Archive for September, 2018

The New Rules of Customer Engagement


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Goodbye, customer touch-points. Hello, ongoing, meaningful contact that actually drives revenue. Here’s what you need to know to be more engaging right now.

BY WENDY LEA

CEO, Get Satisfaction


The rise of the social Web has led to a fundamental shift in the way businesses of all sizes engage with their customers. Rather than focusing on “touch points” during the marketing and sales process, they’re using social technologies to form meaningful, ongoing relationships that involve frequent online interactions, oftentimes through social channels.

It is paying off: Companies that engage with their customers via social media have more loyal customers. Better yet, customers who engage with a brands online report spending 20% to 40% more on that brand, or on that company’s products.

How can your business see this sort of boost? First off, you need to expand your concept of “customer service.” It’s no longer an isolated section of your business model but part of a larger, customer engagement strategy.  That’s because responsibilities that traditionally fell to the marketing and product teams now fall into the realm of customer service. Now, your bottom line is riding on your ability to deliver excellent service while you are meaningfully engaging customers. In order to build loyal relationships that extend and last, you need to understand the basic principles of  the new definition of customer engagement and put them into action.

1. Customer engagement exists in a full spectrum of experiences.

Customer engagement is no longer a series of one-off experiences—it’s an ongoing dialogue. Companies need to be good listeners in the digital age, and that requires a new set of skills. It means listening  to customers who are already having conversations about brands –yours and others—in traditional online channels as well as over the social Web. So jump into those conversations in a genuine and human way. Foster trust and form relationships through open, honest interactions over time—interactions that create positive experiences and outcomes for your customers. Positive outcomes include answering questions, solving problems, hearing ideas and supporting them (when possible), and also amplifying praise.

Another aspect of this spectrum is the relationships that your customers form with each other. The peer-to-peer relationships are core to the social Web. Because of course, your customers won’t just be interacting with you, they’ll talk amongst themselves, sharing their perspectives across Twitter, Facebook, LinkedIn, and even YouTube. Your job isn’t just to sell your product, it’s also to facilitate an active, passionate online community around your product.

2. It needs to be results-driven.

Although communication with your customers is an ongoing dialogue, you need not be chatting just for the sake of it. When you engage your customers, have a goal in mind, whether it’s improving your product or nurturing loyalty and increasing sales. While traditionally the product team manages product and marketing is responsible for increasing brand awareness and driving sales, the lines are blurred now. Nurturing an ongoing and genuine relationship with your customers will naturally make a major impact in both these arenas.

Naturally, how you engage with your customers impacts how customers view your brand. 70% of Americans are willing to spend an average of 13% more with companies who they feel provide above-par customer service. That means that all your customer engagement efforts should lead clearly in the direction of resolution. Know what the outcome should be, and provide your customers with clear tools that make it easy and efficient for them to get what they need.

3. It happens anytime, anywhere.

In the past, company-customer interaction happened in siloed, closed-off settings. Customers had to make a phone call or write an email. But now, we’re living in an “always-on”world ruled by the mobile experience. In 2011, customers were using mobile apps 10 times a day and a growing number of customers have used an app to buy a product. But here’s the big news: an astounding 78% used mobile apps for customer service purposes. In other words, if you’re not engaging your customers on-the-go—in the context of their daily lives—you’re essentially neglecting them, or are at least missing an opportunity to nurture the relationship through an open, honest interaction.

You want to be able to interact with your customers in the context of their daily lives. Not only are you able to provide them with better, more immediate service, but you also gain loyalty and stay in the forefront of their minds. When the time comes to make a purchase, they’ll choose the product they’ve come to trust through a series of positive experiences. 

4. It’s considered mutually beneficial.

The new customer engagement strategy should feel less like a marketing and sales campaign, contest, or tool, and more like a well-developed friendship founded on the basis of interdependent needs and mutual respect. The feedback you get from your customers isn’t just important for you, it’s important for them, as well. If you can listen to what your customers are saying and improve the product and their experience, everybody wins. You get more loyal customers; they get what they really need and want.

The relationship you build is a two-way street. On one hand, your customers feel heard, and they can see the ways they’re actually contributing to your company. At the same time, you get free feedback, and have the opportunity to improve your business, thereby by attracting more customers.

5. It’s truly customer-driven.

Remember the days when cold-calling part of your marketing strategy? Now, imagine the opposite of a cold call, because that’s how customer engagement works today. Your customers decide if and when to communicate. Your job is simply to give them the tools that make the interaction and communication easy and natural. Not only should these tools be easily accessible and highly visible, but they should also offer options for differenttypes of conversation. Do they have a question?  Do they want to post a rave review? Are they experiencing a technical difficulty? Present your customers with an intuitive tool for communicating with you, and let them initiate.

When you put control in their hands, you’re more likely to be able to meet their needs, but you also win their trust, and ultimately, you build the loyal customer base you need to grow and succeed.

