In the ‘survival of the fittest’ market, client engagement is a vital battleground.
In an over-supplied market, if you underperform at engaging clients, they will give their time to your competitors … and then their money.
To outperform, therefore, the winners will compete as intensely for time as they do for money.
Adam Grainger, Founder and MD of Accomplish, explains asset management client engagement and why it matters at the 2024 Summit for Asset Management (TSAM) in Singapore.
Engagement is a category of behavior; behaviors are comparable, ‘nudgeable’, and dollarizable; and the data you need collects in your systems. The winners, therefore, will interpret and manage their specific effect on institutional clients by comparing against other asset managers who have also used consistent measurements.
A ‘gift of time’ (like visiting your website or attending an event) can lead to a ‘transfer of money’ (like buying) and you can influence the conversion rate. However, if you only focus on absolute engagement (e.g. the highest event attendance) rather than your conversion rates from one behavior to another, you may achieve good engagement but it may lead nowhere. The winners, therefore, will develop strategies to convert ‘gifts of time’ into ‘transfers of money’ and they will do this despite internal organizational boundaries.
Client engagement is relative – in the same way as there is only so much money clients can allocate, there is also only so much time they can give. Because of this, asset managers are in a zero-sum game with each other – not just for clients’ assets but also for their time. The winners, therefore, will compete as intensely for time as well as money.
The Benchmark was purpose-built by asset managers to be THE asset management client engagement benchmark. It is a unique set of institutional data that lets you see ‘snapshots in time’ and multi-year trend analytics. At Accomplish, we believe it will help create winners and losers.
Built through an industry-wide innovation initiative, the benchmark is relevant to any discussion about asset management client engagement because:
Accomplish’s playbooks will then show you HOW to outperform at engaging clients.
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