How do you reference the people/firms you represent? Are they your "clients" or "customers"? Do you call them both? Does it matter? Or are these words interchangeable? Look up the word "client" in the American Heritage Dictionary, one definition is the following: "a customer or patron." Check out Webster’s Dictionary where a "client" is "a customer." Well I couldn't disagree more with our "words with friends."
In consulting, we only have "clients." I've never used the word "customer" to describe the people I work with. Just the sound of the word annoys me to no end. "Customers" sounds cheap. Customers are transactional and for all intents and purposes are one and done. McDonald's has customers. Customers means nothing long-term to me. Customers are people you help meet a specific need. They have a problem or a desire - you solve the problem or fulfil the desire. Customers have choices and it’s generally about a price versus quality decision. Customers purchasing decisions are not based on their trust of and relationship with you. Customers may keep coming back and a cordial relationship is established, but there's not much of a vested interest to establish a business partnership. At the end of the day, a customer makes a choice.
A "client," on the other hand, is a person whose business you have a vested interest in. You are their partner and provide services within their business. Not every service you provide comes with a bill - can I write that again. You gain clients by establishing relationships/partnerships, not sales orders. Clients are people that can count on you at all times. They don't question your advice or integrity and you don't worry about their loyalty. You are a respected part of their business. You are constantly trying to bring new ideas to your client and to exceed their expectations. Your primary goal is to make their business successful because you know your success depends on it. Like customers, clients have choices too, but so do I, the consultant you are attempting to work with. I'm not obligated or dependent for your business. I too get to choose what people/firms I want to work with. I'm always trying to increase the quality of my client base, not just the quantity. In a client relationship, we both make a choice.
So, do you have clients or customers? More importantly, which would you rather have? McDonald's has customers, I have clients and thoroughly enjoy working with them because we make each other successful.
Chief Executive Officer. Paul has 30 years of experience providing investment management systems and operations consulting services to investment management firms, mutual fund complexes, and insurance companies. He has extensive business and systems expertise in portfolio management, investment accounting, fund accounting, and financial reporting. Prior to joining Citisoft, Paul was a partner in IBM’s US Investment Management Practice.
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