The Art of WOW starts now.
That was the leading message of Janus Labs Executive Director John Evans, who brought a bundle of energy and some interesting examples of the “WOW factor” to Trust Company of America’s 2014 Focus on the Future Conference.
Defined as the ability to build client loyalty by delivering exceptional experiences, the WOW factor can help advisors build deeper relationships with current clients and win new ones.
“I want you to add the habit of WOW to your everyday practice,” said Evans. “It’s about driving extreme client loyalty and finding emotionally engaging experiences that go beyond expectations and are readily recounted.”
From arranging for a client to throw out the first pitch at a baseball game, to delivering a coveted bottle of wine to an oenophile, these experiences lead to a stronger reputations for advisors – and potential new business – because “WOWed” clients enthusiastically retell these experiences to friends, creating a “Circle of WOW.”
In his talk and as part of the WOW 2.0 Firestarters workbook, Evans also provided some hands-on ways to incorporate this client acquisition and practice management tool to wealth management firms.
One approach – setting aside 45 minutes each week to talk through passions and interest of key clients and prospects, led by a “Chief Clientologist” – requires advisors to put aside their analytics hats and tap into their creativity. “It’s a race for the best ideas and having someone on staff to own and lead the process is crucial,” said Evans. For the WOW Factor to succeed, “Creativity and imagination are more important going forward than intellect.”
Evans also led the group in a “WOW Audit” of a favorite client, noting that there is no “one size fits all” solution when it comes to WOW moments. Advisors need to look at personality types – is the client a Driver, a Social or an Analytic? – as well as a client’s “emotional dynamic,” when developing an authentic client experience.
The benefits of WOW moments go both ways, says Evans. “This is about reigniting the passion and purpose in your business and generating high income and a high sense of joy for your practice.”