How Behavioral is Your Big Data?

June 25, 2013
By: Peggy Mengel

What if you could empower your sales and service people with bigger behavioral data that could generate 23% more revenue?

Many of my financial advisor coaching clients look at their CRM as a necessary evil. At times they can be frustrated with all the data input done for each client.

But like most things in life, when we run into frustration, we may need to change the lens to get a different view.

The key question to shift our view: What do you do with this data?

The standard response:  Marketing activities.Behavioral Data, CRM Behavior, CRM Personality, Behavioral Marketing

We email our newsletter to all the $250,000+ accounts, invite our $5 million clients to our annual summer wine tasting event and send out invitations to our clients who are 55+ to attend our pre-retiree lunch and learn programs.

Now, change the lens.

What if you could add a little personality to your CRM and take your marketing efforts one step further?  Imagine segmenting your 55+ pre-retirees by whether they are more goal or people oriented and then tailoring the presentation to engage each of those groups in a unique way.

As suggested in Using Big Data: Act Like You Know Your Customer, financial institutions have barely scratched the surface in creating unique client experiences.

The new behavioral business model requires your firm to go beyond the traditional demographic data and get beneath the surface of “actions”(one type of behavior) to the real core of personality (why you behave as you do).

Engage a client on their terms and you will have less effort, more referrals, and more compliant product recommendations.

Isn’t it time to get bigger “behavioral” data at the point of sale to create a unique experience that’s centered completely on the customer?

To learn more about client engagement, please visit the Financial DNA Website.


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Peggy Mengel

Peggy Mengel - Business Coach - The Biz Sherpa

As CEO and founder of The Biz Sherpa, I coach and consult with executives on developing deep and strong relationships with clients, staff and most importantly, themselves. When you align your talents, passions and strengths with a strategy that fits your uniqueness, you will transform yourself, your client experience and your business.

Throughout my career, one my driving principles is to understand people before numbers. It is this philosophy that ignites my desire to help financial services firms meet the challenge of driving results through a behaviorally based strategy.

How can your firm balance the demands of effectively managing people and maximizing profits? Start building business from the "inside-out" with a coach who understands your industry and your challenges.

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