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Bridge the Relationship Gap to Engage Clients

More and more evidence is emerging suggesting Gen D (digital generation) represent an interesting developing market for financial services firms. Gen D are attracted by social media, they expect it to be evidenced in all areas of their life. Importantly they will look for this approach from their advisors who in turn must understand the importance of building trust with Gen D through the use of social media.

Interestingly, Gen D is not necessarily age related rather media savvy related. Good communication today doesnt involve changing the what of the message, but the how. Clients who fall into the Gen D bracket want to know you are on social media. Thats where they will look for you. Thats where building trust begins and where the voice of the customer is becoming the loudest. It falls to advisors to understand the importance not only of social media but how best to engage with a wide age range of potential clients through gaining behavioral awareness.

Having recently read an interesting article from Accenture following a survey they conducted into how Gen D investors approach wealth management its clear that the financial industry must change their approach to the use of social media if they are to attract, build trust with and maintain long term relationships with Gen D.? Click here to read the full article from Accenture.

Visit the Financial DNA website to learn more about building trust with clients and bridge the relationship gap.

Its All About Trust

The only valid purpose of a firm is to create a customer.

Wise words written by management guru Peter Drucker in his 1973 masterpiece, Management: Tasks, Responsibilities, Practices.

Now fast forward to 2013 and the financial services industry.? What are customers looking for when choosing a financial advisor?

Trustworthiness.

According to a new study released by the CFA Institute/Edelman Investor Trust Study, clients consider trustworthiness more important than investment management skills when choosing a financial advisor. 35% of respondents said whether an advisor was trusted to act in my best interest was the most important factor when hiring an advisor. The ability to achieve high returns was cited half as often, at 17%, and the advisors fee structure was important to just seven percent of respondents.

This is yet another example to support the fact that 93.6% of financial planning is behavioral management of the client.

A behaviorally smart advisor knows how to build trust from the very first interaction with the customer.

The research offered three behavior related attributes to building trust:

  1. Create transparent and open business practices. What tool do you have in place to objectively understand the clients financial personality, including their natural level of trust?? Using a discovery system helps formulate the basis for deep, meaningful conversations tailored to the unique characteristics of the customer. You will eliminate the guess- work and assumptions. And, as an advisor, you should share your financial personality and level of trust with the customer.? Thats transparency!
  2. Take responsible actions to address an issue or crisis. The real behavioral approach is to find out what responsible actions means to each unique customer.? A research -laden email explaining the markets may suffice for some.? Others may need a phone call to allow them to express emotions along with some high level facts.? You need to discover this information up front with a customer before the crisis occurs.? Knowing exactly how the customer operates under stress is crucial to the longevity of your relationship.
  3. Have ethical business practices. Whether you agree or not, the financial services industry is still suffering from the 2008 financial crisis.? The bailouts and lack of punishment for those responsible still leaves a shadow of doubt in the general populations mind on how far they can trust financial institutions.? If you adopt an understanding people before numbers approach and have an objective system for uncovering all the risks of the customer relationship (financial, investment and personality), chances are you will be viewed as a trusted advisor.

Isnt it time to become a behaviorally smart advisor?? Your customers are counting on it!? Simple, actionable solutions are waiting for you at the Financial DNA website.

Its All About Trust

The only valid purpose of a firm is to create a customer.

Wise words written by management guru Peter Drucker in his 1973 masterpiece, Management: Tasks, Responsibilities, Practices.

Now fast forward to 2013 and the financial services industry. What are customers looking for when choosing a financial advisor?

Trustworthiness.

According to a new study released by the CFA Institute/Edelman Investor Trust Study, clients consider trustworthiness more important than investment management skills when choosing a financial advisor. 35% of respondents said whether an advisor was trusted to act in my best interest was the most important factor when hiring an advisor. The ability to achieve high returns was cited half as often, at 17%, and the advisors fee structure was important to just seven percent of respondents.

This is yet another example to support the fact that 93.6% of financial planning is behavioral management of the client.

A behaviorally smart advisor knows how to build trust from the very first interaction with the customer.

The research offered three behavior related attributes to building trust:

1) Create transparent and open business practices.

