Mr. Abhishek Dubey, Head - Strategic Business Development Unit
"Data is the new oil." Nearly two decades after Clive Humby coined this phrase, it remains relevant, emphasizing the transformative power of data in reshaping businesses. In the financial services industry, effective data utilization differentiates how businesses grow and scale rapidly. Ever wonder why you receive that email or SMS? Why are you offered a personal or top-up loan of X amount? Why is your credit card upgraded? Surprise surprise! They are likely to have your data and are trying to get to business. The critical question is: what actions are you taking for your business?
At NJ Wealth, a key question we grapple with is: how can data empower our Partners? Our efforts are to provide you with data, insights and tools to tackle continuing challenges and unlock new opportunities. Over time, we have introduced several new tools, reports, and data points for our Partners. The latest being the XIRR insights on dashboard and the new data points added in the Business Insight Report (refer to email dated: 13-01-2025).
In this article, I wish to just nudge you to get interested in what possibilities 'data' offers you. Being curious and getting excited about possibilities is a good start to get you wondering about what challenges you have and what you can do with data to solve the same. Well, I hope at the end of the article, you will have some pointers to get started. I would love to talk about some of these in detail in my future articles. As for now, let's get started... To cover enough ground and keep things simple, I have covered my thoughts in pointers which I believe you can easily understand and elaborate.
Key Challenges in the MF Distribution Business
Lets keep it simple here and only limit challenges at a 'micro' level. Here are the key challenges that all of us face...
-
Customer Acquisition
-
Customer Activation
-
Cross-selling and Up-selling
-
Customer Retention
Now that we have these challenges, let's try to create a framework that links ideas to the challenges and then data points to the actionable points. Note that I have limited my ideas to data points that are readily available in Partner Desk to you, especially in the Business Insight Report. Even beyond all this, you can have a lot of other ideas that would work as well.
a) Customer Acquisition:
|
Idea |
How? |
Data Points |
Actionable |
|
|
1 |
Get Conversions from Leads |
Get leads into NJ CRM System | Work on leads |
NJ CRM Leads Tiny URL Links |
Call | Meeting | Send regular communications + Tiny URL Links |
|
2 |
Get Referrals from investors likely to refer |
Identify long term investors with good MF performance and ask for referrals |
Investor Age, Investor Investment Age in MF, MF XIRR (Total) over say 12% returns |
(i) Draft an email (use AI to write email) or (ii) Ask for referrals directly if comfortable |
|
3 |
Use social media for customer acquisition |
Create social media profiles and get active on Social media Promote Saturday School (SS) | Investor Awareness Programmes (IAP) |
Tiny URL for EWA Opening BizMall Contents + Newsletters |
Create Posts /Content | Share in WhatsApp Groups | Promote Tiny URL Link | Share upcoming SS / IAP schedule /link for registration |
b) Customer Activation:
|
Idea |
How? |
Data Points |
Actionable |
|
|
1 |
Get SIPs from investors without SIPs |
Identify all investors or in an age group say - 25 to 50 without SIP |
# Investor Age, # SIP = 0 |
Call | Send regular communications with SIP story + PIT |
|
2 |
Get investment from investors without any AUM |
Identify old investors without any AUM |
# Investor Age in NJ, # Total AUM = 0 |
Call | Send communications on Investment Need + PIT |
|
3 |
Create Family Needs (FN) for Inactive Investors |
Identify investors without SIP, AUM, FN, and create FN and identify SIP Gap |
# SIP = 0 # Total AUM = 0 # Family Needs = 0 # Investor Age = say 30 to 50 (middle age) |
Set Meeting | Create Family Needs and identify SIP Gap + SIP Story |
