The Benefit of Asking the Extra Question

The Benefit of Asking the Extra Question

My brother, Rusty Hyken, was on a trip to Utah with his wife and two dogs. It’s a leisurely three-day drive for them. He made their hotel reservations, and for each hotel they planned to stop at on the way to Utah he asked, “Is your hotel dog-friendly?” All of them said, “Yes.” But to his surprise, while checking into one of the hotels he was told there would be a $120 charge for the dogs to stay in his room. This was a surprise as he called and specifically asked about dogs, and the hotel never mentioned the fee for the dogs.

So, I did some checking. Apparently, there are many dog-friendly hotels, and most do not charge fees. The Starwood Hotels and Kimpton Hotels are just two of the many hotels that don’t charge for pets and are proud of their pet-friendly policy. Kimpton will actually provide fish in your room if you crave the companionship of a pet. (Really!)

Now, I totally understand the fee for a dog. Not all dogs are “hotel trained,” which could lead to an accident on the carpet, which takes more time and costs more money to clean. Yet, some hotels will recognize this effort and cost as a small price to pay for a positive reputation among pet lovers.

All of this leads to the point of the article. My brother didn’t ask the right question. He asked if the hotel was dog-friendly. He didn’t ask if there was a charge. In fairness to him, he’s stayed at many hotels with his dogs, and this was the first to charge a fee.
 

When he checked in, the conversation with the hotel clerk was contentious. My brother didn’t want to pay the fee. The hotel clerk asked my brother, “I know you asked if we were a dog-friendly hotel, but did you ask if we charged for dogs?”

Are you kidding me! That’s exactly what my brother thought, too. So, he asked to speak to the manager.

The manager came out and had a nice conversation with my brother. He also asked, “Did you ask if there was an additional charge for the dog?” When my brother started to get upset, the manager informed him that he was not asking to make a case for charging him the fee. The manager wanted to know the conversation so he could teach his team to handle future pet-friendly inquiries a different way.

Many of you who read my work or watch my videos know about my concept to Ask the Extra Question. Sometimes a customer says one thing but means something else. So, asking an extra question – or two or three – can help you understand what a customer really wants. For example, when a customer says, “I need this quickly,” ask the extra question, “How quickly do you need it?” Your concept of quickly may be different than your customer’s expectation.

Yet, the situation with my brother was different. The answer the hotel reservationist gave him on the phone was the exact answer to his question. However, he didn’t ask the right question. And, that is the point of this lesson. My brother, as a guest, could have – if he knew to – asked an extra or different question. However, maybe the reservationist should have asked the extra question for him.

Truly customer-focused people ask their customers at least one extra question to ensure they understand their customers. They also ask questions on behalf of their customers, because their customers don’t always know what questions to ask.

Shep Hyken
Client Experience
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Shep Hyken is a customer experience expert and the Chief Amazement Officer of Shepard Presentations. He is a New York Times and Wall Street Journal bestselling author and ... Click for full bio

Solving Your Biggest Client Issue May Be at Your Fingertips

Solving Your Biggest Client Issue May Be at Your Fingertips

Written by: Shileen Weber

When the American Funds’ Capital Group  asked 400 advisors last year to name the biggest issues they face in their businesses, it wasn’t the DOL, market uncertainty or the economy that sat in the center of the idea cloud of answers.

It was client issues.

At a time when regulatory concerns and market turbulence would seem to be at all-time highs, the advisors who answered the survey were most concerned about servicing their clients as well as ways to find new ones and grow their businesses.

It’s one of the ironies of the business, that the things most people find so hard to manage – creating financial plans, managing assets and staying ahead of events – are what advisors find to be the easiest parts of the business. Marketing - the business of selling themselves – can be the area advisors find the hardest elements to master.

In this age of instant communication, it can be even more intimidating to market your practice, especially to younger clients for whom many traditional methods like newsletters, postcards and phone calls don’t work anymore. For them, email is the preferred way to get information, and, if it’s important, they are more likely to respond to texts, not phone calls.

But, it doesn’t have to be that hard. The digital age gives you access to ideas and content of all kinds you can use to touch your clients in a way that positions you as a valuable resource. The key is to keep it simple, stick to some basics and create consistent outreach that clients and potential clients are interested in and will appreciate you sharing with them.

Here is a common-sense approach you can take that will not require you to hire an expensive agency or take valuable time away from managing your clients’ assets and running your business.

Content is King


Create a content calendar for the year: Think about reasons to touch a client 13 times during the year – that can be once a month and on their birthday. (The common rule of sales is that it takes at least 7-13 touches to make a connection.) The number is limited and keeps you from inundating the clients who likely already feel inundated with content. You can take the seasonal approach – tax planning in the fall, January for account review content, college financing in the spring – and supplement it with topical events during the year. Creating a calendar will help you stick to a plan. Here’s one resource for a content calendar.

Review what content is already available to you:  Basically, this means finding the resources you already have and determining what pieces will be most valuable to your clients. Start first by checking out content your broker-dealer already generates that you can personalize. Many firms have economists who write regularly about the market. That’s content you can pass along to keep clients up-to-date they would not have access to anywhere else. In addition to your broker-dealer, mutual funds, your clearing firm, and money managers are all excellent sources of informative and even analytical content.

Personalize the content you use: Add your name, the client’s name or some way to avoid making it feel like canned content that you are using just to check the outreach box. See what capabilities your email program may have to help you.

Related: What's an Investor to Do When History Doesn't Repeat Itself?

The birthday strategy: One advisor used clients’ birthdays in a new way. Instead of the card or lunch date, the advisor asked the client’s spouse for a list of friends he could invite to a birthday lunch and made it a memorable event that was also a soft approach to getting referrals.

Become a curator of good content: What your review will show you is that you don’t have to generate the content yourself. You can point clients to pieces you find insightful. You are likely already doing this every day just to keep yourself informed. The next step is to compile it and send out the very best pieces to your clients, again, with a note with your own thoughts about why you found it valuable.

Find out what is working and do more of it: Use your client interactions, in-person and online, to find out what types of content clients liked and any they didn’t. You can use tracking on your emails to see how many were opened as a measurement tool, but the personal interactions tend to provide more insight than raw data.

Be disciplined about your execution: Get help from an office assistant or schedule the time each month to do the content development and outreach. As any good strategy, if you make it a habit, it won’t seem so hard.

Most importantly, be yourself and be personal: You may want to regularly get personal by talking about your family and hobbies. The ultimate is if you can provide content that is personal to your clients, not just about their investments – they get that from their statements, apps and online portals. Think alma maters, hobbies, children and parents.

Of course, as a disclaimer, you have to make sure all content and communications are complying with regulations and the rules of your own broker-dealer.

The process of creating a plan will get you thinking about your clients in a new way. That exercise alone can re-energize your business and get you seeing marketing opportunities in places you may never have seen them before.

Shileen Weber is Senior Vice President of Marketing and Communications at GWG Holdings. She was previously Director of Online Strategy and Client Experience at RBC Wealth Management, where they placed first in two JD Power and Associates U.S. Full Service Investor Satisfaction Study (2011 and 2013).
GWG Holdings, Inc.
Investing in Life
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GWG Holdings, Inc. (Nasdaq:GWGH) the parent company of GWG Life, is a financial services company committed to transforming the life insurance industry through disruptive and i ... Click for full bio