There is currently a plethora of information and opinions about how COVID-19 has and will continue to change the way we all do business. Technology is often at the forefront of these decisions.
Consider your local pizza restaurant, where you order pizza for Friday movie night. In the past, you’d call in an order, and you could hear the background conversations because the teenager who answered put you “on hold” by putting the phone down on the counter. You would go in to pick up the pizza, maybe see a neighbor, chat, come home and relax for the night. That same pizza place now has to compete more fiercely with Domino’s, which has a full staff that designed a compelling user experience (UX) that makes it easy for you to order online and have your pizza delivered. You can pick a time and select one of their promotional items while also applying coupons and racking up rewards.
The biggest difference, now, between your local place and Domino’s may be the UX you are using while interacting with them online. Many small restaurants have had to update or launch a website where you can order—without the expert UX staff Domino’s has. For a small pizzeria, the UX may be terrible, and in frustration, you may start ordering from Domino’s. This scenario can be applied to any business. Simply put, a good user experience can help keep and acquire new clients, while a bad user experience can be a deal breaker.
In a recent study by Aite Group, when asked about the benefits RIAs would like to see from client-facing technologies in the near future, found that 51% said, “acquire new clients.” This is not surprising; your pizza place would like to acquire new clients too. And, just like restaurants, RIAs need to provide an online UX that is easy to navigate, provides information where people expect to see it, has calls to action and delivers relevant thought leadership. While UX alone isn’t going to give RIAs everything they want (after all, people still want good pizza), now is a great opportunity to make a UX that works harder and is more effective. In combination with creating informative campaigns and continued communication with prospects and clients, technology can begin to play a bigger role in acquiring new clients.