Every MFD should strive to create happy experience for the investors and that is possible only if one understands the importance of database. We fashionably say Data is the new oil but hardly do anything to extract the oil out of it. To create happy investors, one needs to know the existing database. Database is not mere mobile number, email id, birthdays and anniversary.
ज्यों नैनन में पुतली, त्यों मालिक घर माही।
मूरख़ लोग न जानिए, बाहर ढूंढत जाई।।
In the above doha Kabir Das Ji says our God is within ourselves like the retina in the eyes but we, the ignorant people go outside in search of the God.
It’s a common practice that MFDs/Advisors are always in search for new clients. Most of the MFDs/Advisors are one man army or they have a very lean team. This makes me thinking why a person with lean team should always look for new clients. One of the primary reasons is that the person doesn’t understand the potential of database and importance of strengthening the existing database.
Purpose of database: Every MFD should strive to create happy experience for the investors and that is possible only if one understands the importance of database. We fashionably say Data is the new oil but hardly do anything to extract the oil out of it. To create happy investors, one needs to know the existing database. Database is not mere mobile number, email id, birthdays and anniversary. Especially for MFDs, it is much more than that. It’s about having information of clients/segment which may or may not result into new business immediately but it is a must have to offer them great experience which can strengthen the relationship and eventually will create advocates for them. MFDs primarily get new clients through references and it is always better if someone else talks about you rather than you talking about yourself.
Database should help the MFDs to cross sell, upsell also. It should also tell what campaign to do with which set of clients, when to approach people for SIP top up and when to approach for lumpsum investment in debt etc. Database should also tell spending pattern of the family and many more other things. In short not only it should help in bringing new business and help in getting lion’s share of wallet but at the same time should create happy experience for the clients.
Social Media Platforms: We all use social media platforms like Facebook, Twitter, LinkedIn etc. The person opens the account with mobile number/email id and over a period of time these platforms start gathering information about us and then create some great moments like album, videos etc which prompt us to share those things on our timeline which bring them more traffic. We do not realise when did we passed on some critical info like who are families, close friends, our likes and dislikes etc.
Unfortunately, most of the MFDs don’t use these strategies while dealing with their clients. It is akin to instead of climbing up on the tree in our backyard we prefer to go to jungle to pluck the low hanging fruits with the perception that we would get it easily.
While they may want to do but don’t know how to start this exercise. I have been sharing a profile sheet with many MFDs which can help them understand their clients and their next generation clients better. I can share if one is interested in having that sheet.
Who should do it: In the past Banks have acquiring the clients in big way because they have large reach, in the recent years ROBOs have been doing it. What needs to be understood that most of these companies focus on upfront commission and end up giving high cost products to the investors resulting into bad experience for the investors, it has happened in the past and don’t be surprised if it happens in the future. But those who realised that the MFDs/Advisors who don’t have target pressure and would be there for life because they won’t switch jobs are sticking to the MFDs/Advisors.
Pick your battle: Leverage social media in creating brand for yourself rather than putting desperate attempt to acquire new clients. Create a great perception with your writings, speaking, learnings etc. Stay away from political comments if you want to use Social media to improve your image
Lastly aspire to become an MFD/Advisor, your client cannot live without and should create opinion like this: