Customer satisfaction surveys can help financial advisors to understand their customers and improve loyalty, yet due to time constraints, they often fall to the bottom of the priority list. Here, we look at why customer satisfaction surveys are important for Financial Advisors.
Happy customers are loyal customers
Statistics show that happy, satisfied consumers are more likely to develop brand loyalty, and therefore use your services again and again. They’re also more likely to recommend your services to friends and family as an informal referral process.
Through the use of customer satisfaction surveys, Financial Advisors can gather specific information about positive and negative perceptions that could improve the services that they offer to their clients.
The continued growth of social media means comments about a brand can be seen by thousands of potential customers almost instantly. By using the opportunity to collect information and act on it shows that you care about your reputation as a customer-friendly brand that truly aims to serve customers.
Customer feedback surveys
A customer satisfaction survey should provide you with an insight into what your clients actually think of the services you offer.
Within the survey, use a mix of multiple choice and open-ended questions with areas for comments, to achieve a mixture of results.
By reaching out to customers via web links, emails, social media and SMS, you can reach people pretty much anywhere and at anytime. But to optimise response rates, consider the following:
–Make surveys easy and convenient to complete
Make survey completion as simple as possible for clients. Limit client survey questions to the most critical—so that the survey is not too time-consuming and in the survey’s introduction, clearly communicate the anticipated amount of time it will take to complete.
–Develop targeted questions, leaving room for unstructured feedback.
Direct questions about client satisfaction with various firm service areas with scaled optional answers (such as 1-10) are always useful, but don’t forget to add a comment field to scaled questions. These will allow clients to give more candid and unstructured feedback. That way, you’ll gain a great insight into what your clients are thinking.
Don’t forget to use the insights from the you collect data
Use the data you collect from conducting surveys to validate what you are doing correctly. Use it to explore areas where you can continue to improve. Use the feedback to determine service areas that need tweaking and then develop process improvements to address those issues.
We hope that you have found this post on Why customer satisfaction surveys are important for Financial Advisors useful.
If you’d like advice when it comes to customer loyalty and client retention strategies, please feel free to contact me or a member of my team here.
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