim than other areas. But in our experience, there’s a right way and a wrong way to save on communication costs. Here are four efficient, effective, and affordable strategies to cut costs while ensuring that clients hear your voice during transitional times.
- Do cut process costs. Managing scheduling, drafts, inputs and approvals costs much more time and money than people realize. Know how many hours your team spends on setting schedules, communicating updates, chasing down inputs, revising and varying content for different clients, adapting templates – all the details. Create focused goals for streamlining these activities.
- Do outsource intelligently. Assign internal staff to “higher level,” more valuable activity: talking to investment managers and sales teams, creating value-added content, and setting communications strategy. Use trusted outside help to fill in gaps where and when you need it: customizing client communications, creating varied versions of similar information, updating content, and double-checking for quality control.
- Don’t standardize. Cutting down on customized reports might seem like an easy way to save time, money, and effort. But uneasy clients want their needs met. And your own client managers, who know the clients best, will push back on attempts to rebuff clients’ wishes, increasing stress all around. Streamlining with better process management can make customization far more efficient and avoid internal strife.
- Don’t assume automation saves money. We’ve seen firms struggle more and get less done with automation than expected. It has benefits, but saving money isn’t always one of them. New software for client reports costs a lot up front, ironing out errors and maintaining technology eats up hours, and software can be inflexible when you want to make changes in staffing, organization, or responsibilities. Working more efficiently can achieve many of the benefits of turning to technology – while saving time and money.
Bottom line – when you want to trim budgets, better management of production processes can meet the need while still ensuring that your client communication is timely and top-notch.
For more insight on why communication matters and how to overcome communications challenges like anxious investors and uncertain markets, see:
- The (Remarkable!) Hidden Costs of Process
- Like Character, Client Communication Matters In Tough Times
- Tips to Overcome Communication Challenges
Let Purcell Communications help streamline your process and reassure your clients while saving money – by helping you make your values, insights, and strategies clear.