No Matter Where Technology Takes Us, Clients Still Need a Human Touch
If you’re aiming for omni-channel excellence, or simply looking to thrive on your channels of choice, don’t forget about the human side. In fact, it should be your first priority. With every new trend and communication channel comes new opportunities to connect, so it’s natural for marketers to seek out the most promising tools for the job. The challenge is that every trend has an expiration date, and it’s too easy to sacrifice the fundamentals in favor of the hot, new tool with an unknown shelf-life.
The process of building a seamless, positive consumer experience starts from within, and should affect your business at every level. If you’re not on the same page internally, it’s impossible to provide the type of experience that transcends channels.
Consumers care less about channel than you think
The experience of the consumer is not defined by the channel that they use to engage, because for most people a channel is a means to an end. They want to contact customer service, learn more about a special offer, air their grievances, or maybe even make sure that an especially helpful employee receives full credit for a job well done. Whether they do this through Facebook, Twitter, your mobile app or a fax machine, their goal is to complete a task – even if that task simply happens to be exploring what your brand has to offer in an open-ended way.
Appearing in the right places is important, but it’s only a step on the path to the larger goal of forging real relationships with your customers. Just as importantly, consumers expect a seamless experience regardless of the channel they use to establish contact. That’s where the internal cohesiveness of your organization is really put under the spotlight. A customer’s question or concern doesn’t always fit into a predetermined box. They just want help from someone, regardless of title or channel.
If sales, marketing, and customer service aren’t working from the same basic foundation, an omni-channel experience remains out of reach. This includes sharing key data. But even then, the goal of sharing data is to provide a personalized, human experience no matter what technology the consumer uses to initiate contact. It’s also important that everyone works from the same set of values whether we’re talking about pure customer service, dispute resolution or targeted, personalized marketing.
Being human boosts your appeal in any channel
It all comes back to one of my favorite topics, and it’s something that is within grasp no matter the size of your business. Just be human. Every interaction with a customer is a chance to build brand loyalty, make a positive impression, and over time turn that customer into an enthusiastic advocate for your brand. The little moments where you go above and beyond are often the most memorable for your customers, such as:
- A near-immediate response to a pressing question on your social page
- A few extra minutes on the phone to make sure an issue is resolved thoroughly
- Remembering the names, faces, and preferences of people who visit your small business regularly
You may use new and evolving tools to make those things happen, but the tool is secondary to the moment it helps create. There’s also much to be gained by preaching customer service across the board, because the customer’s channel of choice won’t always lead to the point of contact they’re “supposed” to reach. With digital channels, everyone who represents your company publicly may become the face of your brand for a customer in need. Prioritize customer service, be human, and put the focus on people first, channel second.
This first appeared on http://tedrubin.com/http://tedrubin.com/.
Top Picks in Asset Allocation
Written b: John Bilton, Head of Global Multi-Asset Strategy, Multi-Asset Solutions
As global growth broadens out and the reflation theme gains traction, the outlook brightens for risky assets
Four times a year, our Multi-Asset Solutions team holds a two-day-long Strategy Summit where senior portfolio managers and strategists discuss the economic and market outlook. After a rigorous examination of a wide range of quantitative and qualitative measures and some spirited debate, the team establishes key themes and determines its current views on asset allocation. Those views will be reflected across multi-asset portfolios managed by the team.
From our most recent summit, held in early March, here are key themes and their macro and asset class implications:
Key themes and their implications
Asset allocation views
For the first time in seven years, we see growing evidence that we may get a more familiar end to this business cycle. After feeling our way through a brave new world of negative rates and “lower for longer,” we’re dusting off the late-cycle playbook and familiarizing ourselves once again with the old normal. That is not to say that we see an imminent lurch toward the tail end of the cycle and the inevitable events that follow. Crucially, with growth broadening out and policy tightening only glacially, we see a gradual transition to late cycle and a steady rise in yields that, recent price action suggests, should not scare the horses in the equity markets.
If it all sounds a bit too Goldilocks, it’s worth reflecting that, in the end, this is what policymakers are paid to deliver. While there are persistent event risks in Europe and the policies of the Trump administration remain rather fluid, the underlying pace of economic growth is reassuring and the trajectory of U.S. rate hikes is relatively accommodative by any reasonable measure. So even if stock markets, which have performed robustly so far this year, are perhaps due a pause, our conviction is firming that risk asset markets can continue to deliver throughout 2017.
Economic data so far this year have surprised to the upside in both their level and their breadth. Forward-looking indicators suggest that this period of trend-like global growth can persist through 2017, and risks are more skewed to the upside. The U.S. economy’s mid-cycle phase will likely morph toward late cycle during the year, but there are few signs yet of the late-cycle exuberance that tends to precede a recession. This is keeping the Federal Reserve (Fed) rather restrained, and with three rate hikes on the cards for this year and three more in 2018, it remains plausible that this cycle could set records for its length.
Our asset allocation reflects a growing confidence that economic momentum will broaden out further over the year. We increase conviction in our equity overweight (OW), and while equities may be due a period of consolidation, we see stock markets performing well over 2017. We remain OW U.S. and emerging market equity, and increase our OW to Japanese stocks, which have attractive earnings momentum; we also upgrade Asia Pacific ex-Japan equity to OW given the better data from China. European equity, while cheap, is exposed to risks around the French election, so for now we keep our neutral stance. UK stocks are our sole underweight (UW), as we expect support from the weak pound to be increasingly dominated by the economic challenges of Brexit. On balance, diversification broadly across regions is our favored way to reflect an equity OW in today’s more upbeat global environment.
With Fed hikes on the horizon, we are hardening our UW stance on duration, but, to be clear, we think that fears of a sharp rise in yields are wide of the mark. Instead, a grind higher in global yields, roughly in line with forwards, reasonably reflects the gradually shifting policy environment. In these circumstances, we expect credit to outperform duration, and although high valuations across credit markets are prompting a greater tone of caution, we maintain our OW to credit.
For the U.S. dollar, the offsetting forces of rising U.S. rates and better global growth probably leave the greenback range-bound. Event risks in Europe could see the dollar rise modestly in the short term, but repeating the sharp and broad-based rally of 2014-15 looks unlikely. A more stable dollar and trend-like global growth create a benign backdrop for emerging markets and commodities alike, leading us to close our EM debt UW and maintain a neutral on the commodity complex.
Our portfolio reflects a world of better growth that is progressing toward later cycle. The biggest threats to this would be a sharp rise in the dollar or a political crisis in Europe, while a further increase in corporate confidence or bigger-than-expected fiscal stimulus are upside risks. As we move toward a more “normal” late-cycle phase than we dared hope for a year back, fears over excessive policy tightening snuffing out the cycle will grow. But after several years of coaxing the economy back to health, the Fed, in its current form, will be nothing if not measured..
Learn how to effectively allocate your client’s portfolio here.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation.
J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. Copyright 2017 JPMorgan Chase & Co. All rights reserved.
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