THE ACADEMY OF FINANCIAL MARKETS NQF 5 Module 12 Thought for the - - PDF document

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THE ACADEMY OF FINANCIAL MARKETS

NQF 5 – Module 12

Thought for the day

Live life while you are alive!! Module 12: Managing Customer relationships

Customer relationships:

– The evolution of marketing – The five P’s of marketing:

Products Price Place Promotion People

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Module 12: Managing Customer relationships

Customer relationships:

– Its about people: Essential for success – Good relations and customer skills

How do you grow your business?

– P x Q = size? – Growth of a business:

Organic growth Marketing for organic growth

Module 12: Managing Customer relationships

Customer relationships:

– Small business vs. large business – Target market – Understand customers needs – Client interaction

Obsolete products – no need for it anymore Be on the forefront of innovation!

Module 12: Managing Customer relationships

Client interaction and behavioral

finance:

– How do clients behave and react to different interactions?

Different people hear different things from the

same communication

Resulting in arbitrage (limited) Cognitive psychology – logical reactions

– Exercise 1 and 2

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Module 12: Managing Customer relationships

Investor behaviour:

– Talk to: Head, heart, solution – Loss aversion and marketing – Urgent vs. important

Urgent Not Yet Urgent

I II

NB

III IV

Not NB

Time Management Matrix

Urgent – visible, scream for attention, NB to other people => reactive life, others set our diaries/spending priorities NB – contr towards our values/mission/vision in life Urgent Not Yet Urgent

I II

NB

Crises, Pressing problems, Deadlines Off springs of neglected quadrant II activities, etc III IV

Not NB

Time Management Matrix

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Urgent Not Yet Urgent

I II

NB

Crises, Pressing problems, Deadlines Off springs of neglected quadrant II activities, etc Prevention, Capacity building, Health, Relationship building, Financial Planning, etc. III IV

Not NB

Time Management Matrix

He who has no time for exercise must create time for sickness He who has no time for financial planning must create time for begging The management of your finances is as important as the earning of your finances

Module 12: Managing Customer relationships

Obtaining client information:

– Purposes – What information?

Identifying new clients and

• pportunities:

– Four avenues – How do we get information for possible new clients?

Module 12: Managing Customer relationships How to build your business:

Rank a) to d) from 1 to 4; 1= Easy; 4 = Difficult

Products Clients Existing New Existing a) b) New c) d)

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Module 12: Managing Customer relationships

Profiling the ideal client or market Current inactive clients The “silent” client How do you deal with “grumpy” clients:

– “If someone writes, he/she actually wants to be a customer”

Module 12: Managing Customer relationships

Customer relationships:

– Develop products / services to satisfy those needs

Price irrationality Customer vs. consumer

– Its about people!!

Module 12: Managing Customer relationships

Client interface:

– Listening, re-phrasing and offering solutions – Essential information – Media to use e.g. social media – Formal complaint and appeal process

Example 3

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Module 12: Managing Customer relationships

Client database

– Why and what – Back-up!! – CRM

ID “pain points” Customer favorites Sales & other reports Product profitability

Module 12: Managing Customer relationships

Selling skills:

– Essential selling skills – MASTER of selling

Get to “gatekeeper”

Sales Management:

– Effective coaching? – 80-20 rule – Sales and marketing plan as part of the business plan

Module 12: Managing Customer relationships

Assignment Exam

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THE ACADEMY OF FINANCIAL MARKETS

NQF 5 Course: Thank you very much for participating and good luck with the final exam and your future ventures!