Julie Littlechild & Steve Wershing on Client Feedback and a Co-Created Experience

Show Timeline:  

1:32 Why client feedback is more a trend than a tactic
4:46 Common concerns around gathering feedback
8:11 Different ways of leveraging qualitative vs. quantitative feedback
13:12 Examples using quantitative results to dig deeper into critical aspects of service
17:21 Working with Net Promoter Score and its implications
21:17 Introduction to advisory boards and best practices for conducting them
25:11 Specific questions to ask and conversations that have produced real results from advisory boards
29:57 Tailoring the advisory boards to niche markets, and optimal times for holding these sessions
34:13 Generating referrals via advisory boards, and ideas for how you can get started
38:41 Julie’s new client feedback initiative

Links:

New Client Advisory board kit information: get.advisoryboard.solutions
Client survey information:  https://www.absoluteengagement.com/client-insights

Want more?

Stephen Wershing: www.TheClientDrivenPractice.com/checklistblog
Julie Littlechild: www.absoluteengagement.com/blog

Episode Transcript:

Julie Littlechild:
Welcome to another episode of Becoming Referable. The podcast that helps you be the kind of advisor people can’t stop talking about. I’m Julie Littlechild, and this week is a little different because Steve and I are talking to each other about a topic that we really believe is critical for anyone thinking about client engagement and growth. And that is how you can incorporate feedback to help you design an extraordinary client experience and drive more referrals. So we talk about the evolution of client feedback to reflect co-creation of value, which is one of the most important trends impacting how you engage with clients. And we go into detail on the different ways that you can gather feedback. From surveys, to interviews, to advisory boards, and how to choose the right methodology based on your objectives.

Julie Littlechild:
Steve not only shares a step by step on how to create an advisory board, but really great examples of how advisors have used that process to achieve some really significant results. And with that, let’s get straight to the conversation.

Steve Wershing:
Well, Julie it’s just us today.

Julie Littlechild:
Oh, what did we do with our guests?

Steve Wershing:
Well, actually, we’re going to have just a conversation today. And as much as I love all the guests and it’s really been exciting to have those guests over the last few months, it’s also nice just to be able to talk with you. And we’re doing that today because we’re talking about something that you and I know a lot about that has some particular relevance for advisors today. We’re going to be talking about client feedback, and you’re the guru of client feedback. And we’re going to talk about the two different basic kinds of client feedback, and what you can get from each of them, and how you can do each of them. And we each have new projects that relate to those, so we’ll talk about those later in the episode. But let me start out by asking you a question Julie, how do you see client feedback fitting into the business of an advisor today and what’s been changing about that?

Julie Littlechild:
Yeah. You know what? When I think about client feedback … And I’d be interested in your perspective on this, because we’ve always thought of it as a tool to validate service. And some people think it’s a great thing to do, some people think it’s a great thing to do but they’re afraid to do it, but it’s always very tactical. One of the things that I really believe though is that involving the client more actively in designing the client experience is one of these big client engagement trends that we need to look at. So, we often talk about co-creation of value, and client feedback is a big part of that. So I don’t think it’s just a tactic, I think this is part of a much bigger trend.

Steve Wershing:
Well I agree, and I think that the forward-looking advisors will really get a lot of value out of this because I think handling it tactically is kind of the superficial and the way that it’s been done traditionally. But I think the advisors who are going to get the most out of this learn how to do this tactically, and like you said, learn how to bring the client in to co-create that experience. It’s one thing to find out from clients what they think of you, and how much they enjoy the service, and those kinds of things, but if you can involve the client in designing the experience, that’s what niche is all about. And so I am all about, bring those clients in somehow, and let’s find out what they find most valuable, and let’s drop the stuff they don’t find valuable. And let’s hear from them and use that feedback to try to discover new things that we can deliver to them that would really set us apart from other advisors.

Julie Littlechild:
Yeah, exactly. And I think that when you get into that mindset you start to think a little outside the box from the way we’ve thought about feedback. So in the past, it’s one to five, how do you love us so far? And you know, it was kind of … And it’s helpful as a measurement tool, but when you think about it now it’s what are the challenges that you’re facing? What do you care about? What does an extraordinary client experience look like for you maybe outside of this industry? That starts to get the creative juices flowing in terms of what is going to really set you apart, and you need clients for that. We need their input.

Steve Wershing:
Well yeah. They’re the experts. If we’re going to have the experts at designing the ideal solution, you go to the people who you want to consume that experience. I’d love to hear your perspective on something that I run into a lot that’s a challenge. A lot of advisors are really reluctant to open the door that wide, because a lot of advisors have sort of a …. They’ve designed an experience, they’ve designed a value proposition, and they really like that, and they think there’s a lot of value, and there is a lot of value in it, and that’s what they want to deliver. And so, there’s some reluctance sometimes to ask questions that would relate to that. How do you respond to advisors that express that kind of concern to you?

Read More