Step 1: Define an authentic nicheĭefining a niche enables advisors to focus their efforts on a particular market or specialization. And she shares the questions that can help your firm uncover ways to truly differentiate over time. To capitalize on these trends, Littlechild offers a four-step plan for making the shift from delivering great service to designing meaningful, client-centric experiences. Co-creation: Inviting customers to take an active role in designing products, services, and encounters.Personalization: Designing services based on individuals' unique needs and perspectives to provide a meaningful experience.Defining a niche: Creating more focused services based on client type or area of expertise.Littlechild identifies three customer-engagement trends occurring across industries: By understanding the way these companies are reaching and serving their ideal customers, advisors can create meaningful and tailored experiences that set their firms apart. Corporations like Starbucks, Zappos, and Ritz-Carlton are driving a transformation in client experience outside of the financial services industry. How can advisors stand out in a sea of sameness? Look to some of the world's most successful brands. With so many firms offering the same type of experience, it has become harder for potential clients to distinguish one firm from another.
It's also imperative for advisors to differentiate themselves from their competitors. Yet managing these new engagement tools is only one piece of the puzzle when it comes to building client loyalty. The pandemic helped accelerate trends that already existed, including the proliferation of communication channels allowing clients to interact with their advisors.
And while 90% of clients are still somewhat or very satisfied with their advisors, according to a 2020 survey by Julie Littlechild's Absolute Engagement consulting firm, this high metric masks a major shift taking place in the industry. But the way advisors interact with clients and the types of experiences RIA firms provide have changed since the COVID-19 pandemic.
It's safe to assume most advisors share a common goal: attracting ideal clients.ĭoing so starts with delivering outstanding service-something many firms try to accomplish by segmenting clients into tiered service levels, helping them target each group's needs and assets under management.
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