By Paul McGrath, Vice President, EMEA Sales at Bazaarvoice
The UK financial industry has, it’s safe to say, seen better days. Aside from the banking crisis of 2008, recent stories of banker bonuses, distorted interest rates, money laundering and miss-selling scandals have all contributed to an increasing lack of faith and trust in financial services.
This is particularly true in the consumer market, where trust is central to a competitive and properly functioning financial system. However, the fragility and complexity of the sector means it can take time to restore once dented. The recent events outlined above have had a negative impact on many UK consumers, who now write off financial service providers as ‘all the same’ without checking their offerings.
Faced with this situation, there is a clear need for financial service providers to reconnect with their customers and the general public. Yet traditional means of advertising and marketing are not strong or smart enough to cut through the negativity; in the eyes of consumers, firms have lost the right to drive the conversation. It is therefore imperative they find alternative means of re-establishing this connection and one of the best ways is using the latest social and technology tools to transfer that right to their audiences and capture the voice of the consumer to speak on their behalves. In other words, they must focus on user generated content and online reviews to do the advocacy for them.
Financial service companies can use consumer content to build trust through the perception that they do what’s best for their customers, not just the company’s bottom line. This type of customer advocacy builds customer loyalty and, for financial service providers, loyal customers provide the highest revenue growth opportunity. Businesses that proactively collect reviews from customers generally have an average rating of 4.3 stars or above; readily available user content promotes transparency and accountability, whilst also inspiring conversation and experiences based on shared interest. Opening up to customer feedback also shows current customers that a financial institution cares about their experience – and will work to keep their business.
This is hardly surprising. After all, despite the advances made by the internet and aggregator sites, the vast majority of people still ask friends, family or colleagues for their recommendations. Research shows that consumers tend to trust people like them – real customers who’ve used a product or service – nearly 12 times more than information from the brand or service provide. In addition, thirty percent of consumers would choose a financial institution based on the recommendation of a trusted acquaintance; consumers’ trust in each other’s opinions makes customer reviews the ultimate selling tool for financial service providers.
In addition, to influence decisions these comments and opinions need not be from people consumers know. Strangers’ reviews help consumers find the right financial products and provider for their needs, and buy confidently. Among all financial service buyers in one study, 38% read product reviews online while making their decision – and all of them reported being influenced by those reviews. And 29 per cent of them would never buy insurance or sign up for a credit card without first reading opinions from current or past customers of the institution.
So how do you go about implementing this in an industry like financial services? This will vary depending on the size and nature of the organisation, but here is check-list of the main things to consider:
- Creating the right structure
One of the most important considerations here is to make sure that all content displayed on your site is authentic – free from fraud, moderation and with complete disclosure of incentivising or affiliation of the reviewer with the product / service they are reviewing e.g. employees.
On the other hand, monitoring conversations and managing engagement with customers is not as time intensive as you might think. Bazaarvoice clients typically receive an average of 1.4 reviews per week that require a public response from the company. It is therefore important to understand where resources should be allocated to maximise efficiency.
- Facilitating relevant content
Social channels of financial services providers are often bursting with content from customers that can be leveraged on their own websites. Aggregating content from these sources not only helps existing and potential customers looking for new products, it also encourages conversation to take place on your doorstep which is ultimately easier to manage.
Research by Bazaarvoice in November 2013 found that 70 per cent of consumers have questioned the trustworthiness of reviews across the web and that half thought companies removed negative reviews. It is therefore important that any content being aggregated from social channels is filtered through authenticity channels and that negative comments are not omitted.
- Scenario planning / crisis comms
Whether as simple as a negative review, or a series of comments following a negative news story, there is always the possibility of something going wrong. It is important to set out what these might be and have provisions in place before enabling UGC on your site.
For ratings and reviews in particular, being responsive can not only make customers feel good about a brand, it can also increase conversion rates. A Bazaarvoice study with Wakefield Research found that intent to purchase more than doubles if consumers see a brand respond to a review. Furthermore, responses from companies that correct ‘misuse’ of a product or service can triple intent to purchase. For financial services, a negative review might be the result of a customer purchasing an unsuitable product. By suggesting an alternative, you might well retain that customer and bolster confidence in your commitment to customer service with all audiences.
