The Behavioral Benchmark’s User Group gives you access to new tools and client experience (CX) data, a safe environment for sharing best practices, and the ability to shape the benchmark’s future.
Welcome to our blog series that explores the unique features of the Behavioral Benchmark.
In particular, three features make it a revolutionary and unique business intelligence tool for asset managers.
In this article, we explain one of them: the power of the Behavioral Benchmark’s User Group and how you can exploit it.
Asset managers are late adopters of CX
The long-term forces of supply and demand mean that, for most B2B asset managers, client experience (CX) has become THE reliable differentiator. Thankfully, it is commercial, incremental, and entirely within your control because, at the same time, bargaining power shifted to clients and society digitised. This means CX is here to stay.
To differentiate yourself through CX you just need to start managing it. However, to manage it you need to measure it and this is where the problem arose for asset managers.
Looking after your clients’ precious treasure is not like any other B2B industry and, until now, applicable CX tools did not exist for asset managers to measure and compare their CX. Historically, this has hindered firms’ ability to translate the laudable concept of superior client experience into tangible commercial advantage.
It’s not good enough to compensate for an inadequate situation with tools designed for a different job
Industry discussions are good for getting a general sense of how your internal capabilities compare: how different firms define CX, who is responsible for it, and the projects they are running. But without data and tools, they may inadvertently encourage you to herd when you should be trying to stand out.
To compensate for the situation, the industry has relied on client feedback. But this has inundated clients with feedback requests and caused infrequent, unrepresentative, and low response rates. Furthermore, humans are tricky creatures for whom actions speak louder than words, so to avoid compounding these industry-specific issues, you should never rely fully on client feedback anyway.
This situation magnifies the opportunity for the firms that are determined to master CX, but they need help and it is not as simple as applying tools designed for B2C transactions to B2B relationships.
The change needed to solve this problem
To stand a chance of differentiating your company by the experience you give to your clients, you will need three things:
- New tools and CX data that let you measure and compare your CX objectively.
- A safe environment in which you can share best practices with your peers.
- The ability to shape the benchmark’s future to ensure it continues to meet your needs as your clients’ requirements evolve.
The Behavioral Benchmark's User Group gives you this
“This is exactly the type of data we've been looking for – clients, markets, and competitors.”
New tools and CX data – a standard methodology for measuring CX provides fresh absolute and relative CX data every quarter. This means you can measure, compare, and predict your client experience.
A safe environment – not only does the User Group enable peer-group discussions fuelled with reliable data, but it also provides the contractual protection that enables firms to share best practices in the general interest of clients.
The ability to shape the benchmark’s future – crucially, the behavioral benchmark is a self-governing utility. This places you in charge of directing the tool, calling for new analyses into benchmark findings that interest you, and synthesising new solutions. This creates the opportunity to not only share best practices but also to create them, to keep the benchmark aligned with your clients’ evolving needs, and to continually push forward the leading edge of CX across the industry.
“We’re excited at senior levels about this benchmark. We like the structure of an industry utility through which we can shape its future, and we see it as part of a wider objective to reduce our spend on external data by 80%.”
Weighed and measured
At the time of publication, the User Group is directing one version of the benchmark for the global institutional market while also putting the finishing touches on an intermediary version that we will test in the US advisory market before also taking it global.
At the same time, another group of firms from the broader Asset Management CX Forum is defining the moments that matter and target client behaviors across the insurance client journey so we can ensure the benchmark caters for the needs of these clients too.
Stay connected
We hope you enjoyed this article and that it got you thinking about how the Behavioral Benchmark’s User Group has brought the changes needed to help measure client experience in the context of B2B asset management.
The remaining blogs in the series each investigate in detail one of the unique features:
- Behavioural analysis
- Segment-specific client journeys
- Exploit the power of the Behavioral Benchmark’s User Group
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