What tool do you have in place to objectively understand the clients financial personality, including their natural level of trust? Using a discovery system helps formulate the basis for deep, meaningful conversations tailored to the unique characteristics of the customer. You will eliminate the guess- work and assumptions. And, as an advisor, you should share your financial personality and level of trust with the customer. Thats transparency!

2) Take responsible actions to address an issue or crisis.

The real behavioral approach is to find out what responsible actions means to each unique customer. A research -laden email explaining the markets may suffice for some. Others may need a phone call to allow them to express emotions along with some high level facts. You need to discover this information up front with a customer before the crisis occurs. Knowing exactly how the customer operates under stress is crucial to the longevity of your relationship.

3) Have ethical business practices.

Whether you agree or not, the financial services industry is still suffering from the 2008 financial crisis. The bailouts and lack of punishment for those responsible still leaves a shadow of doubt in the general populations mind on how far they can trust financial institutions. If you adopt an understanding people before numbers approach and have an objective system for uncovering all the risks of the customer relationship (financial, investment and personality), chances are you will be viewed as a trusted advisor.

Isnt it time to become a behaviorally smart advisor? Your customers are counting on it! Simple, actionable solutions are waiting for you at: www.financialdna.com.

Its All About Trust

The only valid purpose of a firm is to create a customer.

Wise words written by management guru Peter Drucker in his 1973 masterpiece, Management: Tasks, Responsibilities, Practices.

Now fast forward to 2013 and the financial services industry.? What are customers looking for when choosing a financial advisor?

Trustworthiness.

According to a new study released by the CFA Institute/Edelman Investor Trust Study, clients consider trustworthiness more important than investment management skills when choosing a financial advisor. 35% of respondents said whether an advisor was trusted to act in my best interest was the most important factor when hiring an advisor. The ability to achieve high returns was cited half as often, at 17%, and the advisors fee structure was important to just seven percent of respondents.

This is yet another example to support the fact that 93.6% of financial planning is behavioral management of the client.

A behaviorally smart advisor knows how to build trust from the very first interaction with the customer.

The research offered three behavior related attributes to building trust:

1)??? Create transparent and open business practices.

What tool do you have in place to objectively understand the clients financial personality, including their natural level of trust?? Using a discovery system helps formulate the basis for deep, meaningful conversations tailored to the unique characteristics of the customer. You will eliminate the guess- work and assumptions. And, as an advisor, you should share your financial personality and level of trust with the customer.? Thats transparency!

2)??? Take responsible actions to address an issue or crisis.

The real behavioral approach is to find out what responsible actions means to each unique customer.? A research -laden email explaining the markets may suffice for some.? Others may need a phone call to allow them to express emotions along with some high level facts.? You need to discover this information up front with a customer before the crisis occurs.? Knowing exactly how the customer operates under stress is crucial to the longevity of your relationship.

3)??? Have ethical business practices.

Whether you agree or not, the financial services industry is still suffering from the 2008 financial crisis.? The bailouts and lack of punishment for those responsible still leaves a shadow of doubt in the general populations mind on how far they can trust financial institutions.? If you adopt an understanding people before numbers approach and have an objective system for uncovering all the risks of the customer relationship (financial, investment and personality), chances are you will be viewed as a trusted advisor.

Isnt it time to become a behaviorally smart advisor?? Your customers are counting on it!? Simple, actionable solutions are waiting for you at: www.financialdna.com.

Do You Really Know What Lies Beneath the Surface of Your Clients?

7 to 17 seconds. According to many research studies that is how long it takes to form a first impression.

This first impression is based 55 percent on appearance, 7 percent on the words we use during course of our conversation and 38 percent on the tone of the voice.

So even before you get sufficient time to demonstrate your abilities, prospects and clients have formed their first impression and created labels (serious, fun, blunt, friendly, etc.) about your personality.

customer behavior discovery, who are your customers, understanding customer personalitiesThe same is true for you as you meet prospects and clients.

Why is it so important for you to prove (or disprove) these first impressions to understand who your customer really is deep beneath the surface?

