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Segment-specific client journeys

Segment-specific client journeys

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

In particular, three 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 client 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 behavior 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 and intermediary clients. Because they are designed for asset managers by asset managers they are about as relevant as can be.

The journeys break down into sub-segments, for example, the institutional benchmark includes specialist metrics to cover the nuances of insurance clients and, similarly, the intermediary benchmark enables you to measure your effect on both advisory and wholesale clients.

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 behaviors 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 sales conversion rate of successful RFPs into revenue?
  • How many products or mandates does your average client purchase?
  • 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

Use our freemium business model to start measuring basic CX immediately and for free. In practice, this means pulling the Helix© off the shelf, starting measuring right away, and gaining peace of mind that your data is clean through Accomplish’s quality checks.

In response, you will receive our quarterly Snapshot Reports on how your firm compared at a point in time, in one region, and for one client segment.

This will develop your CX measurement capability that you would be able to roll out more broadly if you ever wished.

You will also be able to explore your findings with Accomplish’s CX specialists at data interpretation sessions, and exploit the power of the benchmark’s User Group.

This flexibility allows you to develop your firm’s CX measurement capability for free at your own pace. If you ever wanted to explore extra regions, add client segments, or unlock trends in the dataset, you would be perfectly placed to become a premium client.


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 full-strength version globally and are now building the data series that will power its predictive capability.

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

Finally, in H2 2022, we will design and roll out the wholesale version – completing the suite of segment-specific client journeys.

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

Behavioral analytics | Data science | Asset management