5 Ways to Leverage Customer Touchpoints to Build Business

Vital Customer Touchpoints

  • How many customer touchpoints are there in your business?
  • Are your customers experiencing excellence and a feeling of engagement at every point?
  • Are industry leaders keen to read your publications and talk to you about your visionary approach to customer centricity?

If you cannot equivocally say you are at such a level ? read on…

A touchpoint is a customer contact point: an interaction, a moment of truth in various mediums. The term describes the interface of a product, service or brand with customers/users, non-customers, employees, and other stakeholders, before, during, and after a transaction.(Credit: http://en.wikipedia.org/wiki/Touchpoint)

To locate your customer interactions it is necessary to experience your own brand, product, or service. By walking in your customers shoes and listing touchpoints before, during, and after they buy your product or engage your service, you map their journey and reveal hot spots of ?both good and bad experiences. This information provides critical content to feed into your customer centricity strategy.

Consider your own approach to buying products or services.

  • What keeps you loyal? In answering this important question, break down your response into your experience of touchpoints.
  • When have you traded up the service or product provided because the company you dealt with knew how to deliver a service to you?
  • Did they know how best to communicate and engage with you?
  • Were you able to differentiate their offering to engage your custom and loyalty?

The answer to these questions will reveal your own personal touchpoint road map and demonstrate the work steps needed to reveal the interactions in your business.

So far, youve discovered the what. Heres the how:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Identify the most critical touchpoints and determine how they are impacting your product or service: This could include your website, sales, purchase, on-boarding, using your product or service, customer service, delivery, repair, renewals, etc.
  2. Understand your customers viewpoint: Clearly define the customers expectation at each interaction. Do you know want they want and what type of communication style will work best?
  3. Develop a road map for the future: How do you want each interaction to be and how will you get there?? Make sure everyone in your organization understands and speaks the same language in terms of your promises to your customer matching the follow-through of what is ultimately delivered
  4. Determine that each touchpoint is manned by someone who has the required behavioral, communication and engagement skills to interact with your customer
  5. Ensure ever touchpoint delivers:

 

    • A great customer experience
    • Customer loyalty which delivers repeat business
    • Referrals
    • Ambassadors to your business
Undertaking this exercise and developing a point of contact road map will reveal barriers to customer engagement and will provide strategic information for removing them.
As there are multiple touchpoints, each of which can impact your organization’s bottom line, this is the beginning of a new blog series on Customer Touchpoints.? Please follow us or register to get new blog alerts in this category. We encourage you to get interactive by leaving comments and feedback.

 

Protect Clients from Themselves

guiding clients behavioral finance

Your clients long-term financial goals may be out of sync with the risks theyre willing to take to reach them.

According to a recent survey by asset manager Natixis, while about 70% of investors they polled said that growing their assets is increasingly more important than protecting their principal investment, nearly 60% also said they were unwilling to take on more than minimal risk.

For financial advisors, this is both a challenge and an opportunity.? The challenge is being able to accurately assess a clients core natural risk propensity and tolerance and the opportunity is to educate the client on realistic expectations and strategies to reach their goals.

Where advisors often fall short is not identifying all of the risks associated with each client: investment, financial, and personality risks.? This is an important factor because clients under stress will operate based on their core natural behavior.

As clients get closer to retirement, they are under a lot of stress. Their worries regarding accumulation of enough money for retirement may push them into new, riskier investment decisions. Escalating long-term health care costs, market uncertainties, and the emotions associated with being in the withdrawal stage rather than accumulation phase will push a client to act according to their core natural behavior.? In many cases, this mix of stress and decisions based on clients reaction to that stress is not beneficial for the long-term success of the portfolio.

As a financial advisor, you need to manage your clients behavior and protect them from themselves.? This is an important step in client engagement and your successful practice because under stress, client risk behavior is less predictable without an objective tool. Some clients will want to jump at every opportunity, others will over-spend, and still others will want to take no action.

In many cases, couples behavior will be directly opposite one another. So, there is an added challenge for advisors to know each of the behavior of each individual in the pair to be able to address them in different ways.

