June 2, 2015 by Tim Cooper
As a financial professional, it may be helpful to think about your clients’ needs in the context of three general Retirement Stages: the Preparation Stage, the Transition Stage and the Maintenance Stage. This blog will focus on understanding how to both identify and support your clients in the second stage of retirement, the Transition Stage.
If you are interested in learning more about the first stage of retirement, the Preparation Stage, visit the previous series here.
It is important to identify and categorize clients in the Transition Stage, because it may help you tailor your communications and marketing efforts. Here’s an overview of what a typical client profile might look like in the Transition Stage:
- Preparing to retire from a full-time career
- 18 to 24 months away from retirement
- No longer supporting children financially
- Paid off mortgage
- Considering health care costs impacts and availability of Medicare
As clients move into the Transition Stage they will experience motivators, pain points and goals. It can be valuable to understand your clients’ thoughts and emotions regarding retirement, because you will be able to offer specific tools, advice and support they can count on.
During this stage, clients may be motivated to transition into retirement because of changes in health or because of a vision of a retirement lifestyle. Clients might also be concerned about having enough money, staying productive or having to work part-time to live comfortably.
Download this helpful flier to learn more details on identifying and supporting your Transition Stage clients.
Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.
August 15, 2013 by Courtney Redfern
More than likely, you spend a great deal of time preparing for client meetings. You research your client’s existing situation. You create proposals to help provide solutions for potential pain points. And you follow up with your clients to make sure they are happy with the solution.
While your client meeting may be the most important interaction you have with your client, it’s not the only one. In other words, your client will have several interactions with you and your business before they even attend a one-on-one meeting.
As you can see in the diagram below, you interact with your client in several ways.
In my last blog post, I posed the question, “What’s your client’s experience?” But now I’d like to ask, “Do you deliver a consistent client experience?”
Have you put the same time and energy into your other client interactions, also known as touch points, to make sure they are just as deliberate and as well planned as your client meeting?
Take a few minutes and step into your client’s shoes. To get started, download our tips for consistent consumer touchpoints.
July 25, 2013 by Courtney Redfern
When was the last time you thought of your interaction with a business as an experience? Most of us don’t—until we have a bad one.
When my husband and I purchased a new camper, we sought out a loan with the lowest interest rate. As a result, we have a new relationship with a bank we have not done business with in the past.
Five days before my first payment was due, I received a letter from the bank confirming my loan total and monthly payment amount. Instead of providing the payment book originally promised, I received a web address to make an online payment.
Slightly irritated, I went straight to my computer to make the payment. After searching the home page, I finally found a blue button to gain “instant access” to online banking. I was immediately asked for my account number, which I had not received.
Little by little, my account access was becoming less instant. I called the 800 number on the letter. After weaving through the automated phone system twice, waiting on hold for a total of six minutes, and talking to two representatives, I finally received my account number. I never expected a company to make it so difficult to pay them.
Now, obviously this experience has frustrated me. I will not recommend this new bank or seek out another loan with them, because they did not make it easy for me to do business with them. They may have a better rate, but they did not deliver on the customer experience.
What are your clients’ experiences? Do you make it easy for them to do business with you? Have you actually stopped to ask your clients how you are doing?
If not, this is a great time to solicit their feedback. It can be as simple as sending a short survey. A well-crafted client survey can provide you with valuable feedback about you and your firm. It can also help you increase client retention, strengthen relationships, capture testimonials, and gain new referrals.
Plus, your clients will be flattered that you took the time to seek out their opinion and provide them with a more meaningful experience.
Download our survey tips here to help you create your own client survey.
May 16, 2013 by Courtney Redfern
Even if you haven’t taken the time to crunch the numbers, you probably know that it costs less to keep your existing clients than to acquire new ones. This is why most business owners are looking for ways to generate additional business from their existing database.
How can you do that?
Connect with them. Learn about them. Discover their challenges and help provide solutions.
To get the ball rolling, you need to learn more about your clients. Start by creating 3-6 profiles that fit your existing client base. Because you work with different types of clients, you’ll want to group them by similar traits, qualities, and motivations. This can help you provide a more personalized experience according to their needs.
In each profile, you’ll list demographic information, identify current challenges, and acknowledge future wants. By participating in this exercise, you’ll get more familiar with your clients and start to think about their current struggles. You’ll also discover potential solutions you can offer to clients. And, ultimately, you’ll be able to provide your clients with the right message at the right time.
In the sample profile, you learn more about Joe through his traits and characteristics. You can also think about his pain points and connect them with possible solutions.
Start creating your own client profiles. Access a client profile template here.