egyii blog

One question I ask both salespeople and sales managers is “What is the most important tool that great salespeople have in their toolbox?”

The answer is always “Relationships.”

So why aren’t companies and management focusing on relationships and declaring the importance of them? Why are they wasting so much money, effort and time on methodologies and processes? Is it because methodologies and processes are measurable and “tangible” and relationships are not?  The budget holders therefore can’t justify the spend? Most probably.

Does it make sense? Think about it.

(Egyii believes in the importance of sales processes and methodologies as a foundation. But you can’t depend on them alone-with today’s smart buyers, they see right through it. They also see right through a phony salesperson and the questioning techniques. Think about it.)

For more on relationships, see Relationship Management.

Trip Allen, Team Egyii, Singapore

Trust. It is a hot issue.

This is the second of a series of interviews and Podcasts with the leaders in Trust, in anticipation of our August announcement on our new programme on Trust.

In this series we interview Nick Morgan, President of Public Words Inc and author of Give Your Speech, Change the World, Working the Room and Trust Me: Four Steps to Authenticity and Charisma. He started his career in writing political speaches and  is a fellow at Harvard’s Kennedy Center and former editor of the Harvard Management Communication Letter.

In this interview we discuss Nick’s passions and background, 4 ways to address authenticity and charisma and great speech deliverers.

Link to Nick’s Podcast

Trip Allen, Team Egyii, Singapore

Client Relationships 

Although the term “client relationship” can be nebulous and can carry broad meanings, client relationships can be defined as a connection, association or involvement with a prospect or ongoing client in a business relationship.

A “relationship” can be achieved through numerous means, for example:

Someone who “surfs” the internet to look for a product, some value or knowledge.

A customer service representative assisting a client with his needs.

Advertising, PR and word of mouth marketing that connects a product with a client (or a client with a product).

A customer service survey, requesting for feedback.

But, from Egyii’s perspective, the most powerful and meaningful client relationship (for both internal and external business) is a close, personalised, long term face to face relationship.

Challenges Today in Client Relationships

With today’s busy, interconnected and digital world, it is becoming more and more difficult to build and maintain close client relationships. Companies understand the importance of it and have gone to great efforts to enhance their relationships.

Why is it so difficult?

There are too many distractions and there is too much competition for both the companies and the clients.

People are not so loyal anymore as everything is a “click away.”

Many people are leery of the “gun slinging” salesperson looking for “the deal” to meet his numbers.

Companies are too focused internally and not focused on the client.

Companies are too short term focused and not medium to long term focused.

People have doubts and trust less due to the economic environment.

From Egyii’s research and experience, we see, through service driven economies and the need to introduce complex solutions to be competitive, that the most difficult relationships for businesses to attain are the relationships that drive intangible and complex sales and overall business.

So what is missing?

Solutions

In more complex or less tangible business scenarios, what do most people want? People want to be understood and treated like an individual- not as a number. They want that connection, association and involvement. They want help.

They want some sort of relationship.

To build your relationship you first need the tools to manage yourself – your own situation. We call this self management.

Once you can manage yourself, you can start to manage the relationship. We call this relationship management.

The combination of self management and relationship management tools, along your company’s tools (your sales process, marketing and unique product offerings) make for a powerful client relationship programme.

The Benefits of Well Executed, Long Term Client Relationships

The benefits are clear. With long term, solid client relationships you and the client benefit.  

For example:

You attain a more loyal client base. It is proven that loyal clients typically buy more products at higher margin, and they are easier to cross sell and up sell to.

Your operations costs are cut. As the client becomes more familiar with you and your business, less support is required.

It is easier for the client: peace of mind.

Your product and company look different- people become the differentiator.

You become more competitive through your biggest asset- your people.

The benefits of well executed, long term client relationships benefit all parties. It is a win-win scenario.

Understanding one’s self is the key to true knowledge. Aristotle

Trip Allen, Team Egyii, Singapore

I met up with an Account Executive from one of my former employers the other day and she asked me, as we were parting, “Can you give me some tips on how to be successful in sales in my current position?”

