Sales Central
The most successful results for any company come from offering their existing clients a broad array of applicable products. This provides the double benefit of meeting the ever-changing client need with the reduced acquisition cost incurred in selling to existing client. The challenge arises in matching each client's unique needs and objectives to their understanding and usage of a product.
The cornerstone to building a successful campaign to increase product penetration and share of wallet needs to address all sides of this issue. The appropriateness of each offering is paramount. An understanding of the client’s objectives, which drives what products a client will buy, is a vital. In addition, a complete understanding of the client’s life cycle determines whether the introduction of the product is critical. The potential influence upon the broader relationship with a financial advisor and the financial services company makes selecting the right product for client at the right time the key to unlocking the real potential within any financial services arena. For most, this key has remained elusive.
The recent turmoil in the industry has upset many clients to the point where the Financial Advisor needs to understand these criteria more than ever. Making the right proposals at the right time helps to overcome broad industry trends. Our key unlocks the door to this level of relationship, not only with a small and select portion of your business, but rather, with the entire relationship base across the entire enterprise.
Knowing current product usage of their clients does not enable knowledge of how complete each client relationship is. In order to meet changing client needs with Firm products (and grow towards a 100% share of wallet with all existing clients,) an iterative research is required to identify the next most appropriate product for each client by considering what products they use now. This has historically been done through the development of close personal relationship between advisors and clients. Successful advisors have these relationships with segments of their business. Unfortunately, the bandwidth of these advisors is limited by the time required to develop these successful relationships. Many organizations try to solve for this by delivering marketing materials touting a specific product. These campaigns have always had very low acceptance, specifically because of the untargeted approach taken. These campaigns need to be targeted to only those clients to whom the offering is adding value. This allows for less time wasted, for both the client and the advisor. Determining the correct population for each offer expands the bandwidth of advisors by enabling them to have more targeted communication, building trust by showing clients a thoughtful approach to their needs. Introduction of targeted offerings is a good start for companies to deliver appropriate messages, however in order to solve the issue completely, the targeting must be applied on holistic not partial view of the client.