So what might co-creation mean to our industry? Below are two examples of co-creation of value, which we will examine in more depth in upcoming articles.
From input to involvement
Client feedback is a critical part of any engagement and growth strategy, but it does have some limitations.
Perhaps the most significant drawback of traditional client surveys is that they limit the scope of a response. In an effort to be efficient – and sometimes in response to directions from compliance – most surveys are strictly quantitative.
A quantitative survey is a great way to measure performance but it forces you to define closed-ended questions. The options you include in those questions are necessarily biased and while this does not discredit the process, it limits the value when it comes to true innovation.
Personalising the experience
Perhaps the bigger transformation promised by a co-created approach is the way in which clients experience working with you. There are two key questions that will be critical for financial advisers.
- Are you creating an experience that is truly interactive for the client? That process might involve co-creating agendas or the effective use of technology to run scenarios during a review meeting.
- Are you personalising the experience? That might involve personalising the communications a client receives and the form in which those are received.
Like it or not, co-creation will put more emphasis on technology. Technology will allow us to gather better information on what clients value and then customise a service and communication plan to their needs. At a minimum we need to find ways to allow clients to personalise how they interact with the company, whether that is frequency or form of contact, or access to information.
Co-creation of value is powerful because it informs a client experience that cannot be commoditised. We spend a great deal of time focusing on how to improve and enhance what we are already doing. This is time well spent but every now and then it is a good idea to think about what the future holds, so we do not wake up to find ourselves irrelevant in a world that is changing around us.
Julie Littlechild is a speaker, writer and researcher. Her firm, Absolute Engagement, conducts ongoing research into the drivers of personal, client and team engagement and translates the findings into powerful thought leadership and training programmes.
