Behavioral Marketing

The Rules of Engagement

Everyone is talking about client engagement, but what are firms actually doing about it?? Client engagement is not just about good feelings; it has emerged as the #1 driving factor in revenue growth.

Want to know how?? Heres a simple example.? I was strategizing with one of my coaching clients, Greg, a financial advisor at a leading RIA firm, and he mentioned his firm was adding two more product providers to their preferred list.

Greg called eight high-quality firms and left a message for his local wholesaler to call him back.? Out of those eight, only five called him back.? Filter number one applied:? I only do business with people who return phone calls.

Greg had conversations with each of those five wholesalers. All seemed to be knowledgeable about their products and eager to earn his business.? To close the conversation, Greg gave each of them very specific common requests with a due date. Each wholesaler promised that his or her internal sales partner would promptly email the information to him.

Client Engagement, DNA Relationship System, Customized Experiences

Out of those five wholesalers, only three actually delivered the right material, if any at all.?? Filter number two applied:? I only do business with people who demonstrate credibility, that is, say what you will do and then do it.

In the blink of an eye, we are down to three firms.

So, I asked Greg how he selected the two firms.? Was it the unique value proposition of the firm or the product track record, or the knowledge level of the wholesaler?? Gregs answer will surprise some you.? All of that stuff is pretty much the same story, he replied.

The real difference is that one of the wholesalers actually created a unique experience for me.? She understood exactly how to present her standard product to me in my terms.? The entire interaction was all about me and I felt a higher level of trust with her and her products.

Greg added only one new firm to his list.? Will your firm be the ONE next year?

Start engaging your advisors now with an online tool that gives you and your team easy answers to customizing every advisor interaction.

Learn more about client engagement by visiting the Communication DNA Website.

It Really is All About ME

I like transactions that are easy, effortless and fun.? Save me some time and the aggravation of not having to wait in a long voicemail queue and I will reward your firm by sharing my positive experience at every opportunity.

customer service experience, client engagement

But how would a call center employee know that about me if they havent had frequent interactions with me? And furthermore, what difference does it make?

The hard-edged measurable results are that you will get more business.? According to Gallup research, 23% more business to be exact: from me and from my referrals.

A few weeks ago I needed to call customer service at a major bank.? Like many of you, I was dreading having to even make the call.? Why?? Long automated menu selection, not even having the option that I need to select, then having to figure out how to get a live person, and then going into another queue that informs me I am calling at a high volume time and my anticipated wait time is five plus minutes.

To quote a popular phrase: Really?!

Then, after the wait, I finally talk to a service person, only to get the wrong information.? I had to call back two more times (and yes, go through the queue again) before I received the correct procedure.

I certainly shared my experience on the prompt email survey I received the next day.? I guess it is no surprise that no one has acknowledged the poor service or tried to make me happy again.

How many calls come into the typical customer service center on a daily basis?? 1000 plus!? The way I see it, a firm gets 1000 plus opportunities to build and strengthen client relationships.

If you are relying only on customer surveys to gain intelligence on how to create a unique customer experience, you will be left behind by the competition.

To provide unique customer experiences from the very beginning you need the right behavioral information.? And, yes, YOU CAN!!?? Find out how to know, engage and grow your clients at communicationdna.com

The Influence of Natural Behavior on Client Relationships

This post is part 1 of our 8 part series on increasing Client Engagement from our Client Relationship Performance in the New Behavioral Economy White Paper. The insights will demonstrate in practical terms how to apply predictive behavioral insights to tailor client communication and provide unique client experiences.

Behavioral Insight 1: The Influence of Natural Behavior on Client Relationships

Chris Coddington tells the story of a first meeting with a man named Frank Butler. At the start of this first meeting Frank took over the agenda and wanted to get straight down to business to address the goals he had for the rest of his life and the way in which he wanted his money to be looked after. Frank made it clear that he wanted Chris to be direct and provide him with options and recommendations. He did not need to have detailed explanations up-front, although he expected Chris to be ready if he did ask for research. Further, Frank pointed out that his comprehension style was more to learn by discussion in a one-on-one interactive setting. Also, Frank said that he liked 30-minute meetings and that he did not see financial planning as a social experience. What is motivating Franks communication style?

