We recently reviewed TCF Centre from FinQS for an article in Professional Adviser. TCF, which actually stands for ‘The Customer Feedback Centre’ is a service which automates the process of sending out feedback questionnaires, analysing the results and building action plans to improve customer outcomes.
Much of the meeting we had with FinQS didn’t centre around the demo of their system. To be fair it is a new, but straight-forward proposition, executed well. It doesn’t need too much explanation and can be demonstrated effectively in a short space of time. Instead we spent much of the time discussing the idea of getting customer feedback in an effective manner that captures the relevant information and what should be done with the information once received.
It is fair to say that many IFAs are still not surveying their clients. This is a real shame, not just because it can/should form a key part of their TCF programme, but because it can provide a excellent route to achieving referrals and up-selling business for the right reasons. It is also a great way to make the client feel valued. I brought a 2nd hand car last week and 3 days after buying it the garage phoned me to check everything was alright and to see if I was happy with the product that had brought. This simple act made me feel appreciated and positive about the company to the extent that I have already told several friends what wonderful service I received from them. Financial Services is no different – people appreciate it if advisers take the time to ask them for their opinions – so why are we afraid to ask?
When people are actually asking for feedback it is usually paper based. As a result, the responses received are frequently just briefly read and then filed as ‘job done’! At best, a spreadsheet of the responses is created to generate some simple management information, but the result is often a lost opportunity. The exercise should not just be a regulatory one, and should be a ‘means to an end’ of improving the service and relationship with customers rather than a ‘tick box exercise’. Surely what should happen is that the data be electronically available for meaningful analysis and the creation of appropriate actions assigned to the right people and followed up for how effective they have been. Further, poor feedback should be flagged immediately, so that corrective action can be taken (the lack of interest shown by two of the garages that I contacted meant that they lost business). Good feedback should capitalised upon – the clients that say they love your service will be great advocates – ask if they would refer you to a friend, or write a recommendation for the website or your LinkedIn profile. Refer your prospects to what advocates say about you and refer the advocates to your website where they can learn about new services you offer.
The feedback should be used to develop staff – use the feedback to help shape the development plans of advisers, use it to adapt and improve internal procedures – to better your business.
They say that ‘feedback is the breakfast of champions’ customer feedback is the most valuable form of measuring how good you are and can help in many ways – surely we should all seek it and embrace it.