I love these kind of questions where I am asked for advice.

I answered “Relationships and value.”

“The relationships with your internal support mechanism (your colleagues) and the relationships with your clients are the most important. Without either of them, you will not survive.”

Simple enough. But…

“Relationships are very important but you must also add value. Always be adding value.”

“With your colleagues, always understand what drives and motivates them. Know their “business.” Instead of asking for their help, ask how you can help them. You would be amazed how they change their perspective.”

“With your clients, always be adding value- know their business and environment, anticipate their problems and offer solutions. Become a trusted advisor.”

This would be my simple answer to anyone who asked me about success in sales.

Trip Allen, Team Egyii, Singapore

The Egyii team recently attended a financial services briefing in Singapore, hosted by Gartner, one of the global leaders in research and analysis.

The following is some of the advice offered to the Singapore and global banking community.

(Highlighted in Bold Italics are quotes from the analysts. The rest  are comments from Team Egyii)

Technology can help but it’s not the be all to end all. CRM systems, online support, Etc are important, but facing the client (face to face), is more important.

Banks going back to basics- focus on core business away from the peripherals. Too many complicated programmes were rolled out over the years. This caused too many problems and contributed to the  collapse. Keep it simple moving ahead.

Be more inclusive with clients as they have lost your trust. Remove yourself from siloed thinking and involve the customer in more decisions.

Best innovations come in time of bust- don’t stifle innovation. If you wait you will be left behind- you will never catch up. Be  bold- try new things, otherwise someone else will beat you to it.

Life goes on (during the crisis) so understand what your customers are doing.  Don’t put everything to a halt as business continues- keep client focused.

Internet usage and popularity in Singapore facts and stats: Facebook ranks 4^th, users spend avg 23.2 mins. DBS ranks 17^th, users spend avg. 4.1 mins. Times are changing.  How do you engage and listen to the voice of  your clients in these times?

Customers  say- “It’s my money, so listen to me.” Retailers get it & respond. Banks don’t. How do you respond to your clients needs?

Banks need to get more advice from peer groups. The web community is one way…face to face is another.

Know me (the client). Know my life. Retailers know it & get it. Banks don’t.” retailers engage well with clients why don’t financial organizations?

The client is pleading…”Please. I need a helping hand. Help.” They are calling for you- respond please.

How many helpful and meaningful  messages have been sent to customers during the crisis about what is really happening (and what to do about it)? 0- zero.” (from research of 25 major banks) Banks need to communicate better, not just from a broad sense but from a personal sense.

Customer experience is about building trust and understanding the entire customer experience process. Don’t segment it- look at the whole experience and the different ways of delivering it.

Customers want help. The financial organizations are not there- they are too internally focused. How do you focus on the client when he is crying for help?

Your customers have interests outside of banking and insurance. Look beyond the immediate financial services relationship. Look at building personal relationship where you can…

In conclusion, times are tough but you must forge on. Don’t sit back- take advantage of the situation as you will benefit long term. Keep it simple and focused on the client..

Trip Allen, Team Egyii, Singapore

What’s lacking in many businesses today is client focus. Client focus is potentially the answer to your business woes.

How can such a simple thing be overlooked?

Because the world is running around like crazy. Unfocused.

Too many people are getting too in depth as to why all the problems were caused and too many people are presenting too many complicated solutions.

It is completely insane.

So stop the insanity. Push everything aside and let’s get focused on what matters.

CEOs. Marketers. HR Managers. COOs. Sales Profesionals.CIOs.

Let’s all rally and get back to the basics.

Visit  your clients. Listen to your clients. Work for your clients.

If you are too focused on the problems and the business, you are not focused on the client.

One on one, with the client, however you do it.

Simple enough.

For more, see:

Sizing Up Short to Long Term Methods to Drive Business Results by Egyii

Why is it that Banks Don’t Get Customer Experience? by Egyii

Are You Client-Focused, Or A Client Vulture? By Charles H. Green

Trip Allen, Team Egyii, Singapore (it’s Monday!)

