Client Experience Touchpoint Benchmark
Are you measuring all the right things? And how do you measure-up?
The Client Experience Touchpoint Benchmark creates a new source of competitive advantage
- Client feedback is only part of the picture. The winners will also track behaviours.
- A fundamentally new business model that places asset managers in control.
- CX benchmark designed by an industry working group.
Client feedback is only part of the picture and, in a digital age, relying solely on it is antiquated
Culture is central to delivering a superior experience and, indeed, the recognition of the primacy of listening to clients is one of the building blocks of CX. It’s essential to assessing revenue at risk, identifying and exploiting patterns in product demand, and spotting emerging trends in clients’ needs.
There are two main ways to gather the information: ask clients for feedback and observe their behaviours and buying habits as they consume your services.
At Accomplish, we believe it’s important to balance both of these approaches if you want to create a full picture of the evolving needs of your client base. In the asset management industry, however, we see an over-reliance on the former (client feedback) and a corresponding under-reliance on the latter (observed behaviour).
Before we examine the issue of over-reliance, we want to clarify the importance of gathering direct client feedback: for your clients to feel like your firm is a natural home for their business, it is important to consult them on how their experience has been and to involve them in developing new aspects of products and services.
However, over-relying on this feedback mechanism creates issues. Firstly, different firms inundate the same clients with requests for feedback, which risks low response rates and, more likely, unrepresentative underlying sub-samples. Put simply, the words of a few may not represent the experience of all.
Also, feedback is ‘low resolution’ analogue data because you cannot feasibly request it too frequently – annually is common, and bi-annually is not uncommon. These time lags reduce the data’s effectiveness by making it either too late to respond properly, or by skewing the responses to more recent occurrences because they are the ones that are fresh in the client’s mind.
Lastly, this way of listening to the voice of your client is expensive so make sure you get a good return on your investment.
The winners will also track client behaviors
Actions speak louder than words.
Over-reliance on direct feedback at the expense of observing clients’ behaviours misses opportunities too. At any time, you can measure their digital footprint and their actions at key ‘moments that matter’ while causing them zero disruption.
By doing this, you can create a high-resolution dataset of the measurable effect you have had on your clients. We believe the resulting data will be a low-cost high-value asset.
Key features of the Client Experience Touchpoint Benchmark
To help asset managers redress this imbalance, Accomplish convened an industry working group to design the Client Experience Touchpoint Benchmark.
Because it is designed for asset managers by asset managers, it uses leading indicators focused on the ‘moments that matter’ across the end-to-end institutional client journey. Knowledge is power and armed with the benchmark’s unique insights you will be able to respond early to emerging trends and prioritize your change efforts accordingly.
To finish, there are other particularly valuable design features. Users will govern all aspects of the benchmark, and participation will give them access to the best practice CX metrics that underpin it. This will help them make sense of their existing data and tackle the industry-wide issue of ill-defined CX data and fragmented that is holding firms back.
Knowledge shared is also power multiplied and, over and above the peer-group comparison that will inform you as to whether your numbers, we will also let firms complete their own analytics on the data.