Promote and Sell: the asset management sales funnel conversion playbook

‘Promote and Sell’ is the first of two interlocking playbooks. It aims to give you a new competitive edge by showing how you can use behavioral science to increase conversion from one client engagement on your sales funnel to another. In it, Accomplish explains what makes humans take action, reveals 7 behavioral biases you should deploy and, for each bias, explores common mistakes, best practices, and ‘benchmarkable’ tips.

Why asset managers should measure client behavior image

Why asset managers should measure client behavior

Actions speak louder than words, so asset managers should measure client behavior to focus their organization on what matters most (which is whether or not clients buy, stay, or buy more), and what you can do to stimulate client behavior. In contrast, humans are tricky creatures, so you cannot rely fully on what they say. This makes actions, not words, the reliable indicator of demand and, therefore, it makes client behavior data the perfect business intelligence: meaningful, commercial, and professional.

Dollarizable asset management business intelligence 

There are two types of indicators of client behavior – leading and lagging ones – and this article focuses on the 3 lagging indicators. For the investment industry, they are ‘buying’ (sales conversion), ‘staying’ (client retention), and ‘buying more’ (products-per-client). These behaviors involve transfers of money, which gives them the rare feature of being dollarizable because they – and only they – pay the bills. If they point the wrong way for too long, the situation could become life-threatening for the organization, which makes them a vital component of your institutional asset management business intelligence.

Commercially actionable insights from data you already own

Commercially actionable client insights from data that is already in your systems

In this article, we define three levels of client insights and describe the opportunity gained from exploiting each one. We go on to explain how this sort of business intelligence will separate winners from losers and how the data you need for it is already in your marketing and CRM systems. As a result, you can now be more discerning about paying a premium for client insights from an external provider’s black box.

The 7 Client Behavior Benchmark use cases

From a behavioral perspective, the asset management sales funnel is NOT an inverted triangle. It is an hourglass of buying, staying, and buying more. While this may be news to some people, it is a fact and the reason why the 7 use cases of the Client Behavior Benchmark will separate winners from losers. To spread the word, this blog gives you a simple explanation of each use case. We see it as a survival guide for asset managers navigating the current market environment – and the client behavior data you need for it is literally sitting in your systems waiting to be extracted and exploited.

How to measure asset management client engagement

In September 2023, Accomplish unveiled the Client Behavior Benchmark at DCE Connect – the annual invite-only asset management client engagement conference for MDs and senior managers. In a keynote speech, Adam Grainger explained how to measure client engagement, demonstrated how the Client Behavior Benchmark is helping investment firms keep their sales funnel as wide as possible for as long as possible – and the data is already in your systems. On completion of the conference, attendees placed behavioral insights at the top of their list of 2024 investments.

The making of the Client Behavior Benchmark

Here is a story asset managers can be proud of. It is the tale of how an industry-wide innovation initiative brought behavioral science to the discipline of investment client experience (CX). Because of it, you can now use the Client Behavior Benchmark to capitalise on the often over-looked client behavior data that’s already in your systems. If you are not already in the benchmark, in your interests and those of your clients, join in, take control of that data and exploit it.

Accomplish becomes IA Engine FinTech Member

We are proud to announce that Accomplish has become a FinTech member of the UK Investment Association’s IA Engine. “The Engine identifies, develops, and accelerates firms with innovative solutions, facilitating adoption of technology” across the IA’s members that manage £9.4 trillion of assets.

Keep your sales funnel wider than your competitors

In this video, Adam Grainger discusses with Gabriela Martins da Silva how asset managers are learning to keep their sales funnels wider than their competitors. To learn more, request an invitation to attend WBR’s upcoming Digital Client Engagement Connect event when Adam will give the keynote speech.

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