Many BFSI companies swell with pride when they speak of their top distributors and advisors. Most often, companies tend to feel that distributors carry a similar feeling towards the firm. In an ever-evolving and competitive marketplace, this may not always be the case. According to a 2017 financial advisor study,‘top performing advisors who produced more than $1 million annually, were the least satisfied ones’. Indeed, there are a lot more aspects that may need to be addressed for distributor happiness.
Here are some effective ways in which BFSI companies can drive better distributor and advisor engagement.
Step up the Leadership Role – Gone are the days when company thought leaders practiced the ‘Simon says’ approach for their people. Today, leadership role has evolved to a great extent. Visionary mentors invest in their stakeholders and develop the skill sets and talent of their people and take into consideration their views and opinions.Companies are understanding the need to mentor rather than manage their distributors.
Provide A Sense of Belonging – Imparting a blend of independence and sense of belonging within distributors goes a long way in motivating them. While rules are regulations are standardized, companies can bring the difference is by going beyond the transaction mode and sharing the distributors’ journey towards business growth.
Smart communication through Technology- based Tools – Everyone’s leading a smart life. BFSI companies too are innovatively using technology to interact with distributors.Smart technology-based tools such as video capturing apps, screen sharing tools, and other modes of remote communication is proving to be a great way to integrate and link the team together.
Providing distributors and dealers with cutting- edge technology tools greatly helps them grow their business and compensation. According to J.D. Power’s Financial Advisor study, ‘top- producing advisors have greater technology needs as compared to most of their peers’. Hence technology is a fundamental need when it comes to the generation of today and tomorrow.
Going beyond the Tangible – Over the years, providing incentives has been a constant distributor retention practice. However, this seems to have lost its shine. Companies are now realising that success lies in connecting with distributors on an emotional level. This gives rise to the most useful practice in strengthening relations with distributors- Innovating to touch hearts
While it all starts with providing the basics such as technology, management support and attractive compensations etc. Companies can up the distributor engagement game by going beyond the usual.Some visionary companies have taken that innovative plunge towards building communities and establishing a personal connect with distributors.
To know how they are unleashing their creative side to engage with distributors, await our next blog.