Earning the trust of clients can be incredibly difficult—especially in the modern business environment where customers of all industries have been conditioned to expect immediate results. Being able to answer the question “Why am I paying you?” is crucial for earning client trust—and client reporting software can help you provide answers that earn trust.
Why is building trust with your clients so important? How can client reporting tools help you earn trust as a managed service provider (MSP)?
Why building client trust is essential for business success
One of the most important aspects of any business relationship is trust. If trust is lacking, it doesn’t matter how good a deal your services are or how important they are to the client—they will seek out an alternative as soon as humanly possible. Trust is also something that takes a long time to earn, but can be lost in the blink of an eye.
As noted in an article by Forbes, “trust is the fabric that holds everything together” for modern businesses. Yet, in that same article, it was stated that “recent studies show that overall trust in government, media, business, and other organizations is at an all-time low.”
In a business environment where trust is in short supply, being able to earn (and maintain) trust can be a key differentiator for your business.
Why should I use client reporting to build trust?
Client reporting is a critical tool for showing your clients that your services are providing real value to them. It accomplishes this by making your activities and results more transparent to your clients.
Report automation and client reporting can help you create an itemized list or receipt of your work as an MSP. Instead of simply saying that you “did X, Y, and Z” tasks, you can show your clients the itemized report of activities completed and results generated.
Building trust this way can help to reduce your client churn. Considering that, according to sources like invespcro.com, “It costs five times as much to attract a new customer, than to keep an existing one,” this can prove to be a critical strategy for keeping your business profitable. By building trust, you can keep clients longer, which helps keep profits stable while minimizing the pressure to spend money on acquisition.
5 tips for transparent client reporting
So, how can you ensure that your client reporting is done the right way to build trust? What key performance indicators (KPIs), data dashboards, and reporting automation solutions should you use?
Here are a few basic tips for transparent (and effective) client reporting:
- Pick KPIs that really matter for your client. It should go without saying that not all metrics matter equally to different clients. Some clients may need KPI dashboards and reports that focus on sales metrics, while others may need ones that focus on things like service uptime and user satisfaction. Talk to your clients to discover the KPIs that really matter to them so you can include them in your automated reports.
- Use reporting automation to consistently collect data. Automated reports can help to ensure that your reports are delivered on a consistent schedule and have the same types of KPIs in them from one report to the next. This consistency can help to build trust by showing customers that you aren’t changing report contents.
- Send reports to ALL the right people on the client’s side. In many B2B relationships, it’s common for just the main point of contact on either side to communicate frequently, while every other stakeholder is left out of the loop. However, if you want to build trust, it’s important to ensure that your reports reach all of the important stakeholders on the other team. This way, decision makers in the client company know the value of what you’re doing for them (making them less likely to cut funding for your services). Customizing reports depending on the recipient helps take this a step further.
- Send reports when it’s convenient for the client. Different clients will have their own preferences for when to receive reports. One client might prefer to get reports on Mondays to start their work week. Others might prefer Fridays so they can take a look at the report over the weekend. Some may prefer Tuesdays because of scheduling constraints. Sending a report when it’s convenient for the client’s schedule or preference is one of those small touches that can really help to build trust and respect.
- Make reports personal. When building an automated report template, take some time to customize the report to make it more personal—like something you crafted specifically for them instead of just a mass email send. Some small, easy-to-add touches could include a cover page, company logos (both yours and your client’s), text boxes explaining certain pieces of data, page breaks, and images.
Build better client relationships with BrightGauge’s client reporting tools
Need help automating client reports and collecting the data you need to populate said reports? BrightGauge’s data dashboard and report automation solutions might be exactly what you need!
With our automated reporting tool, you can collect data from multiple sources automatically and generate periodic reports with custom fields to send to your clients. You can even make your reports personalized for different people within a client company to make your reports more valuable for each recipient!
Are you ready to build transparency and trust with your clients? Reach out to the BrightGauge team today to get started, or download our whitepaper The End-All Guide to Client Reporting at the link below:
Free MSA Template
Whether you’re planning your first managed services agreement, or you’re ready to overhaul your existing version, we've got you covered!