Independent Research Firm Forrester cites Egyii in latest “Hot Banking Tech Companies to Watch in 2009: Q2 Update” report.

Senior Analyst and author, Ellen Carney, is part of  the technology industry strategy team and focuses on Product Management and Marketing professionals in banking, insurance and securities industry.

Egyii’s role in customer experience programmes played an important part of this recognition.

For more, see Forrester’ “Hot Banking tech Companies….”

Trip Allen, Team Egyii, Singapore

Banks just don’t get customer experience. Why?

  Hotels get it.

  Umpqua Bank in Oregon, USA gets it. But only partially…

Bank clients clearly are not happy. Banks continue to operate in the same manner.

So what are they missing?

The true client relationship. A genuine, authentic interface. Bankers are too busy pushing products, too pre-occupied with short term bank and personal results. They are too focused on the bank and the bank’s operations.

CRM, processes and the bank’s physical environment all help- but they don’t go far enough.

Hoteliers focus on the client - not the company.

That is the difference.

I spoke with the head of Customer Experience at one of the major Singapore banks the other day and she said that the banks’ staff ARE too focused on THE BANK. They are are tied up with too many regulations, compliance, rules, Etc.

Banks need to start focusing more on the personal side of the client, the relationship (the real experience),  to really add value and capture the audience.

Customer focus. Customer value. Customer Experience.

Trip Allen, Team Egyii, Singapore.

According to a recent study published by Dow Jones titled “Wealth Management After the Crunch,” the following numbers on banks’ performance were presented: 74% of the banks in Asia thought they over-performed through the crisis whereas 91% of the US banks were under the illusion that they performed well.

But, the reality is just 29% of the clients concurred with this.

The author, Bruce Weatherill, a former PWC consultant and now representing his own firm Bruce Weatherill Executive Consulting, states: “Clients are saying they look for service from life to death to the next generation. Wealth managers are delivering that by changing advisers very frequently moving in and out of markets. They don’t understand to be successful, wealth managers need to provide security, a long term vision and not just transactions.”

As for trust, Mr. Weatherill states that 65% of the wealth managers in Asian banks think their clients see them as “trusted advisors.” 

But, again the clients have a different perspective on this. Only 32% agree with this.

Mr. Weatherill states in the report that “Wealth managers underestimate the loss of trust that has resulted from the credit crunch. They need to recognise the damage and work rapidly to repair it.

There are other statistics around low numbers of loyalty between clients and the wealth managers, disagreements on the clients’ view of performance Vs the banks, Etc.

All of this leads to dissatisfied clients and all in all it is not positive (to say the least).

So much so that many of the clients are switching to other institutions and private wealth management firms.

We all don’t need to have these numbers to recognise that there are levels of denial and a lack of real client focus.

When will the banks and other financial institutions realise that it is time for a change?

Trip Allen, Team Egyii, Singapore

Trust is about being, not doing. In fact, in Laurel Delaney’s blog How to Build Trust, Marilynn T. Mobley says “It isn’t something you do – it’s what you are.”

Our clients don’t leave meetings with us and analyse our actions and come to the conclusion that ‘because he kept to his word he can be trusted.’ Keeping to your word is, of course, essential. But this kind of behaviour is just the entry ticket to play the game of business.

Trust is sensed. It’s about how our client feels when in our presence. These feelings derive from all the unconscious signals we send out as we interact with our client.

We can’t strategise this by deciding what behaviours we are going to engage in to create trust. We can’t fake it. It comes from our intent.

If our intent is to do the  best we can for our client irrespective of sales targets and other pressures – just listen and give them what they need – then we will unconsciously communicate authenticity.

So the starting point is to look inside ourselves honestly and ask whether our goals are the right ones for long term business development and ultimate success.

All of us need to audit our own purpose and aspirations from time to time. Take the time for some introspection instead of always looking at the outside world for answers.

When we are familiar with our internal world and are authentic, then the outside world pretty much takes care of itself. This, I believe, is the key to building trusting relationships that lead to increased business success.

James Irvine, Team Egyii, Singapore