How do clients perceive your value?
When clients talk about the value you provide they may describe it in completely different terms than you, or than a prospective client understands from your website.
However, ask the right questions and listen to the words clients use to describe the impact you have and that is your value.
Take action. Conduct two or three client interviews that focus on your business. Be creative and ask questions that will uncover how they see the work you do and the impact you have.
You might ask:
- Why did you select me as your adviser?
- If someone asked you to describe how we had helped you, what would you say?
- How do you think the work we have done together will affect your financial future? What will be different?
- When you reached out for financial advice, what was the problem you were trying to solve?
- The other important role client feedback plays is in measuring your performance. This demands a more quantitative approach and a simple online survey does the trick while demonstrating your commitment to the relationship. If you are gathering quantitative feedback, consider assessing:
- The overall quality of the relationship. Choose metrics such as satisfaction, loyalty or net promoter score (likelihood to refer).
- Satisfaction on a range of more specific service issues, such as confidence in the team or frequency of contact.
- What is most important to your clients in a relationship with a financial adviser.
- Client expectations regarding the scope as well as the form of contact.
- Preferences with respect to receiving other client communications, for example newsletters, and the way in which you communicate, for example email vs mail.
- Specific marketing opportunities among your clients, including referrals, share of wallet and cross-selling opportunities.
It is worth noting that if you do nothing with the information you gather, you will not only limit your success but you may demonstrate you have not listened.
