Why is the personal touch important for business growth?

By Ryan Smith on April 18, 2018

Make a better connection with your clients.

If you‘re involved in the financial services sector, then client relationship management is a fundamental concern. Most people who need help with money issues are also looking for that personal touch. The key to continued success as an IFA or financial services provider is giving customers your personal attention and not merely treating them as just another client.

Of course, this is not an area that only financial services professionals or IFAs must address. All customers in all sectors now value the personal touch and expect it from businesses. Your failure to recognise this could see them go to a competitor and hit your overall profits hard.

A 2015 study by Deloitte found that 36% of customers valued the personal approach. This will only have increased in the last few years, as personalisation has become a hot consumer trend. Here are a few other key facts about what customers want in this area:

  • Loyal customers are worth ten times their first purchase, according to a report from the White House Office of Consumer Affairs.
  • There is a 60-70% chance of selling to an existing customer, according to a report from Marketing Metrics.
  • A McKinsey report found that 70% of buying experiences are based on a positive customer experience.

To encourage people to use your services, it is vital to meet customers’ expectations. One easy way to do this is to offer the personal touch that they crave.

How does a personal touch benefit your business?

If you are looking for specific reasons as to why a more personal touch will bring about business growth, then the below should help:

  • It builds trust – In the financial services sector, trust is important. If you can build up trust between yourself and your clients, then this will help you become more successful overall. Treating customers as individuals and people whom you care about allows you to achieve this.
  • It increases your brand image – A massive part of financial growth within the business sector is based on your brand image. If your company is known to have the personal touch and does not treat people as a number, then potential clients will be more likely to choose it when seeking financial advice.
  • It encourages more B2B recommendations – Along with attracting more B2C customers, the personal touch will also help you get recommendations from local businesses. If you interact with a local company in a personal and welcoming way while showing a real commitment to offering a bespoke service, then it will be more likely to tell other organisations about your business.

Paying more personal attention to customers is certainly something worth focusing on. It will help you build a very positive brand image that will stand you in good stead for future financial growth. Many financial services providers and IFAs are incorporating this into their workflow, and it’s easy to see why.

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