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What sets luxury firms apart?

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8th Jun 2017
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Jess Edwards examines the qualities of high-end firms, and why they prove so appealing to high net worth clients.

Appearances convey status. And whilst they may make all the difference in business, it’s the intangible assets that really set a financial firm apart. For a firm working to position itself as a luxury organisation, no detail is too small, which is particularly important when people expect more from the pounds they are spending.

The allure of prestige and distinction can prove irresistible to affluent customers. A high-end financial firm does more than fulfil the needs of its clients, but satisfies their wants too, and at that point a firm succeeds in moving from ‘ordinary’ to ‘exclusive’. This feeling of exclusivity speaks volumes to clients on a quest for excellence.

These ‘intangible assets’ are worth any firm investing in, not only those wishing to attract high net worth clients, but those who desire to improve their overall customer service.

Atmosphere

It almost goes without saying that luxury is seen before it is felt, but it’s the feeling of a high-end setting which confirms its status. If you were to walk into the business class lounge at an airport or members’ area of a club, you are stepping away from the humdrum outside into a peaceful setting. A member of staff or two would appear, tending to your needs, and you’d be reassured that your money was being well spent.

It’s highly unlikely that an office with chaos or excess noise will be considered a place of exclusivity. It’s for that reason so many professional service companies go to great lengths to create the same atmosphere in their office reception as is found in exclusive lounges. Not only are calm and quiet good indicators that all is under control, but front-of-house staff have more freedom to tend to their visitors.

Time is our most valuable commodity and the real power of luxury resides in how much time and attention a company’s people can give its clients. Freeing reception staff to properly greet and make conversation with a client can be a differentiator from the competition. Creating personal connections makes clients feel special and is a powerful marketing tool, yet is one of the most underused intangible assets for many firms.

Delighters

Impeccable service and personalised attention are the hallmarks of luxury brands. They are the small gestures that, if not offered wouldn’t be missed, but absolutely delight clients when they are present. Subtle delighters in the way a call is handled, an email is drafted, or even a thoughtful gift can give joy to a client.

The Kano model of customer satisfaction, developed by Japanese academic and consultant Noriaki Kano, states that small features a client wasn’t expecting result in greater satisfaction, enabling businesses to charge a premium price.

For instance, a brand new client arranging a meeting in a firm’s offices might well appreciate directions to the building. But imagine how delighted they would feel if those directions were given without asking. That a map, made bespoke for the firm using its branding, showed them the location. Or even if they were sent directions from their own offices to the firm’s. Some clients might even expect directions as a given, but they wouldn’t expect the personal touches.

Communication

Customer service is all about communication. The product or the principle service is very distinct from the service given in making sure the client is happy, that they are receiving everything and more expected from the firm. No matter how trivial, the best customer service is found in every touch point.

When you think about it, ‘the firm’ is these interactions. How the employees of a financial firm interact with clients will determine how the client feels about the business, and excellent correspondence can set a high-end firm apart from its competitors. Yet such communication remains largely untapped.

Regardless of the industry, almost every business held as a leader in customer service will understand that it’s how employees communicate with customers that gives it the edge. The key to their success is leaning on technology to ensure every kind of correspondence is covered, and training people to always put the clients first every time they get in touch.

Imagine a long-standing client who has been on the books of a firm for many years. They’ll expect the very best from their firm, yet something as simple as having to state who they are every time they call doesn’t reflect the status the company is trying to project. Think of it from the client’s point of view; they expect a million pound customer treatment. Simply recognising them when they get in touch adds a subtle difference expected from a world-class business.

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