|
4 |
Open EWA for investors without EWA |
Identify investors without EWA |
# EWA = 0 # Tiny URL |
Call | Send Communication with Tiny URL | EWA Story | Initiate EWA opening |
c) Customer Cross-selling and Up-selling:
|
Idea |
How? |
Data Points |
Actionable |
|
|
1 |
Get SIP from Investors with FNs defined but ådequate SIP not done |
Identify investors with considerable SIP Gap as per FN |
# FN SIP Gap # Live SIP Amount |
Call | Meeting | Review FNs - Explain the need for SIP saving or change FN if not possible + PIT |
|
2 |
Get SIP from investors who have reduced SIPs over time or have not added to their SIP |
Identify investors with Live SIP less than or equal to Live SIP 2 years back |
# Live SIP - Change in 2 Years # Live SIP Amount # Latest SIP Started On # SIP Closed /Terminated (for FY) |
Call | Meeting | Review | Communicate need for SIP continuity and growth with time + PIT |
|
3 |
Get SIP Top-Ups registered on SIPs without Top-Up |
Identify Investors with good Live SIP but no Top-Up |
# Live SIP Amount (can filter say >=10,000) # Top-Up SIP = 0 |
Call | Communicate benefit of growing SIP + PIT |
|
4 |
Cross-sell ELSS during JFM |
Identify those who invest in ELSS but are yet to for this FY |
# Sales in Tax Plans (FY25 vs. FY24 vs. FY23) |
Call | Ask for ELSS, if interested + PIT |
|
5 |
Cross-sell, up-sell Equity to investors who should have higher Equity Allocation |
Identify young investors with low equity exposure |
# Age (say < 50 years) # Total MF AUM (say > 1L) # Equity AUM # Equity AUM (% of Total AUM) (say < 50% or 0%) |
Call | Meeting | Review Update Asset Allocation + PIT / Switch |
|
6 |
Up-sell SWP to investors likely to have need for SWP solution |
Identify old investors without SWP |
# Age (say > 60 years) # Total MF AUM # SWP = 0 # Work on SWP Leads shared by NJ Team |
Meet | Promote SWP story + check if any need for SWP |
|
7 |
Up-sell /cross-sell Other products - MARS, PMS, NFO, MF, etc |
Identify cross-sell /upsell opportunities |
# Direct Equity AUM # MF Total AUM # MARS AUM # Live SIP # MARS SIP # PMS AUM # NFO Gross Sales (FY25, FY24) |
Meet | Promote products | Send Product information |
d) Customer Retention:
|
Idea |
How? |
Data Points & Tools |
Actionable |
|
|
1 |
Do regular reviews with Investors as per the category of investors |
Categorise Investors on the basis of say Total AUM. Set a repeat Task for Review + schedule Meetings in NJ CRM. Use NJ MF PRU for reviews |
# Total MF AUM # PMS AUM > NJ CRM - Tagging > NJ CRM - Meetings > NJ CRM - Repeated Tasks > NJ MF PRU |
Use NJ CRM - Tag Customers as per category, Add Repeat Tasks for frequency (say yearly) and then schedule Meetings as per Tasks due Study NJ MF PRU report before review |
|
2 |
Work on Client Engagement & Increase Awareness on Investing |
Ensure participation in Client Meets / Saturday School / Investor Awareness Programmes |
# Investor Mobile # Investor Email |
Call | Communicate all upcoming programmes and seek active participation |
The above is not a comprehensive list and I am sure that you can have many more ideas on how to use data and our tools and activities to your advantage.
In brief...
Data is crucial for unlocking growth, retention, and cross-selling opportunities in our distribution business. A wealth of information and tools is readily available to you. In this article, we explored how the key challenges at the micro level for new and growing partners can be addressed using specific data points and tools at your disposal. There is no need to tackle everything at once; focusing on one activity per month can set the foundation for achieving more ambitious goals over time. I am confident that partners who work methodically with data will see significant improvements in their business outcomes.
As George Bernard Shaw wisely stated, "Imagination is the beginning of creation. You imagine what you desire, you will what you imagine, and at last you create what you will."
Wishing you all the best on your journey!