In today’s digital age, where information is readily available and the democratisation of traditional institutions is ongoing , digital services and initiatives will become increasingly important for financial services, especially as more Millennial – those aged 18 to 34 – become financially independent. It is this group that have arguably suffered the most from the fallout of the economic crisis and whose faith in financial services has been most affected. With 70 per cent of this group saying social opinions are the most trusted form of advertising, it is clear that user generated content is both the present and future.
Motivate Your Management Team
A management team, typically a group of people at the top level of management in an organization, is a team of people in the top level of managerial leadership of a business or an organization. It may consist of one person at the top level or more than one person at the top level. In this article, we are going to talk about what it takes to become a successful manager of a company and the different types of managers that can be found.
Team members will usually work in teams of two or three people. They will work together to accomplish a specific goal that the organization has set for them. These goals and the ways to reach them vary. Sometimes a management team will work in teams to achieve the same goal but in different ways. Sometimes they will work in teams to solve a particular problem.
When a team begins working, they will usually meet for the first time at their office building or another place where they will gather. They will be given a specific mission statement that they will be working towards. There will usually be meetings on a regular basis so that the team can discuss what they have done so far. If there is anything that needs to be worked out, this meeting will occur to ensure that all questions have been answered.
When it comes to meeting deadlines, there are often things that the team members will need to do in order to meet their deadline. They will have to come up with the proper solutions. Once they have done this, the next thing that needs to be done is to ensure that the other members of the team are aware of what the solution is.
Sometimes, the team members will meet at different times. This is very common for people who will have different duties and who are not always available at the same time. They can meet at random times but it is very rare for there to be meetings that occur during the night. Sometimes these meetings are held after lunch and sometimes they happen after dinner.
When the team members meet, they will need to be organized. They will need to take all of the necessary items and papers to the meeting and not leave any behind. The meeting will begin with a presentation that will be made by the team leaders that will describe what they have done so far.
After this presentation, the team members will then have to sit down with the other team members to discuss what they have discussed. This is often a very productive way to get everyone talking about what they have accomplished so far.
To be a good manager, you must be able to organize yourself and your team. This is also necessary in order for you to be able to motivate your team.
One of the ways that you can motivate your team members is by encouraging them to get things done that they want to do. By doing this, they will be able to get excited about what they are working on. The excitement that they will feel will motivate them to work even harder and to complete the task as soon as possible.
Another way that you can motivate your team members is to give them rewards. In this case, they will know that there is something for doing a great job. They will know that if they have good performance, there will be a reward for their hard work.
It is also important for you to provide support to your team members. by helping them find jobs and making sure that they are able to find employment. This will encourage them to be self-motivated and to perform better on their jobs.
When you provide support to your team members, they will feel valued and respected. This will allow them to feel as though they have an employer who is willing to put in a lot of effort in order to help them get what they want out of their jobs.
The Income Approach Vs Real Estate Valuation
The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly popular in commercial real estate valuation and other business valuation. The key difference between the three methods is that the Income Approach relies on the idea of income as a measurement rather than an absolute number.
As with all three different types of valuation methods, the underlying assumption is that price is determined by cash flows. This means that in order to determine the value of a particular asset or business, there must be an exact amount of money spent. When an individual or firm makes a purchase, they will pay money for the product and they will make payments for the privilege of continuing to use that product over time. These payments are called “cash flows.”
Real estate appraisals are based on this simple concept. There are many realtors who work at the level of measuring the net worth of a home or building by considering the current mortgage and interest owed on that loan. The appraiser uses these numbers as the basis of his or her opinion about the fair market value of the property.
On the other hand, when the method you choose is the income approach, the appraiser focuses instead on the income earned by a person or entity. This can be based on both sales volume and earnings of each employee. A company may use the income approach to calculate the value of its inventory and accounts receivable based on the income earned by the company or group of employees.
The basic concept behind the approach is that cash flows should be considered as the basis for making decisions about what kind of business or service is right for a person or group. These cash flows include the income earned by employees, purchases made by the company, and the sales volume of goods or services produced by the company. The income model is often used to value homes, businesses, real estate, and other valuable assets. in order to determine their fair market value.