How do you approach engaging with your customers?

This articled was sourced from http://www.inc.com/wendy-lea/new-rules-of-customer-engagement.html

Client Communications


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Second Annual Study of Advisory Success: A New Age of Client Communications and Client Expectations

Since Pershing’s 2013 Study of Advisory Success, we find that things are good today for many advisors—in fact, things are better than before. However, even the most successful advisors are increasingly worried about having enough time to get things done. The rising tide of client expectations and communication touch points present new challenges for growth-minded advisors.

Study of Advisory Success defines what success means for advisors in today’s environment and highlights the issues they face. Pershing’s inaugural study found that the most successful advisors anticipate what will lead the next generation of advisors. This year’s study finds that successful advisors adapt to client communications and client expectations.

Twenty years ago, advisors connected with clients through three primary channels: telephone, mail and meeting. Today, these channels have been joined by dozens of other options. For some, the variety—and the time it takes to master them—can be dizzying. Technological advances drive this revolution. For example, in 2014, there will be more mobile devices on earth than people.1 Meanwhile, a new generation of digital communication tools, from e-mail to social media, have become further ingrained in our lives and preferences. The bar for effective communications between advisors and clients continues to rise.

In this year’s study, we examine advisors’ perceptions of their communications, digital presence, value proposition and overall success level. We identify opportunities for advisors to strengthen their connections and grow their businesses. The results may also help advisors feel greater satisfaction from their work and deepen their client relationships.

Pulse Check: Positive Momentum, But Still Room to Grow

In our new research, the largest segment of advisors (38%) reported that their business is “doing better than ever before,” which is a significant rise from the 31% who fell into this same category in 2012.

It would be easy to dismiss this sense of stronger momentum as solely a reflection of recent record market performance—a rise of nearly 30% in the S&P 500 in 2013.2 However, advisors do not measure success based exclusively on assets under management. Advisors define their success through positive impact on clients, which trumps financial gain.

In fact, this sentiment has become more pronounced since last year—71% (up from 66%) of advisors say “positively impacting the lives of my clients” is their top criterion for success.

I’m on Top, Not Those Guys

Nearly half of advisors (48%) believe they have achieved the highest level of success, scoring themselves as 8, 9 or 10 on a 1–10 scale. However, only 21% believe the average success of other advisors is at that same level. Such perceptions invite a comparison to Garrison Keillor’s fictitious Lake Wobegon, where “all the children are above average.”3 The gap between perception and reality might be explained by overconfidence, or simply each advisor’s sense that his or her hard work is achieving a measurable advantage over other advisors.

Surprisingly, advisors who believe they are the most successful are also less likely to have written business plans or succession plans. Such advisors, hyper-focused on maintaining today’s momentum, may miss out on growth opportunities that formal goals and action plans would facilitate.

Right for Me, Maybe Not for You

Most respondents continue to enjoy the career field they’ve chosen, with 69% saying that they are very satisfied being an advisor. Yet, surprisingly, many are hesitant to encourage the next generation to enter the field. Only 37% would recommend the profession to their children or another young person. Even among advisors “doing better than ever,” less than half (49%) would make a recommendation.

Such hesitancy might indicate that professional careers are evolving in ways that make future success appear daunting. In the medical field, for example, a 2012 Physicians Foundation survey found that 58% of physicians would not recommend medicine as a career to their children or to other younger people.4

As in medicine, that act of helping people underpins career success for financial advisors. Accordingly, there appears to be a serious need for advisors to seek a stronger, more dynamic relationship with clients. The challenge, as with most major efforts, is the lack of time. Nearly two-thirds of advisors (63%) are concerned about “having enough time to get things done.” In this environment, it’s important for advisors to become more efficient and effective as they communicate with and serve their clients.

Pershing’s Second Annual Study of Advisory Success: A New Age of Client Communications and Client Expectations focuses on the way advisors connect with their clients in today’s social media revolution:

Click here to read Second Annual Study of Advisory Success: A New Age of Client Communications and Client Expectations and the view the corresponding infographics.

1 Cisco, Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2013–2018, 2014.
2 Gibson, Kate (2013, December 31). Wall Street closes 2013 at records; best year in 16 for S&P, 18 for Dow, CNBC. Access Online: http://www.cnbc.com/id/101303244.
3 Keillor, Garrison. A Prairie Home Companion.
4 The Physicians Foundation, Practicing Patterns and Perspectives, 2012.

For Professional Use Only.

This article was sourced from the following URL: http://www.pershing.com/news/practice_point/second-annual-study-of-advisory-success.html

The contents of this article are sourced from third parties.There is no warranty of any kind, expressed or implied, regarding the information or any aspect of this article. We shall not be responsible for and disclaim liability for any loss, damage (whether direct or consequential) or expense of any nature whatsoever, which may be suffered as a result of, or attributable to, the use or reliance upon the information provided in this newsletter

Customer Segmentation


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What are the trends in customer segmentation and personalisation that will help to improve customer engagement?

