This post is part 2 of our 8 part series on increasing Client Engagement from our Client Relationship Performance in the New Behavioral Economy White Paper. The insights will demonstrate in practical terms how to apply predictive behavioral insights to tailor client communication and provide unique client experiences.
Behavioral Insight 2: Four Primary Communication Styles
In part 1 of this series, we learned about Chris Coddington and his first meeting with a man named Frank Butler. At the start of this first meeting Frank took over the agenda and wanted to get straight down to business to address the goals he had for the rest of his life and the way in which he wanted his money to be looked after (Click here to read Part 1 of this series)
Chris went on to say that he had been observing how different people behaved and that there seemed to be clearly different client styles with which he had to interact. He then made the comment that his normal approach of meeting with clients was that both spouses were present. In many cases, the spouses behaved and communicated very differently. Chris said this was always difficult when one was far more talkative than the other. The fact that one spouse may be more talkative did not necessarily mean the other spouse was not playing a strong role in the decision-making. However, Chris knew that an important key to his success and comfort in managing client relationships would be to learn more about the different communication styles. But he did not want to have to become a psychologist or certified behavioral specialist to do it.
We showed Chris that there are actually four primary Communication Styles, based on natural DNA Behavior, that drive client relationships, and they are very easy to learn. These Communication Styles all have specific communication strengths, learning styles, communication keys and client experience needs. The four primary Communication Styles are summarized as follows:
1. Goal-Setting Focus – a person (like Frank Butler) who is focused on goals is interested in opportunities to expand his or her world.
2. Lifestyle Desire – a person who is focused on lifestyle desires engagement, fun and making connections.
3. Stability Need – a person with a need for stability is interested in safety and living in a calm environment.
4. Information Need – a person with a need for information likes to analyze and focus on the tangible.
Further, we demonstrated to Chris that in order to more consciously adapt his communication to each style of client all he needed to do was use the DNA Communication Guide™ below. Of course, the starting point is for Chris to know that his Communication Style is Goal-Setting Focus.
The wise advisor will be aware that in a competitive New Behavioral Economy, knowing client Communication Styles will be the key to increasing revenues and having less personal frustration from playing mind games in figuring out the client. It will then come down to the tactics that get employed to know the client. One of the biggest issues for advisors is their own personal fear to ask the clients “touchy feely” questions about how they wish to be communicated with, and about their life generally. From experience, clients want to be asked and appreciate it.
What are your thoughts? For additional information on increasing engagement of others, visit our Communication DNA Website.