The primary difference between the realtors’ method of valuing the home and that of the income approach is that the former considers only one way that the value is going to change in value over time. While realtors look at the home’s market value to determine if they can sell it and the approach works out the value of the home by using the current sales price plus the future sales price plus some percentage of the gross value of the home, the income approach values the property only by the amount of money paid out over time. on monthly or annual payments. The difference in the two approaches is that the realtors use the gross value of the home as their basis and the approach uses the net cash payments.
Because of this difference in the valuing models, some people prefer the income approach over the realtors’ approach. Because realtors’ models involve an element of forecasting, they aren’t as helpful in determining the fair market value of a property, and they are not very useful in making long-term financial plans. On the other hand, the income approach can be very helpful in helping you decide if your home or business is worth buying.
While tax benefit of the income approach can also play a part in determining its value, it will not be nearly as large as the tax benefit of the realtors’ approach. In addition to providing tax benefits, the approach allows the person or organization to buy a home or business that is under-priced because it may increase their tax benefit. in the long run. Because this is not the primary reason that most realtors use the approach to value properties, it is not as well known as the realtors’ method, but it can be very useful for some people who don’t want to invest a large amount of time in planning their future, so they may want to consider it.
How To Create A Leadership Philosophy
A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your leadership philosophy can be based on your personal traits and beliefs or it can be based on what you believe is best for the organization you work with. In order to improve your management style and leadership style, you need to understand your leadership philosophies. It can either help or hinder you.
Your personal philosophy, or personality, is largely influenced by your personal beliefs and character. It helps guide you and keeps you on track. If your personal philosophy supports the goals and mission of the organization, it will motivate you to pursue those goals. If it doesn’t, it can hinder you from achieving your goal. Your personal philosophy can be as varied as your own personality and beliefs.
A good leadership philosophy can be created through the development of personal values, goals and dreams. Through this process you will discover that some personal values are important and others aren’t. You can make the difference and decide which ones are more important than others. Once you have a firm foundation established, you can move on to finding a way to achieve your objectives.
Personal philosophies need to be examined in terms of their relevance to the organization’s mission. Your leadership philosophy needs to be based on whether the organization or the leader wants to help people or just help themselves. If it is the former, then your personal philosophy should focus on providing the resources needed to make it happen. If it is the latter, then your personal philosophy should focus on helping those who need it most.
Another part of your personal philosophy should look at the individual needs of the organization. If the organization is looking to help the underprivileged, your leadership philosophy should be focused on assisting them in getting a better education so they can get a better job and earn more money. This is a prime example of a personal philosophy that would not benefit the organization in any manner.
Leadership is a process, not a person. Leaders need to be willing to change and adapt in order to get the job done right. Leaders should always try to learn from the past mistakes and try to improve on the mistakes that they made. have made and this is not possible if a leadership philosophy doesn’t allow them to grow and change as individuals in the organization.
Your personal philosophy should be aligned with the values of the organization in which you are working with. You need to create a vision that your organization has. Your vision can be anything from the improvement of the organization to the success of the employees. Your vision can be a company motto, mission statement or a corporate image.
Leadership isn’t about being the leader of all or nothing. It is about bringing in the right people to make the organization the best it can be and growing it over time. There are a lot of people who are qualified to lead an organization but don’t get the opportunity because they don’t have the right leadership philosophy. The more qualified individuals you can hire, the higher your chances of success and the better results you will see.
The best leaders aren’t the ones who walk into the building and are the leader but are the one who goes out of their way to show the organization how they feel. They do something that no one else in the room is doing. They give their time and effort in order to make their organizational goals come true. They work hard and are willing to do the work, but not do it for others, they do it for themselves and they don’t let anyone else take advantage of them.
Creating a leadership philosophy can be a good idea to help you in building your leadership team. When you create a good leadership philosophy, it creates a level of respect and integrity within the organization.
Developing a personal philosophy can be very beneficial to an organization. It can be the thing that gives your organization a sense of self worth.
Motivate Your Management Team
A management team, typically a group of people at the top level of management in an organization, is a team...
The Income Approach Vs Real Estate Valuation
The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly...
How To Create A Leadership Philosophy
A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your...
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