How do you uncover these behavioral risks in your clients?? You need an objective, third party system so that your clients behavior under stress becomes predictable and is less of a guessing game. In combination with your experience and wisdom, discovering clients financial natural behavior will allow you to become a behaviorally smart advisor and enhance client satisfaction and financial profile.? Better to be a witness, than a judge, commented one financial advisor who uses Financial DNA as his primary tool in the client discovery

The Two Best Predictors of Team Productivity

Why do some teams get excellent results while others seem to struggle? In order to answer that question, most leaders will focus on analyzing the metrics such as sales, number of office visits, average call handling time, and number of issues resolved, to understand the performance gap.? While the numbers can provide the bottom line story that CEOs want to hear, the how of getting to a high level of team performance might surprise you.
DNA Talent Management
Researchers at MITs Human Dynamics Laboratory found patterns of communication to be the most important predictor of a teams success.? Not only that, but they are as significant as all the other factors – individual intelligence, personality, skill, and the substance of discussions – combined!

The best predictors of productivity are a teams energy and engagement outside of formal meetings. Together, these two explained one-third of the variations in dollar productivity among groups!

What behavior performance gaps are holding back your sales team or service centers from increased revenue and productivity? How can you identify the communication styles of your team to guarantee more success???Find out your communication style.

Top 3 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, 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. Knowing the communication style of customers allows for automatic segmentation of your lead and contact base.
  2. One size fits all may work sometimes but custom-fit is preferred always.
  3. You can say goodbye to guesswork because workflow guidelines for each of the 4 communication styles have already been uncovered.

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.

Leon Morales ? Vice President, Relationship Management Solutions
Specializing in financial services and human capital solutions, Leon uses behavioral intelligence to help businesses navigate human differences to unlock performance potential. DNA Behavior helps grow behaviorally smart businesses worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms.

Tip: Focus on the Who for Comprehensive Client Engagement

As a financial advisor, your goal is to provide optimal support for your clients. This means discovering client needs and

client behavior, behavioral finance

achieving them by implementing a behaviorally smart plan to accomplish those dreams.
At your annual meetings, it can be difficult to be fully receptive and present to clients agendas as every individual has certain trained and natural filters. But by focusing on the who, enriching your client experience is a more intuitive and easier process.

There are three levels to understanding and ultimately, assisting the client to achieve their goals:

1)??? Focus on the what–Client wants to (insert goal)

2)??? Transition to the who–Tap into the clients self-awareness

3)??? Concentrate fully on the who–Truly understand clients:

  • behavioral strengths
  • values
  • biases
  • risk factors

Lets see how a behaviorally smart advisor would move through each of these levels in helping a client to successfully retire.

1) The What: Client wants to retire at age 62

Your focus: how much money they have currently, the investment allocation, cash flow projections.?
Your actions:
You might use a software program to do the calculations and Monte Carlo simulations making adjustments where necessary.

2) Transition to the Who

Your focus: What kind of hobbies does the client have?? Does he or she wish to travel?? How does the client feel about having a free-flowing day or is structure preferred?
Your actions
: You do all the same steps as in the What level but now you start to bring in ideas about what the client wants to experience in retirement by delving into the core of the client as an person outside of the office or work environment.

3) Full focus on the Who

Understand: How will the client acclimate to the withdraw stage? What does the client see as their new purpose? Has the client started to develop a change in mindset from work to retirement? How will the client adjust to retirement if he or she has been work-focused and has not fostered many connections or hobbies outside of work?

Considering that a recent Gallup poll shows 59% of respondents were very or moderately worried about having enough money for retirement, it is critical for advisors to understand clients on all levels.? Having an objective, client-focused system for uncovering behavior will help an advisor develop trusting relationships and be a deserving witness to enriched retirements.


Peggy Mengel ? Vice President, Human Behavior Solutions Advisor at?DNA Behavior

Specializing in financial services, Peggy uses behavioral intelligence to help businesses navigate human differences to unlock performance potential. DNA Behavior helps grow behaviorally smart businesses and financial advisors worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms.

Visit the?Financial DNA website to learn more.?|????Try Financial DNA Free for 30 days!