How do you know that you are tracking the right info about your clients to meet your marketing needs?
“In God we trust. All others must bring data.” W. Edwards Deming.
As it gets ever easier to collect data and run reports on
your clients (and their employees), it might feel like you are awash in data.
And with the increase in Financial Advisor (FA) specific client management
systems, like Einstein from Salesforce, you can theoretically harness all that
data into automated reports. That can either make you feel savvy or slathered
in numbers. How do you ensure that you remain in the first category? Choose the
As to how well you are providing your clients with excellent
service, the first place to start may be to consider your client to advisor
ratios. While there is no hard and fast rule for how many clients per
advisor (given the differences in industry, size or complexity of client,
etc.), measuring this ratio over time against client retention and satisfaction
may provide information about an optimal number of clients. Tracking this
number can also help build for growth. As your firm grows, you may know when
your firm is at a tipping point and needs to hire someone new, before your
clients’ experience feels the pinch.
Building for growth may also benefit from watching changes in
your client’s and their employee’s demographics. If tracking that
information shows a shift or growth trend in one area (e.g., younger employees,
or more employees with children), it might help to develop educational
materials and new marketing materials to ensure employees stay engaged in the
plan you advise.
Additionally, looking for commonalities among your clients
may help concentrate marketing materials and help you determine how to
consolidate efforts. This helps you determine where your niche naturally
lies and can help make marketing to that niche more effective.
More specific marketing data will obviously focus on
your website. Tracking where new clients come from may be helpful. So too may
be tracking where hits on your website come from. It may be that your newest
clients seek out your website several times to compare you against others prior
to inviting you to pitch. It may also be that regulatory investigators seek out
your website to review key information. Tracking the analytics on who and how
frequently, as well as, when should be a must track data. Many financial
advisory firms rely on Google Analytics, but many of those don’t know how to
interpret that data as to how to leverage the content on their websites. Even
those clients that come in through referral sources often rely on your website
information. So too do new board members who may want to learn about your
The key elements of use in Google Analytics are more
than just numbers of hits on the overall website, but where those hits
originate, and also crucial, which pages are the most visited. If you use
Google Analytics, key data to focus on includes sessions vs. users. If the
number of sessions exceeds your number of users in a given time period (one
week, one month, one quarter for example), by a large measure, it indicates
that you have people visiting your page more than once. A high ratio could
indicate an interest level or concern (e.g., staff or board member at your
client who cannot find information they need).
This is true too for pageviews. Measuring hits alone will not
show how much of the website your visitors are interacting with. Ideally, the
key information, including contact information, should have the highest hit
rates, and drive a relatively consistent page view number. Page views may show an
interest level or an inability to find the information your visitor is
seeking. Google Analytics can show
length of visit per page, which will show whether your visitors are interacting
with the information on the page, or bouncing from page to page seeking out a
detail they need but can’t find.
Many FAs working with individuals also fail to formally track
leads and differentiate them from prospects. Having too many leads who
aren’t qualified prospects show that those FAs aren’t targeting their market appropriately.
The same is true for FAs working in a fiduciary advisory capacity.
The best data is the kind you seek out. Relying on Google
Analytics is helpful. Surveying your clients and their employees can
provide better, sharper data. This can be especially true to test whether your
trending analysis (on demographic shifts for example) is accurate.
Finally, while your firm may be relying on business
intelligence tools to generate dashboards, a newer idea sprouting up with some
firms is to create a business intelligence team. A cross-divisional team can
tighten and customize business intelligence tools to assist in measuring the
right details so that your data is robust, but narrow. That leads to the savvy,
not slathered outcome mentioned above.
Business process information should also be considered, including workflow times. Additionally, measuring how often your employees (and potentially your clients) have to engage in workarounds can also be vital. Workarounds occur when your workflow isn’t fit to your client’s specific needs. A common example would be when your CMS isn’t flexible enough to add a new field, and you have to create a new tag for that field to run a report. This could also be measured by counting how often your clients have to make special requests outside of the tools they have imbedded in your service products already.
Before leaping into the unknown, we recommend a thorough examination of your plan. Because we are experts in the field, we know the marketplace and know what your existing vendor is capable of offering. Through this examination, we can help you optimize the service you receive.get xpress proposal