NAILBA Perspectives Spring 2020 | Page 34

CLIENT RELATIONS Identifying critical moments for client success “Although client success exists alongside client support, it is pro-active rather than reactive.” Jonathan Farrington Director of Research Sandler Research Center As acquiring new clients becomes costlier — clients who can freely and easily take their business elsewhere — our focus naturally shifts towards proactively retaining them by ensuring their needs are met and their requirements are fulfilled. After all, satisfied clients who can give trusted recommendations are the healthiest way for a business to combat client turnover. This is why client experience management is increasingly important for growth. Although client success exists alongside client support, it is different in several key ways: it is pro-active rather than reactive; it aims to drive value from the product or service rather than from the resolution of issues; and it is focused on the long term, rather than the short term. Sandler Research Center recently performed the Client Journey* survey, identifying the client’s journey and critical moments for maintaining healthy client relations. Client Journey A client journey, on the surface, can appear pretty simple. Once you start delving into details, however, it can be quite complex. Clients and potential clients arrive in a multitude of ways and from many different starting points; for example, referrals, search engines, social media, marketing, email campaigns, etc. To ensure that no interaction slips through the cracks, insurance professionals were asked to rank the key interactions for ensuring a successful client journey: Critical Moments Every touchpoint an existing, or potential client has with your company can be described as a critical moment. It could be defined by how quickly their call was answered, how long it took your company to send out the information they requested, or even how accurate your invoice was. Recognizing all those moments allows agencies to more easily address areas of concern. Insurance professionals were asked to identify and rank the critical moments within their client’s journey. If you were to significantly improve one element of your typical client’s journey, what would it be? Communications Service 27.1 % 3.5 % Onboarding 16.5 % Qualification 3.5 % Discovery 18.8 % Marketing 3.5 % Follow-Up 5.9 % Execution 16.5 % Post-Sale 2.4 % Accountability Analytics 0 % 2.4 % Whether or not you have formally identified your company’s critical moments, what do you believe are your organization’s strengths in terms of critical moments? Response Time 31.3 % Service 13.1 % Agility 25.3 % Adaptability 0 % Customer Service 0 % Communication 3.0 % Listening 3.0 % Discovery 10.1 % Knowledge 8.1 % Teamwork 3.0 % Execution 0 % Leadership Quality 3.0 % 0 % Benchmarking for client satisfaction Regularly reviewing your performance against client expectations is the greatest way to learn what is working well and of course, to discover any underlying problems. A rigorous commitment to collecting, organizing and sharing client feedback provides a clear view as to how your company can improve its clients’ experiences. A regular formal review is not actually a “selling event,” but it, quite likely, can uncover future opportunities. *The survey results were based on 203 individual responses representing more than 130 distinct financial services industry organizations. Learn more about the results of “The Client Experience” survey by visiting the Sandler Research Center at www.sandler.com/research. 34 Perspectives Q2 2020