Great relationships, know your client, business transformation, personal development

We often assume that the way a person behaves and communicates is shaped by the energy of money or business conditioning. However, it goes much deeper than this. The correct starting point to understanding our clients relationship approach is to discover their natural DNA Behavior, the core of who they are. This is the behavior that was hard wired into them by the age of 3 based on their genetic DNA and early life experiences. The natural behavior often sits deep below the surface, and the client and advisor can be easily blind to it.

Behavioral Insight – Natural Behavior is Predictable
Natural DNA Behavior predicts how people wish to be communicated with, the type of service experience they desire and generally how they will respond to life and financial events. This behavior will then be the force driving advisory relationships and many of the clients life and financial decisions, particularly when under pressure.

When clients are under pressure they will revert to their natural DNA Behavior, as it is the
go to or flip back behavior. Pressure is often caused by money, relationships and events, which drive emotions. What we have learned is that a persons natural DNA Behavior drives how he or she uniquely wishes to be communicated with and the type of service experience that person will desire. Also, it will generally drive how life and financial decisions are made. A key point is that the natural DNA Behavior will remain inherently consistent throughout a persons life and therefore is highly predictive. Of course, people will communicate from time to time outside of their natural DNA Behavior because of current circumstances, life history, values and education. Therefore, it is also wise to know the influence of these life events on the way the clients want to be related to in specific situations and how their decision-making may be influenced.

What are your thoughts? For additional information on increasing engagement of others, visit our Communication DNA Website.

 

Financial Performance in the New Behavioral Economy White Paper

The winds of change are moving fast through the modern economy, and this includes the financial services industry. What we are seeing is the emergence of the New Behavioral Economy – where the client is king and behavioral finance is in. This means the approach to providing financial services will become client centered and will revolve around behavioral insights.

The Financial Performance in the New Behavioral Economy White Paper is a Behavioral Guide intended to serve as an introductory framework for advisors, so that they can improve the financial performance of their investor clients using validated financial behavior insights.

The Financial Performance in the New Behavioral Economy White Paper includes:

  • 10 practical demonstrations showing how advisors can apply financial behavior insights to help guide and communicate with their clients to more confidently make committed investment decisions.
  • Guidance on solutions for building the financial performance of clients including: Behavioral Profiling, building Behavioral Investment Policy Statements and Performance Reviews.
  • The Financial “Blind-Spots” Exercise for building initial self-awareness and reducing the negative impact of financial blind-spots on financial performance.

Click here to download the White Paper.

Using Communication DNA For Lead Generation

Do you ever find yourself thinking about how to generate leads from your lead generation activities?

Although most advisors generate the bulk of their new leads from client referral, they usually have other business development programs to enhance the growth rate of their business.? These lead generation activities range from the more traditional methods, such as seminars and mail drops to more interesting methods, like radio programs and speaking at public seminars.

For lead generation programs to be successful, you need to create a call to action to create leads for your business.? These typically include offering an investment or financial planning report or a chance to win a prize.

One of the biggest complaints and reasons that clients change advisors is poor client service.? Poor client service generally starts with a poor understanding of that particular clients communication preferences and the inability of that client to properly articulate his or her preferences.

By purchasing Communication DNA, you receive a unique link that can be put on your website, your e-mail signature, in brochures or handouts.? When a client or prospective client clicks on the link they are sent to a website to complete their assessment.? This process is very simple.? It takes less than five minutes to complete and upon completion, your client will receive an e-mail with their one-page report.? For a sample report, click here.? Simultaneously, you receive a copy of the report with, not only the report findings, but also all the contact information.

If you are doing a radio program, make the following offer.? Independent research about advisor/client relationships shows clearly that the biggest reason clients change advisors is poor communication and client service.? When was the last time that your advisor asked you about your communication preferences?? If you would like to complete a free assessment to help you articulate your communication preferences, click here.? The process will take you less than five minutes and you will receive your report immediately by e-mail.? This is a service that we offer to all our clients because we clearly understand the importance of developing client service programs based on our clients preferences.

Similar offers can be constructed for other forms of lead generation programs.

If you have not complete your Communication DNA assessment, we welcome you to do so by clicking here.

By doing so, you will also get to experience our Communication DNA follow-up process to see how you can build a similar one for your business.