Menu
Client behavior data -
precise, explicable, and commercial.
... and it’s already in your systems.
Take control of it and exploit it.
Asset management client engagement
Asset management client engagement ... is behavior
Client behaviors (digital or non-digital) are definable and observable, and because they take time to perform, they are measurable with considerable accuracy. Some behaviors will be unique to your products and services. Others will be common across the industry, which makes asset management client engagement ‘benchmarkable’, creating the opportunity for valuable business intelligence.
Adam Grainger, Founder and MD of Accomplish, explains client engagement and why it matters at the 2023 Asset Management Digital Client Engagement conference.
... is an essential means to an end
How and when clients or prospects engage in your sales funnel or client journey are leading behavioral indicators – either digital or non-digital – that they will buy, stay, and buy more of your products and services.
... and is relative
In the same way as there is only so much money clients can allocate, there is also only so much time they can give. Because of this, asset managers are in a zero-sum game with each other – not just for clients’ assets but also for their time.
There will be winners and losers
Extract and exploit valuable insights
If engagement is behavior, extract the client behavior data from your systems and exploit valuable insights from it.
Stimulate the leading behavioral indicators
If engagement is a means to an end, stimulate it. Specifically, focus on the leading behavioral indicators because they have not yet happened and will boost your chances that clients buy, stay, and buy more.
Widen and lengthen your sales funnels
If asset management client engagement is relative, through comparison, you can discover your out- and underperformance at stimulating clients to give you their time and money. If you discover an underperforming point on your client journey, you can fix it until you outperform your competitors. In so doing, you will minimise ‘client leakage’ and keep your sales funnel wider for longer.
“Comparing yourself against yourself is complacent: it would be like a fighter pilot defining success as firing more missiles than they did in the previous fight. If the average pilot hits their target X% of the time, you simply must set yourself a target that is >X%.
Therefore, you need external benchmarking data.”
Introducing the Accomplish Client Behavior Benchmark
Built through an industry-wide R&D initiative, the benchmark is relevant to any discussion about asset management client engagement because:
- It measures client behavior.
- It differentiates between leading and lagging indicators.
- It will show you your out- and underperformance across the client journey.
With it, you can measure the performance of your client engagement (leading indicators) and use that information to manage your effect on whether clients buy, stay, and buy more (lagging indicators).