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Segment-specific client journeys

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Welcome to our blog series that explores the unique features of the CX Touchpoint Benchmark

In particular, five characteristics make it a revolutionary and unique business intelligence tool for asset managers.

In this article, we explain one of them: its use of segment-specific client journeys.

Don’t compare apples with oranges

Some aspects of your client journey will matter to all clients, e.g. issue and query management, while others will matter more to some and not at all to others.

Obviously, this is because different types of clients have different needs. For example:

  • Gaining market share with pension funds may be easier if you first cater to the needs of their investment consultants.
  • Getting your funds onto an intermediary’s platform means providing them with data in the way they need it.
  • Making inroads with insurance clients will require you to be able to anticipate their specific reporting requirements.

As a result, the moments that matter to a client will depend on their segment. So, if you want to measure their experience, you will need to do so in a segment-specific way. If you are not ready for this, you may end up comparing apples with oranges and all the problems that brings.

Many client journey initiatives fail to make a difference  

To solve the problem, you need end-to-end journeys that are relevant to the client’s needs, explainable, and measurable.

But this requires a lot of work and is not often how we see firms addressing this topic. In fact, we often see the opposite with the approaches below being some of the most common mistakes: 

  • Client journeys for tiers, rather than segments – a journey for each of your (let’s say) gold, silver and bronze client tiers will be irrelevant to many clients because, for example, an insurer needs a different experience to a pension fund regardless of their importance to you. As a result, this approach leads to high levels of customisation. 
  • Too complicated – in this scenario, we see lots of detailed architectural maps that gather dust quickly because they are hard for staff to remember and almost impossible to convey to clients. 
  • Limited practical application – lastly, we see client journeys that fail the ‘so what?’ test. CX is an ‘effect’ in your clients that you cause, so what behaviour will they display that will indicate whether you have had the effect you wanted? And how will you find out? Without ongoing measurements, a client journey may end up being an academic exercise.

It doesn’t have to be this way.

Segment-specific client journeys

Groups of firms from the Asset Management CX Forum have developed end-to-end journeys for institutional, intermediary, and (coming soon) insurance clients. Because they are designed for asset managers by asset managers they are about as relevant as can be.

Each journey focuses on just the moments that matter. Imagine about 40 metrics, rather than 200. This allows you to see the single thread that weaves its way through your organisation from start to finish – your client. Or, in the words of one of our 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.”

The journeys support each moment that matters with target client behaviours and corresponding CX metrics of the ‘effects’ you will want to create, observe and measure. This brings you significant business intelligence, for example:

  • How does your event attendance compare?
  • What about your RFP success rate?
  • Or your conversion rate of successful RFPs into revenue?
  • How much of their time do your clients give to your relationship compared to other firms?
  • And for how long do they stay loyal to you?

Further, because you can measure the experiences you give to your different client segments, you can learn lessons from the differences between them.

Just get started … for free

We have created two levels of CX metrics: about 20 free ones and about 20 advanced ones that firms also get access to as part of the industry benchmark.

This flexibility allows you to develop your firm’s CX measurement capability in case you are not yet ready to compare yourself against the benchmark.

It also means you can save the time and effort needed to create your own bespoke CX metrics by leveraging the CX Forum’s standard – and you can start measuring CX immediately for free.

And because you would be measuring CX in the standard way, if you ever wanted to find out how you compared, you would be perfectly placed to join the benchmark.

Lastly, a self-governing User Group of asset managers in the benchmark directs the client journeys and their associated metrics to ensure the methodology remains the industry best practice.

Weighed and measured

In H1 2021, a CX Forum working group proved the benchmark in the EMEA institutional market. We have since rolled out a deeper version globally and are now building the data series that will power its predictive capability.

The intermediary version is following in its footsteps with a pilot in the North American market before we will take it global too.

A third group of firms is currently working on the insurance client journey to determine its key areas of differentiation.

The full series of blogs

We hope you enjoyed this article and that it got you thinking about your different types of clients and how you can measure their experiences.

The remaining blogs in the series will each investigate in detail one of the unique features:

Follow Accomplish on LinkedIn if you would like a notification when we publish them.

Adam Grainger

Adam Grainger

A 20-year veteran of the investment industry. Client experience. Behavioural analytics. Data science.