1 / 21

Increasing Customer Value

Increasing Customer Value. Week 3. You can WIN new customers by LOVING the ones you have. Objectives. Understand who are your investors ? What’s your competitive edge ? Strategies build competitive edge Some tools. Stairs of Customer Value. Loyal Customer. Repeat Customer.

hayes
Download Presentation

Increasing Customer Value

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IncreasingCustomer Value Week 3

  2. You can WIN new customers by LOVING the ones you have

  3. Objectives • Understand who are your investors ? • What’s your competitive edge ? • Strategies build competitive edge • Some tools

  4. Stairs of Customer Value Loyal Customer Repeat Customer Customer Trial User

  5. It’s not what it COSTSit’s what it PRODUCES…

  6. Service Excellence Mindset • Business success via SERVICE EXCELLENCE • What can I do to make a difference ? • Not easily copied • Cannot be bought with $$$ • Must be built • Builds emotional loyalty • Overcome temporary lapses in quality

  7. Stay Married to Customers Step 1 Qualify customers Step 2 Identify Needs M - money A - authority N – need Long-term regular investors • What stage of lifecycle? • What’s their attitude to risk? • What are their investment goals? • What’s their return expectation? • What’s their investment horizon – short or long?

  8. Stay Married to Customers Step 3 Clarify Concerns Step 4 After sales services • Did you manage to clarify & handle all his concerns ? • Understand customer’s mind – keep in touch at least monthly • Give superior & value added service - monitor & review - updates market outlook & necessary advice

  9. Customer Retention – some tips • Customers buy (initially) on emotions, they continue buying on trust & positive results. • “Rapport” is short-term so build “relationship” as it last longer. • Tips : be relevant & important • Significant in selling process • Improve knowledge (product/services) & skill • (communication, listening, presentation) • Need-based selling, make clear financial • objectives & its keep reinforce its importance

  10. Customer Retention – some tips • Tips : be a friend, understand • & empathize • Go the extra mile • Patient in building relationship • A win-win attitude • Be a J.U.S.T consultant • Appreciative & avoid being greedy

  11. Customer Retention – some tips • Tips : offer strong “differential” advantage • Quicker service • Up to date product/services • Value added products/services • Better follow-ups • Tips : create your BRAND • Branding creates loyalty

  12. Discussion time • Discuss with your buddy what’s your present CRM style ? • How can you improve further ?

  13. Upselling (same investors) • UT for different needs – EPF & cash, cash for different needs • UT for different family members • Review existing plans as life cycle changes – to increase or rebalance • Cross-selling with insurance & free insurance, credit cards & housing/car loans

  14. Why investors redeem Acceptable • Planned withdrawals (pre-determined) • Emergency Un-acceptable • Panic (market) • Dissatisfaction with service • Competitive offers (gifts) • Inertia - turn 55 for EPF - maturing loans Reactive- acts in response to a problem that has already risen

  15. Investors Incline to Divorce • Age 50 – 55 • Type investment – loan • % redemption • Interrupted autodebit • Life events • Frequent switching • Low ROI • Changes macro economic condition • Silent mode • Inherited customer

  16. Handling Investors @ Risk • Identify list customers (monitor temperature of risk – be proactive) • Schedule appointment to meet • Find out what his/her plans to do with $$$ - probe, explain & get commetment

  17. Handling Investors @ Risk …to invest in other UT • Poor performance - check investment objv, risk profile, timeline - explore switching to change risk tolerance or advice hold longer time 2. Poor service - understand complaint - promise better service (possible) 3. Gifts - calculate real value of gift vs additional expenses (to buy new fund)

  18. Handling Investors @ Risk …to invest in other product • Change risk profile - conduct risk profiling - may advice switching or compare UT to other financial products by highlighting disadvantages 2. Change to FD - show trend FD rates - last resort, sell your bond fund 3. Change to shares - highlight disadvantages – diversification & professional management

  19. Handling Investors @ Risk …expenses • Emergency - advice partial redemption & leave the rest to grow - invest again when situation improves 2. Planned profits - reinvest part of profits (enjoy compounding effect)

  20. Handling Investors @ Risk …EPF investors approaching 55 – actions to take • Identify them • Set appointments to meet - use financial planning approach & advise on asset allocation for retirement fund - use cash to upsell

  21. "In sales there are going to be times when you can't make everyone happy. Don't expect to. Justdo your best for each client in each situation as it arises. Then, learn from each situation how to do it better the next time." -- Tom Hopkins

More Related