Increasing Customer Value

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IncreasingCustomer Value

• Week 3

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You can WIN new customers by LOVING the ones
you have
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Objectives

• Understand who are your investors ?
• Whats your competitive edge ?
• Strategies build competitive edge
• Some tools

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Stairs of Customer Value
Loyal Customer
Repeat Customer
Customer
Trial User
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Its not what it COSTS its what it PRODUCES
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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

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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?
• Whats their attitude to risk?
• What are their investment goals?
• Whats their return expectation?
• Whats their investment horizon short or long?

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Stay Married to Customers
Step 3 Clarify Concerns
Step 4 After sales services

1. Did you manage to clarify handle all his
   concerns ?

• Understand customers mind keep in touch at
  least monthly
• Give superior value added service
• - monitor review
• - updates market outlook
• necessary advice

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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

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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

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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

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Discussion time

• Discuss with your buddy whats your present CRM
  style ?
• How can you improve further ?

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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

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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
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Investors Incline to Divorce

1. Age 50 55
2. Type investment loan
3. redemption
4. Interrupted autodebit
5. Life events
6. Frequent switching
7. Low ROI
8. Changes macro economic condition
9. Silent mode
10. Inherited customer

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Handling Investors _at_ Risk

1. Identify list customers (monitor temperature of
   risk be proactive)
2. Schedule appointment to meet
3. Find out what his/her plans to do with -
   probe, explain get commetment

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Handling Investors _at_ 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)

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Handling Investors _at_ 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

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Handling Investors _at_ 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)

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Handling Investors _at_ 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

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"In sales there are going to be times when you
can't make everyone happy. Don't expect to. Just
do 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