Consistency is King
One thing you’ll notice about trusted brands is that they keep the promises they make to customers. Indeed you could argue that your brand is your promise.
Delivering a consistent high quality service to clients is an important aspect of developing trust with your clients and building your brand. So how can you establish whether you are delivering a high quality, consistent client experience every single time. Here are 8 questions to help you check you are being consistent;
- Do you have a clearly defined and documented service proposition? This is key to client acquisition and retention and revenue growth. A strong value proposition is a must.
- Do you have a clear description of your “ideal client” profile? Knowing your target market/client enables you to build a value proposition based on known client needs
- What are you selling? Advice or product? Products and many funds are homogenous. Some advisers still haven’t got this.
- Do your clients know what they can expect from you? Having a clear proposition is one thing. Knowing that clients understand what that means they can expect from you is another. Clear communication, transparency and openness removes suspicion and raises trust.
- Is your service delivered consistently? Is the client experience the same (or very similar), whichever adviser clients work with? The ultimate test.Adviser autonomy erodes your brand and is high risk in terms of TCF and consistency. are your advisers representing your business in the way you want them to?
- Do client reviews and ongoing service always get delivered on time? If existing clients are being short changed in the pursuit of new business they will eventually vote with their feet, particularly if that’s what they’ve been promised.
- Does your infrastructure support effective service delivery? I.T., back office processes and your people are the keys to success. Is everyone playing to their strengths? Are the job roles in your business designed to enable excellent service delivery?
- Are advisers spending 80% of their client time with their most profitable clients? A tough benchmark to meet, but one that will transform the client experience and your profitability. The days of high value clients subsidising the work of low value clients are over. It’s official. Unless of course you have become a registered charity!
How consistent is your service delivery? If you want to conduct an evaluation of your own proposition, infrastructure and client interface effectiveness, just contact me and I will send you a complementary copy of our practice evaluation tool, the results of which I am happy to discuss with you at our expense.