Because it has major implications for three areas of your business:
1.?? ?Attracting new clients
2.?? ?Designing portfolios
3.?? ?Ongoing service

Attracting new clients is all about the ability for you to quickly build trust. This involves understanding not only your clients personality, but your own personality strengths and struggles.? Are you a natural listener?? Are you empathetic or more focused on outcomes?? If your style is matched with the prospects, you will build trust with less effort.

When designing a portfolio, many advisors neglect to plan for the financial personality risks. Some clients will envision themselves as bigger risk takers than what they project themselves to be with you.? Or, they may say they are a saver when their expense account proves the contrary.? Discussions on these subjects are very delicate because many clients do not want to admit (or even know) who they really are a deeper level.

Finally, how can you customize your client experience when you may not even know who your customer really is beneath the surface?? You have a lot of different personalities working with you in your office and each one may have to adjust their style to make the client feel truly cared for and understood.? Every marketing action should be tailored to the personality of your clients.? No need to send a long newsletter filled with market data and facts to your big picture clients.? Are you looking for more referrals?? Certain types of clients are much more likely to give them to you if you know their personality.

Is there a way you can know a customer within the first meeting, or even better beforehand?? Or, do you need to wait a year to observe whether their actions and words match to find out who they really are?

Dare to get beneath the surface with your clients. Discover practical and actionable behavioral solutions that you can use with your clients to uncover who they are to create unique customized experiences.

Learn more by visiting http://www.financialdna.com

5 Great Reasons for Understanding Customer Communication Styles

The landscape for businesses is becoming more fast-paced, high-tech and competitive with each year. Customers are expecting personalized offerings based on their interests, customized experiences based on their preferences and efficient service delivery on their terms. They want to resolve problems with a simple phone call… or by sending an email, starting a LinkedIn discussion, Tweeting or online chatting. Solutions should be available quickly and without the expense of much effort.

customer service experience, client engagementWhether it means expanding the social networking team to ensure every post on their Facebook page is responded to or taking a closer look at the User Experience to optimize navigation of their website, more and more businesses are putting processes in place to meet the increasingly high demands of customers. And theyre not only doing this to ensure business growth ? businesses are taking these steps to safeguard their survival. These businesses understand the importance of keeping customers happy. They know that serving the customer as the customer wants to be served produces a boost in brand appeal as well as the bottom line.

Reaching customers through the right channels and having a user friendly website may make it easier for the customer to connect with your business ? but how is your business doing once the customer actually connects; when interacting with the customer?

When the customer received a response to their support ticket did it make them feel relieved or stressed, and did the email campaign you just sent out provide just the right amount of information or discourage recipients with too much?

Unless you know the communication style of each customer you wont be able to answer these questions. Think about how technology can help you solve this problem by identifying the communication style of each customer and employee across the business to deliver an automated process for customizing the customer experience and increasing customer engagement.

The benefits of having this behavioral data about your customers are many, but here are some of my favorite reasons for understanding customer communication styles:

  1. Its makes customer segmentation simple. Knowing the communication style of customers allows for automatic segmentation of your lead and contact base. Some customers will want very detailed information while others will want a few bullet points. When you know which customers are which, you can split them into their appropriate groups and serve them accordingly.
  2. You can provide a customized experience. One size fits all may work sometimes but custom-fit is preferred always. When you know each customers communication style, you can easily structure your approach and message in a way that appeals to them. This will raise their level of interest and engagement.
  3. Customers will like talking to customer service. Now that you know the communication style of each customer and employee ? you can match them.? Imagine if each time a customer call or email came in, it was automatically routed to an employee with a similar communication style. The result is a more productive and comfortable conversation. This is a great way to make your customers feel more connected to your team and therefore your business.
  4. You can make workflow management work for each customer. Setting up workflow processes can be a guessing game. Should leads receive monthly calls from the sales team or a marketing email each week? When you know the service preferences of each customer you can say goodbye to guesswork because workflow guidelines for each of the 4 communication styles have already been defined. Allocate your time and money to the most effective strategies for each.
  5. You can market intelligently. As someone who is passionate about marketing and advertising, I have always had an appreciation for businesses that make an effort to truly understand their customers as the customer will be better served as a result.

