jaslinah rahman

IncreasingCustomer 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

Trial User

Customer

RepeatCustomer

LoyalCustomer

It’s not what it COSTS it’s what it PRODUCES…

Service Excellence Mindset

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

• Business success via SERVICE EXCELLENCE

Stay Married to Customers

M - money

A - authority

N – need

Long-term regular investors

Step 1Qualify customers

1. What stage of lifecycle?

2. What’s their attitude to risk?

3. What are their investment goals?

4. What’s their return expectation?

5. What’s their investment horizon – short or long?

Step 2Identify Needs

Stay Married to Customers

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

Step 3Clarify Concerns

1. Understand customer’s mind – keep in touch at least monthly

2. Give superior & value added service

- monitor & review

- updates market outlook &

necessary advice

Step 4After salesservices

Customer Retention – some tips

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

• Customers buy (initially) on emotions, they continue buying on trust & positive results.

• “Rapport” is short-term so build “relationship” as it last longer.

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

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

Discussion time

• Discuss with your buddy what’s your present CRM style ?

• How can you improve further ?

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

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

Investors Incline to Divorce

1. Age 50 – 552. Type investment – loan3. % redemption4. Interrupted autodebit5. Life events6. Frequent switching7. Low ROI8. Changes macro economic condition9. Silent mode10. Inherited customer

Handling Investors @ 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

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)

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

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)

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

"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