Businesses have always relied on their accountants in times of need, and recent events have pushed this reliance to new limits. Rapid changes in consumer behavior have driven clients to seek efficient guidance on everything from financial services to environmental sustainability. Clients now want meaningful connections with advisors who can support a broad range of needs, from streamlining supply chains to integrating environmental, social and governance (ESG) considerations into strategic decisions. The focus on board governance issues—especially how companies connect customers to relevant solutions—has become more important than ever. As major consumer trends shift and brands take a stronger stance on ESG, accountants are expected to help retain customers by fostering satisfaction and delivering a consistent customer experience.
Even before the coronavirus disruption, Sage’s most recent Practice of Now research revealed that 86% of US accounting professionals felt clients expect greater flexibility and better service—without an increase in fees. In an era of omnichannel experiences, survey respondents indicated that client satisfaction depends on support across online shopping platforms, social media channels and other digital touchpoints. At the same time, many customers are increasingly aware of their dependency on supply chain factors, seeking insights from accountants about consumer behavior trends and how to remain resilient amid changing market conditions. By providing insights on artificial intelligence tools, digital assets and more, today’s accounting firms can offer valuable guidance.
Accountants who recognize these shifts understand their new value. Despite challenges, they have turned business difficulties into opportunities to demonstrate value and build meaningful relationships. This shift in behavior trends has led accountants to take on roles similar to sales support strategists, helping clients innovate while managing real estate holdings, facilitating financial services and advising law firms on complex ESG considerations. By doing so, they cultivate customer loyalty and show how focusing on customer transformation can help businesses withstand changes in consumer trends. Whether ensuring that baby boomers continue to value personal interaction or analyzing why certain clients have stopped buying from a business, accountants are uniquely positioned to connect financial realities with customer support needs.
You can join them. Through thoughtful planning and the use of modern tools, accountants can tap into consumer behavior intelligence to identify when clients have stopped buying services from traditional providers. They can also offer broad advice on enhancing customer loyalty and keeping pace with major consumer changes. By applying artificial intelligence, accountants can analyze large data sets—from consumer trends and brand engagement to supply chain efficiencies—and provide recommendations that help businesses retain customers over the long term.
Preparing for 2022 and Beyond
As the world returns to full speed after the pandemic, business needs are evolving yet again. The pandemic transformed the way we live and work, creating a new kind of client for 2022 and beyond. Will remote work and better accommodation for personal lives become the norm? As people embrace technological solutions like automation and artificial intelligence, where should accountants look for new business in the coming years? This is especially relevant when considering how to connect with customers digitally without sacrificing service or the personal touch valued by many baby boomers. From global supply chain considerations to ESG policies, the scope of what clients want their accountants to address has never been broader.
Accounting was already evolving before the pandemic. According to the latest Practice of Now data, a majority of US accounting professionals (73%) had, in the previous 12 months, examined their business practices in relation to customers and the changing marketplace. This often includes analyzing consumer trends around satisfaction, evaluating how brands support a more sustainable future and implementing solutions to retain customers. Many accountants are also exploring how digital assets fit into broader financial management, considering how regulations, consumer sentiment and online shopping behaviors continue to shift.
Recent events have accelerated these changes. Many accounting practices that would have evolved gradually have been pushed forward by new client demands. This momentum will continue. As businesses respond to climate change and ESG concerns, accountants are increasingly expected to advise a wide range of industries and recommend best practices. This includes evaluating new technology investments, fostering customer loyalty and using big data to uncover insights about why certain consumers have stopped buying from specific companies.
Clients in 2022 are fundamentally the same as before, yet different in important ways. They want reliable services and real-time support, but also demand guidance on social media strategy, ESG and consumer behavior trends that include both physical and digital considerations. They need accountants who can help build a customer experience that appeals to major consumer segments, whether that means focusing on board governance, analyzing real estate investment or guiding financial services compliance. In light of these demands, providing an omnichannel experience—whether through personal interaction or digital channels—remains essential for retaining customers over the long term.
To be better prepared for client demands, refer to the attached guide:
- The 7 things your clients want in 2021 and beyond
- How to differentiate yourself from the competition
- How to find (and keep!) clients