    Communication DNA: Customize Your Messaging
    The more clarity you get on what matters to your customers, the easier it is to design, develop and position targeted marketing messages and advertising campaigns. So as you uncover behavioral information about your customers, systematically apply it to each level of your marketing programs. This includes simple segmentation for email campaign lists, customization of email templates and an overall measurable improvement in your marketing performance.

What are your top reasons for understanding customer communication styles?

To learn more about customer engagement with Communication DNA, click here. Contact us to get started at inquiries@dnabehavior.com

If you are a current Salesforce CRM customer, Communication DNA is also available in the Salesforce Appexchange.

Want more results from Your Customer Surveys? Add a Little Personality

Your customer is the center of the universe.? But what have you done lately to make them feel that way?

Take a look at this email I received from a well-known coffee shop last week:

Wed like to get to know you better.

Communication DNA: Customize Your MessagingWe’re big fans of getting it right, from each cup of coffee to the way we share information with you. As a My BestCoffee Rewards member, we’d like to know a little more about how you interact with BestCoffee.

So, if you don’t mind, we have a few quick questions for you. We’ll use our newfound knowledge to craft more thoughtful offers and rewards for you to enjoy.

How did I feel?? Speciallike someone cares to craft an experience that I will enjoy every time I walk into BestCoffee.

Consistency of experience is marketing rule #1but off course, you have to understand your customers enough at the very start to create the right experience.

Did I mind taking 2-3 minutes to answer 10 questions?? Not at all!? Why? BestCoffee gave me a reason that put me at the center of the universe.they will craft more thoughtful offers and rewards just for me.

Could you find out more about your customer to tailor each and every service call and product to their own unique needs?? Start putting your customers at the center of the universe! ??For ideas, visit? the Communication DNA website.

Social Networking ? the new Cornerstone of Business in the 21st Century and beyond

Social Networking is here to stay; its becoming the cornerstone of the way we do business in the 21st Century and beyond.

At the top of every business strategic planning meeting should be the following:

Item 1 ? how can we increase revenue by leveraging social networking across the business (not just in the marketing department)?

Consider the following thoughts:

    • Do you see social media as a useful tool in marketing but not much more beyond that?
    • Is your social networking strategy highly targeted?
    • Are the interactions you have with customers delivering sustained outcomes?
    • How successful to your business bottom line are the two-way conversations you are currently having through social channels?

Press Releases and Brochures

  • How much more successful would your marketing strategies be if they were more effectively targeted to your audience and ultimately made better use of your marketing and communication $.
  • Does your social networking empower your staff to be able to engage more effectively with each other and with customers?
  • How is social networking being utilized in your business? Do you use it to break down internal departmental silos?
  • What tools have you invested into for your frontline staff?
  • How would business grow by matching staff to customers?

The addition of Communication DNA to your social media will unlock your business for revenue growth by navigating the human differences in your business and discovering and aligning the different communication styles, behaviors and solution preferences of your diverse customers and employees.

Using Communication DNA enables your business to have customized and focused conversations with millions of people. Businesses will be able to discover the emotional decision-making patterns of customers and employees to allow for the real time customization of sales, marketing and customer service activities using cutting-edge technology platforms.

Communication DNA can make 1 to 1 customer conversations count by ensuring no part of the exchange is lost. Communication DNA matches advisors to clients, sales staff to customers, product and services to the individual providing an engaging process at all levels of interaction to acquire and retain loyal relationships.

Random messaging and exchanges can make or break relationships and business opportunities instantaneously. Businesses that implement the Communication DNA app can achieve business performance gains of 40% in personal productivity for sales and service people, 70% in team productivity and a 23% increase in revenue.

Communication DNA gives you laser focused insight into how to conduct conversations between customers and employees. It puts influence into the hands of staff enabling them to engage more effectively with each other and with customers.

Communication DNA empowers employees in your sale, service and development teams to join forces to build effective customer relationships and experiences.

Communication DNA enables you to build deeper and more effective relationships by engaging with customers at the most critical point of reference ? the first time they contact you.

Communication DNA delivers to businesses the ability to segment their customer base and their staff in a way that fundamentally changes the way you do business.

To learn more, please visit the Communication DNA website.