Behavioral Data Provides Revenue-Driving Perspective

Want to get on the fast track to higher sales and customer loyalty? We can help you understand your audience by instantly identifying their marketing personas!

DNA Behavior has created a groundbreaking “do it for me” solution that is transforming how businesses serve clients. Our AI-driven Digital Scan process can generate behavioral insights for every employee, advisor, and client across your business without using questionnaires. We’ll layer this behavioral data on top of your firm data so you can easily connect the dots between marketing personas and profit. This simple step lets you hyper-personalize client experiences on a mass scale and drive revenue.

"For the first time, the behavior and money insights can be infused into the organization's online marketing, sales, and service delivery processes so that each person is communicated with, guided, and prompted toward service options that are a more precise fit for them.”
Hyper-Personalization of Client Experiences at Scale, a DNA Behavior eBook

The Digital Scan Instantly Reveals Marketing Personas

Initiating a Digital Scan is an effortless first step in creating a more personalized marketing and communication strategy. The behaviorally enriched data it provides can tell a story with much more precision than the flow of money alone. It generates actionable behavioral intelligence to improve engagement, performance, and client relationships…all of which directly tie into revenue potential.

 
With no effort by your staff or end user, a Digital Scan gives you a head start in building a productive relationship with leads, prospects, and clients. Our system produces results with a psychometric reliability of 75% to 80% using a person’s digital footprint alone. At any stage, those results can be increased to 97.1% with participation in the questionnaire-driven Full Scan discovery process to gain an even deeper understanding of an individual.

Identifying Behavioral Influences on Revenue

In a recent project, we used this groundbreaking Digital Scan technology to identify marketing personas of an entire business to better understand the influences driving wealth management and insurance revenue for the firm. We scanned 22,000 clients, over 500 financial advisors, and 11 executives to gather the data needed for our analysis. The resultant financial behavior analytics provided vital information the client can now use to direct their sales and marketing efforts.

If you look at the graph above, you can see that we plotted people into four distinct behavioral marketing personas. These personas are similar to DNA unique styles, but the categories are broader to simplify their application to a firm’s marketing strategy. It’s important to note the behavioral biases that are often present in these personas.

Behavioral Marketing Personas and Their Common Biases

• Take Charge: Consolidated View, Over-Trading, Optimism Bias, Risk-Taker
• Outgoing: Spender, Herd Follower, Instinctive, Status Quo
• Planned: Saver, Mental Accounting, Pattern Bias, Benchmark Focus
• Patient: Risk Aversion, Loss Aversion, Fear of Regret, Disposition Effect

Understanding How Marketing Personas Impact the Bottom Line

The firm in our study provided revenue data which we then overlaid with our own insights. For each behavioral marketing persona, we were able to show them the related insurance revenue that was generated. This statistical modeling proves that a person’s risk behavior score directly correlates with insurance revenue, which gives the firm information they can act on. It’s an incredible advantage because now they know who to target with which products, and how to best communicate with them.

According to a HubSpot study, 96% of marketers report that personalization boosts the chances of repeat purchases, while 94% say it leads to higher sales.

They learned that the more cautious “Planned” clients tended to purchase more insurance and wealth services. So, they are more likely to sign up for a full collision policy or maybe more liability insurance versus somebody who's more take charge or outgoing and willing to live with those losses.

It was also noted that most of the firm’s advisors and executives exhibited more risk-taking behaviors compared to their clients. This discrepancy could adversely affect communication efforts and how services are offered to clients, but this knowledge gives them the insight needed to make the necessary adjustments.

“In the financial services industry, our research reveals that advisors and clients share only a 21% alignment in behavioral styles.”
Hyper-Personalization of Client Experiences at Scale, a DNA Behavior eBook

Building Customized Client Experiences

Digital Scan results segment each client and prospect so employees and advisors can better understand the people they interact with and provide customized experiences. It provides an unbiased measurement to quickly and reliably predict their natural behavior traits which you can then use to start building a connection.

First, Run a Digital Scan to Predict…

• How clients wish to be communicated with
• Which service provider they should be matched with
• The precise product or solution that should be offered to them so they can be empowered to make more informed decisions

The Digital Scan results can be used to develop a more robust hyper-personalization strategy. That starts with having the right mindset at the top of the organization and ends with knowing and engaging each client so that more precise solutions can be offered.

Then, Build an Effective Hyper-Personalization Strategy That Includes:

1. Client-Centered Leadership Mindset - Leaders must be passionate about delivering products and services in the client's best interests to set the right tone for the corporate voice.
   
   
2. Choosing Ideal Clients - Choose clients who are in line with your organization's purpose, values, mission, goals, and the type of products and services being delivered. Then, match advisors and clients based on behavioral style.
   
   
3. Intelligent Marketing Programs (Tailored Messaging and Service Personalization) - Recognize the uniqueness of each prospect and client and put their interests at the center of the process, personalizing from the first point of connection.
   
   
4. Psychologically Safe Choice Engines - Empower clients to make fully informed decisions using customized choice engines tailored to their unique behavior style.
   
   

Behavioral Insights Help Inform Business Strategy

Firms can use behavioral insights to improve client engagement, adjust messaging, and refine service strategies. They will know whether to call, text, email, or set up a Zoom meeting. Once engaged, they will know if they should share their camera or screen, move quickly or be patient and slow-moving, and how to move them on to the next steps in the sales process. This gives them the best shot at securing new clients, upselling or cross-selling products and services, and sustaining long-term, revenue-producing relationships.

Getting a Revenue-Driving Perspective for YOUR Business

With our AI-assisted technology, we can get your hyper-personalization mission off to a running start. We can isolate specific groups within your organization to help direct sales and marketing efforts. Financial behavior insights can be used to contextualize any deep data set, including predicted life and financial events, which enables you to design and offer even more precise solutions.

Imagine the possibilities! You can transform your organization from product-centered to client-centered in every action, process, and decision. The "behavioralizing" of the data can help you re-engage legacy clients, connect with prospects, grow existing client relationships, and, of course, make money in the process.

To learn more about using AI-driven financial behavior analytics to create a client-centered business that drives revenue, download our free eBook!