Why client surveys work

I'm constantly surprised by the low numbers of advisers who surveys their clients. Now before you groan, roll your eyes and move on, let me point a few things out to you:

- the average advice business enjoys a margin (I use the word "enjoys" with a degree of sarcasm) of around 20%

- leading advice businesses experience margins of 45%

- average advice businesses attain net promoter scores in the 50s

- leading advice businesses see their scores in the mid 90s

- average advice businesses obtain a level of referrals from the family unit / social circle that leads to them having intergenerational relationships with less than 10% of their clients

- leading advice businesses generate 68% plus of new clients each year from their existing clients family and social circles

Why the stark difference in results? Process and the client experience that is delivered consistently, repeatedly and sustainably is a massive contributor to the success of these leading advice businesses.

The way in which these businesses can design the client experience that they deliver : and the key word is design : these businesses are not successful by default : is that they simply know more about their clients and their clients walk away from every interaction with a feeling that the advice business "just knows me".

This level of understanding and the display of that understanding of what makes a client "tick" is no accident. It is delivered by meticulous and regular questioning of clients and engagement beyond a standard fact find.

These businesses use processes to find out more about their clients; mind maps, lifestyle questionnaires, psychological profiling. And to refine their process they survey clients. Not just satisfaction surveys : they look at motivators, values, propensity to refer and how well the client has understood and can articulate the advice businesses proposition.

When DoubleTree by Hilton surveyed their clients (using a # campaign on Twitter) to find out the "little things" that made a difference to the hotel stays of their clients : they enacted the feedback and delivered not only tailored experiences but demonstrated they really were listening.

When UBS private clients use the insights they have on their clientele to shape every aspect of the client experience they demonstrate that they truly do understand their clients and in doing so span advice across generations.

When Amazon recommends books for you to read based on your purchase and search history, they (or the algorithm) are listening (and watching!).

It's smart business. It's client centric business.

The first step is about asking yourself and your staff : "what do our clients really want?".

Then ask your clients.