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Explaining how to measure B2B CX

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How to measure B2B CX? As bargaining power has shifted to clients and CX has become THE reliable differentiator for most asset managers, a growing group of firms is now measuring and comparing their B2B CX (client experience). Read on to find out about the unique and revolutionary CX Touchpoint Benchmark, what you can do with it, and how we built it.

Are you even in the same ballpark as your peers?

CX is an ‘effect’ that you ‘cause’. It occurs in what clients do (behaviour) and what they say (feedback).

Because what humans do can dramatically contradict what they say, the benchmark measures your clients’ behaviours, at the moments that matter, across the end-to-end client journey.

Therefore, the benchmark’s focus on behaviour gives it a unique advantage  – behaviour is unaffected by innate human biases like avoiding conflict and forgetting less recent events. And it is universally measurable without disrupting clients.

Targeted metrics defined down to the metadata level by users give you a holistic picture of the experience you provided to your clients.

“Well done! Now I can see the forest for the trees. Thank you for not just throwing in every possible metric and seeing which ones stick.” A Global Head of Client Experience. 

What ‘effect’ do you want to have on your clients to create the greatest commercial advantage for your firm? Among other things, the benchmark will tell you this in absolute and relative terms.  

What you can do with the benchmark

At the most fundamental level, you can begin measuring CX immediately.

Because it’s a benchmark, you can compare your results, and because it’s a recurring activity, you can predict your clients’ future experience if you didn’t change anything. You may like some results and not others, which will help you improve the way you set objectives and measure the ROI of CX initiatives.

“What gets measured gets managed”, and the benchmark will let you manage the different aspects of your client experience:

  • Above and below-average moments that matter – play to your strengths by knowing the moments where you are above average while focusing your efforts on where you are below average.
  • Stages of the client journey – find out if you are stronger in one part of the client journey compared to another, e.g. evaluation and selection vs. ongoing service consumption.
  • Desired effects – discover whether you created the effect you wanted at the moments that mattered. For example:
    • Relevance – did you capture and hold their attention with your investment opinions? Were they persuaded by your RFP process?
    • Value-for-money – how well did your sales process convert RFP successes into onboarded assets? And, once clients were onboard, how long did they stay?
    • Convenience – how easy were you to do business with? Is this the first impression your onboarding process gives to new clients?
  • Opportunities and risks – monitor your indicators of client opportunities and mandates at risk compared to the industry averages, so you will know when to act.
  • CX per client segment – one size does not fit all: it is your clients who will judge whether you’re aligned with their needs, and their needs will differ across segments. For example, your wholesale platform client that distributes your mutual funds may not be swayed by the quality of your Solvency II reporting. Another fundamental advantage of the benchmark, therefore, is that we are evolving different versions of it for the different client segments that asset managers serve.

Lastly, overall summary CX scores will keep your senior management and Board focused on the experience their firm has given its clients, and you will be able to promote your firm’s commitment to CX through an industry-wide accreditation scheme.

Excited to have proven how to measure B2B CX

Accomplish co-created the benchmark with seven asset management firms and at its heart sits the Helix© – the best-practice taxonomy of CX metrics.

We proved the concept via an MVP (minimum viable product) that tested viability, usability, and whether we had stayed ‘on topic’ and had actually measured CX.

The collaborative ethos lives on through a User Group that governs changes to the Helix© to ensure it remains aligned with asset managers’ needs.

We are excited to have proven how to measure B2B CX and we are looking forward to deepening and expanding the benchmark as we continue to evolve it.

If you’re interested, joining the benchmark is easy: simply pull the Helix© off the shelf and begin measuring CX immediately.

Adam Grainger

Adam Grainger

Asset management CX specialist. 20-year career in the investment industry – from Transformation Director roles, to regional COO positions.