Closing more than your competition

Baby boomers are now transferring trillions of dollars to millennials and Generation Z. This is a trend predicted to continue for the next 20 years, or until $68 trillion is in new hands. Those new high-net-worth clients expect and rely on digital communications for information, including wealth management. How do you stand out in a busy crowd to be seen and heard? Hyper-personalization is the solution. 

Hyper-personalization is tailored information, specifically for your client. A Gardner study recently revealed that companies using hyper-personalization outsell their counterparts by 30%. It also helps you predict clients’ needs based on past behavior or clients like them, as well as allows you to gather real-time feedback. This strategy also helps you to automate more of your marketing and client communication.

Here are a few easy steps to get started down the hyper-personalization path.

Step 1: Set goals and key performance indicators. If you do an overview of your company, you should soon realize what works well for you and who you’re doing an amazing job communicating with. Also, though, look at areas where you want to improve. One way to do this is through research and information gathering by surveying clients and team members. Once you have your information and your baselines, set monthly or quarterly goals to acquire new clients or close deals.

Step 2: Use your data to create a strategy. This means you should start thinking about how to automate everything in your business. This includes all the cards you send to clients, such as for birthdays, new babies, graduations, congrats on the new business and condolences.

Also, look at automating information such as reporting, educational pieces and accounting. Your strategy for automating and improving the client experience needs to be hyper-focused and hyper-tailored for your specific clients and their wants. 

Step 3: Implement tools and technology. These tools are usually packaged together and include a CRM, an email marketing platform and a sales strategy system. Some of these tools can include Salesforce, Zoho, Wealthbox and HubSpot, but there are many more. 

Step 4: Data and segmentation. Group your clients in categories such as interests, life stage or years until retirement. You can focus on what those specific clients’ needs are, as well as what their issues and challenges are. From there, you can send alerts and text messages and start a campaign.

Step 5: Use predictive analytics. Predictive analytics in wealth management can include an optimized service level, allocating portfolios, providing advice, cross-selling, upselling, streamlining customer relationships, and optimizing your marketing and sales.

Watch Nicole Parmar’s MDRT exclusive video “Outselling the competition.”

For hyper-personalization to work, you’ll need to spend time creating a framework that accounts for all parts of your business. This should be efficient and effective but also fluid enough to change as data comes in. Evaluate and refine your process frequently, staying in sight and top of mind with clients and prospects. Hyper-personalization requires time and energy, but if done well, it should help you achieve and maintain Top of the Table qualification.

Nicole Parmar, of JNJ Business Solutions Inc. in Vancouver, British Columbia, Canada, is a marketing consultant who utilizes a data-first approach. You can see more from her in her video “Outselling the competition.”  [MDRT member exclusive]

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