Why are we seeing so much emphasis on developing great CRM’s without the mere mention of Client Engagement Technology? Is managing customers relationships more important than providing a system to better actually engage with clients?
Recently there have been many different organisations promoting and building these revolutionary end-to-end CRM systems…… but very few are even mentioning the essential element of client engagement!
They may argue that they tick that box with social media campaigns and fun Instagram reels, but is that a true and meaningful engagement? Or are clients simply just scrolling on through?
Is social media really enough to guide clients through these difficult times and continue relationships and build brand loyality?
At BrokerIQ we would argue no, not a chance!
We are adamant that customer engagement sits equally alongside client experience, client relationships, product quality, affordability and a strong team as the cornerstones of a successful business.
Why? Well to begin, it’s important to clarify what client engagement technology is and how it differs from client relationship management.
Client engagement is the building and maintaining of a strong connection with customers through proactive, ongoing, beneficial, and timely contact. Multiple methods, including websites, mobile apps, community forums, help desks, email, social media, and instant messaging apps, can be used for this communication.
Client relationship management is a model for managing company interactions with existing and future clients. Ultimately, it’s a software solution that business leaders use to automate their customer service efforts, collect customer data, and even examine trends in satisfaction.
Client engagement and client relationships are frequently used interchangeably. They differ even though they are related, and both are essential components of corporate growth that foster consumer loyalty.
Client relationship refers to the consumer's journey with the company, whereas client engagement refers to what the brand does to establish and maintain a healthy connection with customers.
So back to the why.
Why place equal emphasis on client engagement technology and CRM systems ….and it’s this simple:
The more engaged your customers are, the more emotionally invested they are in your brand. It's this emotional investment that makes them less likely to shop with a competitor and what strongly connects customer engagement to customer loyalty.
Additionally, consumers expect brands to know them, anticipate their needs and interests, and serve them only the content and products they want.
Personalised customer engagement has never been more important. Customers want a tailored experience as they progress from brand awareness to buying.
Let’s look at why client engagement technology is so important, especially during difficult times.
Increasing client engagement during challenging times is essential for businesses. Maintaining relationships, supporting customers and navigate through whatever transition is occurring, will certainly help with customer loyalty.
By implementing these strategies, businesses can maintain and strengthen client engagement even during volatile times, fostering loyalty, trust, and resilience in the face of challenges.
Client engagement using purpose-built software will facilitate seamless communication and engagement with clients, enabling businesses to establish and maintain ongoing relationships.
This supports the FCA's emphasis on customer engagement and the delivery of fair customer outcomes in their 2023 Consumer Duty release.
Effortlessly connecting with clients through intuitive messaging channels, facilitating real-time text, video, and voice communication will ensure the compliancy required by regulatory bodies.
In some small pockets within the advice and mortgage industry, we are starting to see a slight shift in the way CRM providers are viewing client engagement platforms and are beginning to incorporate them into their technology.
Thus, providing a true end to end experience, with client engagement and in turn relationships, at the heart as opposed to client management – two very different concepts.
What we are seeing clearly however, is the want and need for hyper personalised communication and client engagement systems from advisor firms who are willing to invest in the technology. These firms can now provide their own true, end to end process and have incorporated client engagement into their processes, to sit alongside or integrated with their CRMs and other platforms.
And they are certainly reaping the benefits!
The industry is taking control. They understand the absolute importance of engaging with their clients in a personal and meaningful way.
Finally, a new era with customer engagement at its core has arrived.