Introduction
Actions speak louder than words: if you want the true story about your client experience, you must measure your clients’ behaviour as well as their feedback.
Welcome to our blog series that will explore each of the three unique features of a revolutionary business intelligence tool called the Behavioral Benchmark.
In this article, we explain one of them: how it has incorporated behavioral analysis into the discipline of client experience (CX).
You cannot rely on client feedback data alone
Humans are tricky creatures: we forget less recent events, we avoid difficult conversations, and what we say can dramatically contradict what we do. [1] [2] [3] [4]
Because of this, your client feedback data (like client satisfaction information, industry client surveys, and net promoter scores) will contain gaps and inaccuracies:
- Your clients are inundated with requests and this leads to low response rates.
- The words of a few may not be representative of all.
- You can only ask for feedback so often, forcing feedback into being low-frequency data with lag times between what you do and what they say about it. This reduces the feedback’s accuracy and effectiveness
This is important because it means you will need to measure more than just client feedback if you want to differentiate yourself through the experience you give to your clients. The only other thing you can measure is their behavior.
Behavior is the essential complement to feedback
The good news is that if you also measure your clients’ behaviour you can counteract the weaknesses of feedback data.
Why? Because behaviour is general and universal, which means it will give you a complete picture. It is also measurable over any timeframe, available digitally in high-resolution and, therefore, in ways that do not disrupt clients.
Crucially, behavioural data is also unaffected by our innate aversion to conflict and our forgetfulness.
Measure your clients’ behavior and find out how you compare
Accomplish’s Behavioral Benchmark is a quarterly recurring index of the effect asset managers have had on their clients’ behaviour.
It is driven by the industry best-practice taxonomy of behavioural metrics – that we call the Helix©.
Built for asset managers by asset managers – the benchmark is the result of an R&D project by a group of firms from the Asset Management CX Forum.
It was designed to let you save the time and effort of developing your own CX metrics. Instead, pull the industry standard off the shelf and begin measuring CX immediately.
Powerfully, because you will measure your clients’ behaviour in the same way as your peers, you will be able to find out how you compare.
CX is an ‘effect’ you ‘cause’ … so what effect did you create?
The Helix© incorporates the timeless and transferable model of B2B CX that identifies 10 behavioural effects that you will want to create at various points across the end-to-end journey you provide to your clients.
It then defines the behaviours you will want to stimulate and how you can measure them. Here are some example ‘target behaviours’:
- As measures of your relevance, did clients give their time to attending your investment events, and were they persuaded by your RFP / RFI process?
- How much social proof do you command in terms of third-party ratings for your products?
- As a test of your value-for-money, in what proportion did you convert successful RFPs into revenue?
- Once clients are onboard, you can measure their connection with you by how much time they gave to their relationship with you.
- And the ultimate test of value-for-money is how long do they stayed with you.
Tested, proven, and expanding
In H1 2021, the CX Forum working group proved the benchmark in the EMEA institutional market. It is now live, rolled out globally, and building the data series that will power its predictive capability.
We are also creating a version for the intermediary market and, collectively, we are exploring the case for developing an insurance version of the benchmark.
The full series of blogs
We hope you enjoyed this article and that it got you thinking about completing the picture you have of your clients’ experience.
The remaining blogs in the series will each investigate in detail one of the unique features:
- Behavioral analysis
- Segment-specific client journeys
- Exploit the power of the User Group
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