2012/11/19 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 1
2012/11/19 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 2
2012/11/19 Module 12: Managing Customer relationships � Investor behaviour: – Talk to: Head, heart, solution – Loss aversion and marketing – Urgent vs. important Time Management Matrix Urgent Not Yet Urgent I II NB III IV Not NB 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 Time Management Matrix Urgent Not Yet Urgent I II NB Crises, Pressing problems, Deadlines Off springs of neglected quadrant II activities, etc III IV Not NB 3
2012/11/19 Time Management Matrix Urgent Not Yet Urgent I II NB Crises, Pressing problems, Deadlines Prevention, Capacity Off springs of neglected quadrant II building, Health, activities, etc Relationship building, Financial Planning, etc. III IV Not NB 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 opportunities: – 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 Clients Existing New Existing a) b) Products New c) d) 4
2012/11/19 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 5
2012/11/19 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 6
2012/11/19 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! 7
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