There is no doubt that Financial Service Providers have a deep desire to achieve extraordinary client service. The truth is that there will need to be considerable change for this to be a reality if an FSP is going to thrive into the future. Based upon research documented by Experian™ in their paper entitled “How to implement the new rules of customer engagement”, there are many interesting lessons and guidance that can be gained from this research (www.decisioningvision.com).

For example:

Whilst this research is based upon UK data the recent changes in regulation mirror that which we in South Africa are unpacking. The spirit behind the new and incoming legislation in respect of Treating Customers Fairly (TCF) and Retail Distribution Review (RDR) is to align an FSP’s purpose with that of the consumer – or client. In research undertaken in 2010, it was no surprise to discover that clients and FSPs when asked to list their top ten needs, only ONE of these needs were shared – Trust! The disturbing factor was that 9 out of 10 needs identified by the client were not on the top 10 list of the FSP! Most FSP’s will find themselves in a different reality to their clients. Don’t believe me? Just ask your clients?

That being said, having taken a little poetic license, the following are some factors to consider when focusing on customer engagement of the future.

FSP’s will need to invest their time into developing client engagement strategies and
leveraging technologies that will support delivery and fulfillment of the new minimum service
standards of the future.

The time is NOW!

“To succeed, it is imperative to create immersive experiences for customers”
(Decisioning Vision).

Improve your business – Here’s how you can!


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12 Business-Improving Articles From 2013

We wish you continued success in the New Year. And to help, here are a dozen articles to assist you with social media, online marketing, PR, writing, the greatest wealth transfer and more:

1. Preparing For A Wave Of Wealth Transfers
A huge wave of wealth transfers is expected in the coming years and financial advisors who prepare for it will be most successful.
/news/preparing-for-a-wave-of-wealth-transfers-14295.html

2. Write More Effective Communications
Many individuals and organizations do not understand how to write effectively in the digital age.
/news/write-more-effective-communications-16320.html

3. Three LinkedIn New Year’s Resolutions
Every New Year brings another chance to recognize areas for improvement and act on them. Better networking is an area where everyone can improve.
/news/three-linkedin-networking-resolutions-for-the-new-year-13078.html

4. Four Tips To Get More PR
If you want more publicity, leverage these social media best practices.
/news/4-social-media-tips-to-get-more-pr-13678.html

5. Your Most Reviewed Online Information
Time and time again, prospects are researching you online and are looking at your “About Us” page. It’s time to take a fresh look at that information.
/news/your-most-reviewed-online-information-13829.html

6. The Mindset Of A Successful Multi-Family Office
The second annual Creating an Exceptional Family Office Experience conference provided great advice for those who want to get serious about focusing on clients with significant wealth.
/news/the-mindset-of-a-successful-multi-family-office-15945.html

7. Converting Leads Online
Are your online marketing efforts creating a pipeline of new business? Probably not, as most Web sites are in the dark ages when it comes to capturing prospect information and using it effectively.
/news/converting-leads-online-14135.html

8. Humanizing With Humor
Do you make your clients, prospects and staff laugh? You should.
/news/humanizing-with-humor-15852.html

9. The Increasing Power of Pictures
Social media has a few secrets to be successful, and one of them is the use of photos.
/news/the-increasing-power-of-pictures-14995.html

10. 10 Tips to Get More Twitter Followers
Advisors often neglect Twitter, but it’s a tool that can be used to build a large online following.
/news/10-tips-to-get-more-twitter-followers-13614.html

11. 11 TipsOn Using Social Media
Senior executives share social media advice and insights at LinkedIn’s Finance Connect Conference.
/news/11-tips-on-using-social-media-14457.html

12. Marketing Lingo You Must Add To Your Vocabulary
Flawsome. Snackable. Marknetting. Mocial. Remember those four words, because they can help you drastically improve the way you digitally market your practice.
/news/marketing-lingo-you-must-add-to-your-vocabulary-14250.html

Also, read 12 articles from both 2011 and 2012.
/news/11-business-improving-articles-from-2011-9270.html
/news/12-business-improving-articles-from-2012-12929.html

From all of us at Byrnes Consulting and Financial Advisor, have a Happy New Year!

Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.

This article was sourced from www.fa-mag.com t the following URL: http://www.fa-mag.com/news/12-business-improving-articles-from-2013-16479.html?section=139

The contents of this article are sourced from third parties.There is no warranty of any kind, expressed or implied, regarding the information or any aspect of this article. We shall not be responsible for and disclaim liability for any loss, damage (whether direct or consequential) or expense of any nature whatsoever, which may be suffered as a result of, or attributable to, the use or reliance upon the information provided in this newsletter


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