In the ‘survival of the fittest’ market, client engagement is a critical battleground.
To win, asset managers must now also outperform at getting time from clients as well as money.
In an over-supplied market, if you underperform at engaging clients with your products, they will give their time to your competitors … and then their money.
Adam Grainger, Founder and MD of Accomplish, explains client engagement and why it matters at the 2023 Asset Management Digital Client Engagement conference.
Client engagement is behavior – client behaviors (digital or non-digital) are definable and observable, and because they take time to perform, they are measurable. 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 the winners to capitalize on their client behavior data as valuable business intelligence.
Client engagement is an essential means to an end – an engagement in your sales funnel or client journey is a leading behavioral indicator of what you seek, which is for them to buy, stay, and buy more. Everyone has the power to stimulate behaviors, so the winners will do this to increase conversion from one client engagement to another. In so doing, they will combat the ‘client leakage’ that otherwise occurs naturally.
Client engagement 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. The winners, therefore, will compete for time as well as money.
A unique benchmark of the institutional client engagement data that sits in asset managers’ systems:
Built through an industry-wide innovation initiative, the benchmark is relevant to any discussion about asset management client engagement because:
Accomplish’s playbooks will then show you HOW to outperform at engaging clients.
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