When was the last time a client referred you onto someone? When was the last time a client told you what they thought of your service, in a good way? When was the last time you had a client leave you?
If clients aren’t referring, aren’t talking, or worst of all are leaving, it’s a sign that things are wrong. It’s important you keep clients engaged, and happy, in order to retain them. As we’ve said before happy engaged clients = more profit. I am sure we all know the flow on effects of more profit.
Making small changes, with a bit of outside help, can change the way you have large lasting impacts on your clients. These impacts are what is going to change your client from being happy or satisfied with your service to being loyal. As we all know, a loyal client will refer you onto to other people.
Client experience is key to business success
Again, client experience, and as an extension client retention, has often been kept in the realm of the marketing department, or a fluffy sentence senior management claim to care about, but it’s time we take real action and make it something that your business actually cares about. A simple google search will tell you that the client experience in the financial services industry is suffering and a widely spoken about topic.
Is it something you really need to be aware of, and working on? The answer, is yes, a good client experience is something which will help separate you from competition and will allow you to continue to retain clients. Increasing customer retention rates by just 5% increases profits by 25% to 95%. It is also regarded as cheaper then acquiring new clients as well.
Why do I need to manage my clients’ expectation?
The answer is simple; you need to manage client expectations because if you fail to deliver they will be upset and leave you. Or, if you managed to over deliver they will be delighted and continue to stick with you and refer you onto other people.
It’s a fine balancing act between the two, but as the old adage goes – under promise over deliver. This is something that can be used when it comes to client experience, but it shouldn’t the only thing you focus on. After all, if you promise your clients an underwhelming service, they will shop around and go with a competitor instead.
You should build a reputation within the industry as someone that cares about their clients, and works to get the best results for your clients.
In an era where financial advisors are getting less returns then what they were previously, clients are no longer happy with only making money. They need something else to keep them engaged and on board with you.
More than ever clients expect more of you, they expect you to provide more support to them and in more ways.
The benefit of a client experience
The client experience is a way you can separate yourself from your competition, and this is a benefit within itself. The overall benefit of a good client experience is of course, more money for less cost. After all, isn’t this one of the big key objectives of business.
The client experience is a good way you can separate yourself from your competition, it is a way you can improve your offering and increase brand loyalty.