In the pursuit of improved fund ROI and better client relationships, wealth and asset management firms must learn to understand clients’ ‘digital body language’ in order to yield greater revenue for the same level of effort.
What is digital body language?
‘Digital body language’ is the aggregate of all the digital activity you see from a wealth client.
Each email that is opened or clicked, each web visit, each form, each search on Google, each referral from a social media property, and each webinar attended – all of these constitute a part of your client’s digital body language.
In the same way that body language, as read by an advisor managing a deal in a face-to-face interaction, is an amalgamation of facial expressions, body posture, eye motions, and many other small details, digital body language is the amalgamation of all digital touchpoints.
How can wealth and asset management firms capture digital body language?
Digital body language-type insights are generated from all around the firm. Increasingly, however, digital marketing is leading the way in exposing and capture clients’ digital body language.
This is not surprising: whereas once a client or prospective client relationship would be fostered through face-to-face connections with an advisor, increasingly, contact with a firm is mediated through reading online materials such as research, insight and other types of content marketing.
Consequently, a key way to capture digital body language client is by using Content Intelligence. Content Intelligence identifies the emerging needs and interests of clients based on the material they are reading online. Once these needs are captured, they can be integrated into CRM software, business intelligence dashboards and financial planning tools to provide more actionable interest data for advisors to influence their clients.
The importance of influencing clients
In wealth and asset management – as with any other relationship-based industry – people prefer to do business with those they like and those who are like them.
Before even beginning the process of influencing another party it is important to establish rapport by uncovering the interests of the client, and showing yourself to be an authority in those interests. Whilst this may seem like a tall order, fortunately (for wealth advisors) Idio makes it easier than ever to capture client interests.
Demand Orchestration keeps it simple for busy advisors who don’t have time to look through each client’s browsing history to work out what they’re interested in. A tag cloud of client interests quickly show that an investor is particularly interested in “green energy stocks” and “renewable energy”, rather than, say, “Japan” and “mortgage-backed securities”. Armed with this information, a wealth or asset manager is in a position to have an informed client call and orienteer the conversation around these identified client needs.
As such, capturing insights from content is vital for communicating with prospective investors and current clients. By understanding clients’ digital body language from their content consumption, wealth and asset managers can build a rapport, show authority, and expose further opportunities to cross-sell or upsell.