Client Relationship Management. LIA Cork 9 th September Eanna McCloskey Wealth Options Ltd. Know your customer. Definition. Know your customer

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1 Eanna McCloskey Wealth Options Ltd. Client Relationship Management LIA Cork 9 th September 2008 Definition Knowledge of your CUSTOMER, his/her needs, wants and motives Appreciation of the length, width and depth of the RELATIONSHIP between the customer and your organization Proper MANAGEMENT of all interactions with the customer Know your customer Any definition of CRM must start with the customer in mind. To truly engage the customer with you and your products, you'll have to exceed the expectations of the customer. How can you do that if you don't know your customer? Know your customer Don't rely on the operation of a computer system alone, however magical the results seem to be. Without actual human interaction with your customers, you will miss out on the nuances of knowing your customer. So talk with your customer every chance you can... and then make sure you create more chances to interact. Appreciate the Relationship Relationships are not one-dimensional. The relationship with your client can exist on many levels,. You must understand that the customer or prospects can interact with all levels of your organization, and through all kinds of channels. Multi-channel customer. 1

between the customer and your organization Proper MANAGEMENT of all interactions with the customer Know your customer Any definition of CRM must start with the customer in mind.

2 Manage the Interactions To manage all interactions with the customer, CRM can only be successful if the complete organisation is mobilized. In fact, you could say that everyone is part of the customer service department. Often, this means a great paradigm shift for the business, towards true customer centric thinking and acting. Back to Basics Answer the phone Keep promises. Listen to your customers Deal with complaints Be helpful even if no immediate profit Train your staff Take the extra step Answer the phone Get call forwarding. Or an answering service. Hire staff if you need to. Make sure that someone is picking up the phone when someone calls your business. People who call want to talk to a live person, not a fake recorded robot. Keep Promises Not plan to keep them. Will keep them. Reliability is one of the keys to any good relationship, and good customer service is no exception. Applies to client appointments, deadlines, etc.. Think before you give any promise because nothing annoys customers more than a broken one. Under promise over deliver Listen to you Customers Is there anything more exasperating than telling someone what you want or what your problem is and then discovering that that person hasn t been paying attention and needs to have it explained again? Let your customer talk and show him/her that you are listening by making the appropriate responses, such as suggesting how to solve the problem. Deal with Complaints Deal with Complaints No one likes hearing complaints, and many of us have developed a reflex shrug, saying, You can t please all the people all the time. Maybe not, but if you give the complaint your attention, you may be able to please this one person this one time - and position your business to reap the benefits of good customer service. 2

Back to Basics Answer the phone Keep promises.

3 Be helpful even for no profit The other day I popped into a local watch shop because I had lost the small piece that clips the pieces of my watch band together. When I explained the problem, the proprietor said that he thought he might have one lying around. He found it, attached it to my watch band and charged me nothing! Where do you think I ll go when I need a new watch band or even a new watch? And how many people do you think I ve told this story to? Train your staff Do it yourself or hire someone to train them. Talk to them about good customer service and what it is (and isn t) regularly. Most importantly, give every member of your staff enough information and power to make those small customer-pleasing decisions, so he never has to say, I don t know, but so-and-so will be back at... Take the extra step Whatever the extra step may be, if you want to provide good customer service, take it. They may not say so to you, but people notice when people make an extra effort and will tell other people. New Customer v Existing Customers Attracting new customers is good Not the only way to increase sales Is hard to do Shift your sales focus to existing customers Build existing customer loyalty with repeat sales. New Customers Don t use the label Don t use the process Package your services verbally Crystal clear Communicate the problem then the solution Communicate the message I work with people who face many financial challenges (i.e. the problem.) I show them how they can achieve financial independence with minimal effort (i.e. the solution.) Be as specific as possible 3

Where do you think I ll go when I need a new watch band or even a new watch? And how many people do you think I ve told this story to? Train your staff Do it yourself or hire someone to train them.

4 Call the client When things are going wrong Keep the client informed Offer Solutions Watch those promises Call the client When things go wrong and the client knows, always call. does not always translate circumstances or feelings and a client usually places more value on a phone call. Discuss the situation and have solutions ready! Also have a time line ready for implementing the solutions and resolving the problems. Call the client Be sure you can deliver on the timeline; this will restore confidence. People in crises situations feel less stress when they know what to expect. When you execute the solutions and the client is aware of this they will increase their confidence in you and relax more. Keep the client informed When things go wrong and the client doesn t know, it is still a good idea to let them know. More often than not it resolves more potential problems than it causes and shows your integrity. Always have solutions in place and address the problem before I talk to the client. The majority of the time your client will find out about the problem anyway. Offer Solutions Have solutions ready for clients when there are problems. Do not expect them to tell you what to do. Offer them solutions and ask for their thoughts. This shows the client that you have thought about the problem and have it under control. Watch those promises Do not promise what you cannot deliver. It is always better to under promise and over deliver. Set realistic timelines and budgets and add a little padding so you can absolutely deliver what you promised and then some. This will pay off in spades. Clients will be more likely to refer you and more likely to use you in the future. 4

Also have a time line ready for implementing the solutions and resolving the problems. Call the client Be sure you can deliver on the timeline; this will restore confidence.

5 Summary Respond rapidly Listen without being defensive Say your sorry Collaborate on the solution Offer amends Avoid excuses- don t blame others! Anticipate crisis Get things out in the open Customer segments are well defined. The company uses customer satisfaction surveys for understanding customer needs and what satisfies and dissatisfies customers. Human resources management practices empower all employees to participate in improvement initiatives. Employees at all levels receive the education and training they need to participate effectively Senior executives are personally and visibly involved in demonstrating that improved customer satisfaction is a high priority strategic goal. Customer service performance measures exist at the organizational, departmental and individual job levels and are widely publicized and acted upon. Communication is frequent and informative. All employees are aware of their internal customers and suppliers. The working environment is conducive to the well-being and morale of all employees The organizational hierarchy does not inhibit effective and constructive two-way communication over process improvement issues. The company's values are clearly articulated and understood by all employees. They are constantly and consistently reinforced by the actions of all managers. Goals for customer satisfaction make us stretch but are attainable The company encourages close collaboration and teamwork. The employee performance appraisal, recognition and reward processes strongly promote involvement in delivering customer satisfaction. Business processes are regularly reviewed to eliminate non value-adding activities and improve customer satisfaction. Relationships with customers are managed effectively and involve obtaining information from them to improve products and services. Business cases for change are clearly articulated and validated Customer complaints are welcomed and resolved quickly and positively Effective processes for determining current and future customer requirements and expectations are applied both systematically and rigorously. The strategic and business planning processes have a strong focus on customer service and produce clear objectives for improvement 5

The company uses customer satisfaction surveys for understanding customer needs and what satisfies and dissatisfies customers.

6 FINAL THOUGHT It costs much more to acquire a customer than it does to keep an existing customer happy.? Thank You Questions? 6

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