Asset managers are rethinking their approach to distribution by putting the client first and creating an experience that allows them to reach their goals by focusing on their client’s needs and expectations. A great experience happens when you fully understand your client’s journey. This journey starts with a rich set of data to analyze and act upon. Challenges arise when you have volumes of different types of data in different formats, data silos, and limited time. SalesPage can help. Let’s look at how you can shorten the time between receiving data and using it to change the trajectory of your client’s experience from poor or average to great.
Why is the client experience important?
Your clients—Advisors, Investors, and Consultants—have a lot of choices. They are accustomed to getting personalized engagement from other industries and have come to expect this from asset managers. The asset management industry is catching up, shifting from focusing solely on products to leveraging people, client-specific content, and technology to create value-added engagements. The goal is to build deep relationships with clients. Each client has different needs, and those needs are going to change over time, which makes it important to consider the data you have (or can get) to help identify your client’s needs and the touchpoints you can control along their journey.
Client journey mapping
How do you offer the products and services that relate to your client’s business and clientele, at the right time? Every piece of data and touchpoint you have with a client adds up to a journey and influences how the customer perceives your brand and ultimately purchases or redeems your products. What does it take to deliver a great touchpoint (e.g., the right message at the right time)? How do you get the same set of facts about a client to other departments and avoid two departments overlapping? Having continuity and alignment will help build and adjust journeys to continually deliver a great experience. You need good, clean, aggregated data that is properly organized, labeled, and in good condition so that you can analyze it to map your client’s journey.
It’s all about data engineering
There is a lot of data out there, how do you make it more usable to impact your client’s journey and experience? Let’s look at a couple of scenarios that illustrate how—depending on the types, format, and volume of data and how you engineer it—you can use data to build a journey and impact experience.
Bad data engineering –> An incomplete journey and poor experience
When your firm uses pieces and parts of data in department silos, touchpoints end up disjointed. Your client’s journey map will be incomplete, and their experience will not live up to its potential.
Good data engineering –> A holistic journey and great experience
When your firm gets the data engineering right, you’re able to incorporate more data into a holistic view. Layering advisor team data with trades, assets, and other sources into your master client data gives you a complete picture of where business is coming from, who the members are on that team, and how to best engage with them. Sharing this aggregated, clean data with your Sales, Marketing, and Business Intelligence teams, allows them to more effectively leverage this data to map the client journey and curate the client experience.
Use SalesPage as your guide
SalesPage’s client community includes approximately 100 asset managers. These firms range from small-to-medium asset managers and boutiques to some of the largest asset managers in the world. We help them use data to better support their existing clients and enhance their retention and distribution strategies. We act as a partner and guide to solve industry challenges, create new solutions, and provide outsourced services as a key part of our client’s team. We would be happy to consult with you and provide stories from firms that are most relevant to you.
