Consumer proposals rose 36% this year, the highest since 2011. This surge in the insolvency market presents a massive opportunity for solo LITs and medium-sized LIT firms.
In this Guide we cover strategies and tools LITs can use to attract clients, build a reputable brand, and establish a solid foundation for continued success.
Become a cloud-based LIT firm
The pandemic forced businesses to adopt like never before.
If you're wondering what a cloud-based LIT firm is, it utilizes cloud technology to store and access data via the Internet instead of relying on physical servers. Being a cloud-based LIT firm means running your firm’s operations in the cloud.
And seeing how businesses who use cloud technologies generate, on average, 21% more and grow 26% faster than those who don’t, cloud insolvency firms have a clear business advantage.
The cloud allows you to store, organize, and access documents from one central repository accessible from the web.
Administrators may spend up to 7 minutes searching for physical copies of files while cloud technology allows you to locate information instantly.
Storing documents on the server might be associated with significant costs. Cloud technology eliminates the need for investing in expensive hardware, infrastructure, and maintenance associated with on-premise servers.
Cloud solutions have revolutionized multiple industries, including insolvency, healthcare and government. In fact, nearly half of the US state and federal governments rely on the cloud.
As cloud technology continues to grow and enhance security, the limitations of on-premise servers are becoming more apparent.
There’s never been a better time to consider switching to the cloud.
Improve client service
It may seem obvious—a good client experience means happier clients and happier clients mean more referrals and more business. Still, many LIT firms neglect opportunities to improve their client experience.
Think about this example.
Staying at a five-star hotel feels different compared to a two-star motel. While a two-star motel fulfills its basic function, it fails to leave a lasting impression as soon as you step out of the lobby. With a five-star stay, however, you remember the experience. That’s what makes you want to come back or recommend a place to others.
Improving client service can help a firm stand out. Forward-thinking LIT firms are shifting towards a more client-centred approach. That means putting yourself in your client’s shoes and going through an insolvency process from their point of view.
Look at your existing processes and tools, and how those impact the client experience. Do you send multiple forms to clients when you could be sending a single form? Do you provide clients with the easiest way to share relevant information? How fast do you respond to client requests?
Whether it's a five-star hotel or an insolvency firm, it’s impossible to deliver a consistent client experience without having a framework to follow.
Create a well-thought-out client experience and arm your team with tools like checklists. This way you can ensure that you consistently deliver the level of service that clients expect (and that your firm builds its reputation upon).
For example, in Fileassure you can create different checklists, like a client onboarding checklist, for your team to follow.
Streamline intake to maximize business
Licensed Insolvency Trustees know that intake is the first and most important stage in earning new business. It's crucial to invest in people and the right tools to maximize business for your firm.
When you’re caught up in the technical aspects of insolvency work, it can be easy to forget that financial recovery is a difficult and stressful time for individuals and businesses.
In the age of the client-centred LIT firm, providing excellent client experiences from intake to debt relief has never been more important for the success of your LIT firm.
For many people, the prospect of reaching out for an initial consultation with a Licensed Insolvency Trustee can be daunting. Make sure your intake process is as effortless as for them possible.
For an initial consultation, you will require information about a person's debts, investments, assets, income and expenses. Imagine yourself in their shoes for a moment—how can you make it easier for them to provide the necessary information and make the first meeting productive?
Integrating tools into your intake process could be a game changer both for you and for your clients.
With Fileassure's web application form, for example, you can collect information for consultation online before the meeting. It simplifies the process for clients too as they can easily ensure that they provide all the required details through this online form.
The most important thing about client intake is that the details are correct. if you’re manually entering information at the client intake stage or reminding clients about upcoming consultations yourself, you’re spending too much time on client intake! By using tools like web forms, you can centralize intake information, making it easier to manage without the need for manual data entry.
Consider the experience of your clients and think about what you can do to streamline your intake process. Make it your goal to give clients the best experience possible, create happier clients, and generate more referrals.
Invest in SEO
An online presence is critical for LIT firms looking to generate leads, attract new clients, and stay competitive.
Having a strong online presence involves various tactics such as social media marketing, digital advertising, and search engine optimization (SEO). So why should SEO be part of your LIT firm's growth strategy?
With many people searching for information online, you can reach more potential clients through online searches.
The more people that discover your LIT firm, the more potential clients you will gain, and the more growth your LIT firm will experience.
By optimizing your website's content and structure, you can improve your firm's visibility and attract individuals actively seeking your services. A well-executed SEO strategy brings relevant traffic to your website. This means higher-quality leads and a greater chance of converting them into clients.
To get the most out of your website traffic, use a digital intake form to convert website visits into consultations and appointments. This way you can ensure you don’t lose your leads and collect client information from the start.
There is lots to learn when you first dive into the world of SEO. Consider working with an SEO consultant who has industry expertise to consistently attract organic traffic and generate leads.
Keep in mind that SEO is an ongoing process, and regular updates and maintenance are necessary to stay ahead.
Invest in channels that bring in more revenue
Optimizing your marketing strategy is key to growth. Does the major part of your clients come from the website, making SEO and digital advertising your most effective channels? Or is it word of mouth? Is that a subway banner that brings in most of your clients?
To find channels that bring the most bang for your buck, start tracking how new clients discover your firm.
Add a "How did you hear from us?" question to your digital intake form and survey your walk-ins to keep track of your referral sources.
The best spot for keeping track of referral sources would be your CRM, but if you are not ready to invest in expensive solutions, consider some other tools such as contact management software or a dedicated spreadsheet.
For example, with Fileassure's insolvency contact management software, you can save as many contacts as you want at no extra cost, track referral channels for leads and clients, and run quick reports to identify the best channels for growth.
Incorporate social proof
Social proof is the concept that people tend to follow the actions of others.
When potential clients see that others have been satisfied with your services, it builds trust and confidence. It's like a vote of approval for your business.
To improve your website's performance, especially in converting website visitors into appointment bookings, it's crucial to incorporate "social proof" on your main page. This can include testimonials from satisfied clients, showcasing the number of clients you've successfully helped, and providing links to your firm's ratings on platforms like Trustpilot or Google. These elements greatly influence potential clients in choosing your services over others.
Don't hesitate to ask your clients to leave reviews or refer your business to others. This will help you attract more high-quality leads.
What is Fileassure?
We're a cloud-based insolvency practice management software for LIT firms in Canada. We help insolvency teams work on documents securely, from anywhere, streamline client management and intake, and eliminate redundant tasks.
Join over 800 insolvency professionals in Canada, and manage your firm with confidence.