Build a Virtual Bridge to Clients

Sending mass emails these days are as good as using smoke signals amongst wildfires to notify a rescue team of your location. Yet we still do it with fingers crossed to communicate our message to recipients. Here are some ideas on how to build a virtual bridge to clients during social distancing:

Apply the Pareto Principle

There is a very high chance that the top 20% of your client base generates between 60 to 80% of your T12 revenues. This is the time to identify who those top clients are not just based on AUM but by psychographics (their attitudes, aspirations, and other psychological criteria) and demographics. Reasoning for this is in the following steps and it all leads to initiating a client retention strategy.

Curate or Develop Thoughtful Communications

By identifying your top 20% client base and noting their individual psychographics and demographics, you will have gained a better understanding of specific communications that will capture their attention and console them during these challenging times (e.g., sending articles, social media posts, or emails on SBA loans for small businesses, tips for home schooling children, or even articles on caring for elderly parents. These are all relevant to the current environment and can be extremely helpful to clients and appreciated by them.

Fractal the additional 80%

Once you’ve thoughtfully communicated with the top 20% of your client base, segment the other 80% in fractals by identifying the top 20% of the additional 80%. Once that is complete repeat steps one and two above. Continue to apply the same fractal strategy for the remaining clients in your book of business until you’ve communicated with them all.

In conclusion, these steps will obviously require much time indoors and possibly weekends to go through your entire book of business from top to bottom. However, considering you currently don’t have much of a choice but to stay indoors this approach is fitting. By implementing such a detailed client retention and communication strategy over the next few months your relationship with them will be strengthened and you will have built a virtual bridge to your clients during social distancing.

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Returns as of April 3, 2020.
Inception Date: April 4, 2017.

Index performance is for informational purposes only and does not represent any ETF. Indexes are unmanaged and one cannot invest directly in an index. Past performance is NOT indicative of future results, which can vary.  

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