The client experience is just as important as the actual services you provide.
When it comes to how it makes us feel, Disneyland – even if you have never been there – is a place that makes us think of ‘nirvana’. Yet behind the facade of fun and an ‘out of this world experience’, Disneyland’s success is that its results are driven by exceptional, client-focused processes.
Focusing on improving process efficiency has been on advisers’ minds for decades. However, their primary motivation has always been around how they can deliver their value quicker, faster, better and, of course, cheaper. What advisers fail to take into account is that there is a client sitting at the other end, experiencing everything they do. These days, “70 per cent of buying experiences are based on how the customer feels they are being treated,” according to online customer support company HelpScout.This makes the client experience one of the keys to a successful business. Remember how you felt – or still feel! – the night before Christmas. The bubbles of excitement that flood your veins and the anticipation of what awaits you the next day… Imagine if your clients felt like that at every interaction with you? The anticipation and the excitement about the difference you are making in their lives and the way you make them feel means they can’t get enough.It can be done. However, it requires moving away from traditional thinking and broadening your approach to what constitutes the client experience. What used to be considered a great experience is no longer good enough. Today, the ‘experience’ of doing business is almost as important as the business itself.This means considering everything you do from the client’s perspective, putting yourself in their shoes and prioritising how you make them feel, at all times.If you are not already doing this, it may be time to put your business under the microscope and start moving the client experience higher up your priority list.
Here is some food for thought to get you started:
After all, “on average, loyal customers are worth up to 10 times as much as their first purchase” (according to HelpScout, 2012). Therefore, delivering a sensational client experience should be a fundamental business discipline. It must permeate your entire business and it must be a priority.Whether it’s a ‘wow’ factor or to satisfy compliance, you, your future business success and most importantly your clients, need the experience to be just like going to Disneyland.
About Kim Payne
Kim Payne is managing director of 9Rok Consulting, which formerly traded as Experience Wealth Consulting, providing business coaching services to financial services companies.
She was formerly a consultant at NAB, helping financial advice businesses across MLC's network achieve sustainable business growth and profitability. She has worked in various roles for Citibank, Credit Suisse First Boston, The Money Managers and Northumberland Group in the UK.
Kim has a bachelor's degree in economics and advanced diplomas in applied finance and investment and financial planning.
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