In Ironstone’s Fundamental 4™, Operational Effectiveness, we take a challenging look into creating a service matrix that serves as your reference on how you will serve each client fairly, but not necessarily equally. Developing the proper client segmentation is vital in creating, growing and evolving your firm and then applying that segmentation to a service matrix. To make a service matrix effective, you must determine the type of services you offer and client contact frequency to promote clear communication to clients and prospects.
Determining the best way to align client services within your matrix
A service matrix should be based upon the characteristics of your firm, needs and goals of your firm’s processes combined with the uniqueness of each client and prospect. Your clients are not created equal in terms of their needs and desires. Your job is to determine the specific needs of groups within your client database, use the levers in your control to grow revenue and provide first-class service and sales effort.
You owe each client your best effort – not every service
In our blog, “Understanding Purposeful Meaning In Your Client Service Matrix,” https://aeschlapia.wordpress.com/2012/04/10/understanding-purposeful-meaning-in-your-client-service-matrix/ we outlined the principles inside a service matrix.
A client service matrix serves several purposes:
• Encourages clients and prospects to use your firm for all of their financial planning needs
• Clarifies what service levels each client can expect
• Aligns advisor time and resources
• Provides a way to thank your most loyal clients
A service matrix will allow your firm to deliver services to different client segments through the use of multiple channels and aide you in delivering outstanding service by defining what activities you will perform based on the profitability of each relationship. Position your firm to use your service matrix as a central tool in servicing clients and to show differentiation from your competition.
Using your matrix as an external and internal tool for success
A service matrix serves as an external and internal managerial tool. Use your matrix internally to:
- Determine if proper staffing is in place to provide desired results and services
- Plan, develop and implement tactics for future growth
- Schedule service items that will be provided to your clients/prospects
- Generate reminders to all team members
Utilizing your matrix will ensure all services within the matrix are being provided and will allow you to support proactive client/prospect service and ensure you are delivering on the promises you made.
Employing a service matrix is a useful tool when you evaluate the strategic changes in your firm’s service operation. By paying close attention to the challenges associated with each classification, overall firm performance will improve.
The end result, your firm will be more strategic, efficient and likely more profitable.
“In business, words are words, explanations are explanations, promises are promises,
but only performance is reality.” Harold Geneen
We are curious!! Does your firm utilize a service matrix? Tell us about it!
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- Strategic Planning
- Business Development
- Operational Effectiveness
- The Human Element
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