Mapping the Client Journey Can Give You a Fresh Mindset

When we want to arrive at the correct destination on time, most of us resort to a map in some form. We know that starting out without a proper map can lead to frustration, wasted time and missed appointments. A navigation system in your vehicle may serve as your map, with visuals displaying key intersections coming up. A map created online may include written directions to guide the steps in your journey. 

When it comes to growing your business, a map can be crucial as well. It may be beneficial, however, to focus on your clients’ journeys at the same time as (or even before) your own. The concept is known as “client journey mapping,” and it was the subject of a recent whitepaper published by Advicent, which provides technology solutions for the financial services industry. You can download the free whitepaper, “The Importance of Client Journey Mapping and How to Get Started.”*

Why does it matter? Because, according to the whitepaper, the mapping process can allow you to “visualize the client experience from the client’s perspective” and help identify touchpoint opportunities to improve client retention and come face-to-face with possible weaknesses in your firm’s strategic plan. Does your firm place too much value on products or services sold instead of the value those products or services bring to the client? A change in perspective can be rewarding.

The authors of the whitepaper acknowledge that mapping the client journey and linking it to your business’s operations can be complicated. That’s why they recommend that you begin by creating a small team to develop a plan focusing on your clients’ experiences with a limited number of products and services. While specifics can vary, the whitepaper says the client journey “should include steps such as educating, prospecting, demand generation, ordering, purchasing, training, support, and retention.” Each step should identify obstacles clients might encounter and whether they are excited about the decision they are making or the product they are purchasing. The whitepaper suggests that your team focus on three key questions:

  • Which department serves each of the client touch points?
  • How is communication regulated across different departments?
  • What processes exist for making sure clients do not fall through the gaps?

Resources That Can Help  

Explore the Scottrade® Strategic Resource Center to connect with Advicent and other organizations that specialize in technology, compliance, research, education and marketing. Many of these resources offer discounts to advisors who custody assets with Scottrade. (Scottrade provides this resource for informational purposes and does not specifically endorse any of the businesses within the directory. Scottrade also does not pass judgement as to whether those services are appropriate for specific business needs. Be advised this is not a full and comprehensive list of businesses that offer these types of products or services and that advisors are responsible for doing adequate research before making any purchases.)

* By clicking on this link, you understand you will be redirected to Advicent, a third-party website operated and maintained by Advicent. Scottrade and Advicent are not affiliated. Advicent’s website contains information that may be of interest or use to the reader. Third-party websites, research and tools are from sources deemed reliable; however, Scottrade does not guarantee accuracy, completeness or timeliness of the information, is not responsible for statements, offers or products issued and makes no assurances with respect to the results to be obtained from their use. No information presented constitutes a recommendation by Scottrade or its affiliates to purchase any product or instrument discussed therein or engage in any specific strategy. Please research any product or service carefully before purchase.

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