Migrating to Salesforce

By: Deb Well
PAICR Board of Directors member
PAICR Member since 2006

Salesforce seems to have been slowly taking over asset management (and the world for that matter) as the CRM of choice. If you aren’t currently using it—chances are you already went through a project where you considered using it—or are going through such due diligence now. Here are some important factors to consider that also apply even if your firm is already using it.

Lightning vs. Classic

Chances are if you are a current user, you are probably still using Classic Salesforce. Even though the latest incarnation of Salesforce—the Lightning experience—debuted back in 2015, many firms are still using Classic. Part of the reason of course is that it is hard to motivate a Sales Team that loves it “as is” to change. But equally as important is that when Salesforce rolled out Lightning, it didn’t have all the same functionality built in yet. Salesforce upgrades its software three times a year and yet, for instance, until the Spring 2017 version you still needed to hop over to Classic to merge duplicate contacts or accounts. If you are just now converting, you should go to Lightning straight out. If you are still on Classic—be sure to keep checking the releases to pick an optimal time to convert.

Build after, not before

How many times have you done a customization to your CRM … spent tons of time and money in development … only to see it go under-utilized once you roll it out? Quite often it is because the actual users are not driving the changes. One of the upsides to Salesforce is that a lot of potential customization is relatively quick and easy to execute and deploy—a benefit of the so-called “code-less customization environment”. Rather than asking users up front what they want to have, consider rolling out with the basics and have your users “test drive” for a few months. Actively using the product—especially in multiple environments (browser and mobile app)—will help highlight actual pain points for your users and hence where customization would make their lives easier. This way you can spend time developing things your users actually want as opposed to things people think they want.

There really is an app for that

A mapping tool? An email marketing tool? A tool to make mass updates to your data? Yes—there is an app for that. In fact, multiple apps! One important thing to understand is that Salesforce is not just a CRM. Much like Apple with iOS, Salesforce has become a platform. There are many developers out there creating solutions and offering them through the App Exchange. Most of the major software players in our industry have worked up integration solutions with Salesforce. So, before you decide to do internal development for any solution, first take a look at what might be offered on the App Exchange that might fit. It could be cheaper (or even free) than building something yourself.

It’s all about adoption

Why do most CRM solutions fail? Because of lack of end-user adoption. The upside of Salesforce is that it’s not only generally pretty easy to use, but the platform understands that adoption is key to successful implementation and so it has built tools to help solve the adoption issue. There are webinars and even an app specifically for Salesforce administration designed to help those on the support side keep on top of user engagement. You can see if your users are logging in—or not. If they have an issue, you can log in under their ID to see what they are seeing. Salesforce encourages spending time checking in and even sitting with users so that admins can see where there might be issues or places where the admin can give the users tips to be more efficient. Salesforce promotes better understanding of usage so that you can create better solutions for your end users. And they have an entire site—Trailhead—devoted to educating Admins, Developers and Business Users, which is free to use even if you aren’t a Salesforce customer.

Is Salesforce perfect? No. There is no CRM tool that is perfect. In fact, in terms of structure, they do some things that will look very different to many seasoned DBAs. But it is currently the largest player in our industry. However, you shouldn’t be using Salesforce because of this fact. (For those of you who have been around long enough to remember the industry dominance of the Siebel CRM, you will understand the caution here). That being said,- given the integration options it offers with many of the industry’s other vendors, the wide array of apps available for enhancements, and its mobile options, it makes sense to review it as a possible option, with the above tips in mind.

Getting the Most Out of a Conference

By: Tom Mulligan
PAICR Vice President, PAICR Board of Directors member
PAICR Member since 2010

You’re on your way to the conference! That’s great. But how can you ensure you get the most out of it? In my experience, it is important to network and to participate. Although some of these ideas may seem a bit uncomfortable at first, getting out of your comfort zone a bit is often when the magic happens.

  1. Network

Even when the sessions at a conference are great, sometimes you get more out of the networking than you do out of the programming. Conferences are great places to meet and connect with peers, to share experiences and best practices.

First, look at the attendee list early and often. Do you see anyone you know? If so, try to contact them in advance and arrange to meet for coffee or lunch one day. You can do the same with someone you don’t know. Maybe it’s someone at another firm in your city, or someone in the same role as yours at another firm that you really admire. Whatever the reason, attending the conference provides a great opportunity to introduce yourself and make a connection.

Second, work on your in-person networking skills in advance. Be assertive in introducing yourself to new people. Have a list of questions in your mind ready to ask someone you meet—conversation-inducing, but without getting too heavy. Some possibilities are:

  • “What did you think of the speaker this morning/afternoon?”
  • “How did you hear about this conference?”
  • “How often do you visit (the conference host city)?”

You don’t want to overstay your welcome. You can excuse yourself by making a call, going to the restroom or getting a drink. Sometimes it can be a great move to introduce your new contact to someone else you know who is nearby. That helps both of them expand their network, AND gives you an opportunity to exit stage left without leaving someone alone.

Third, take LOTS of business cards. Most conferences have social/meet-and-greet activities and “introduce yourself to three people around you”–type competitions. Even in this era of social media, the good old-fashioned business card still gets a lot of use.

Finally, be sure to follow up with everyone you meet at the conference. A short “It was nice to meet you” note, and possibly an invitation to connect on LinkedIn, will help you remain in better contact with all of your new connections.

  1. Participate

Lots of people are afraid to ask questions. They don’t want to appear ignorant in front of their peers. And the bigger the audience, the more afraid they are. But asking questions helps you learn, so you shouldn’t hold back. To help you get comfortable with asking that question, here are a few potential ways you can pose it:

  • “A colleague and I were just talking about this yesterday; he was wondering about (topic of your question)—what would you recommend?”
  • “I’m familiar with (one part of the speaker’s topic), but am not as knowledgeable about (another part of the speaker’s topic, which is related to the topic of your question)—can you please explain (your question)?”
  • “I’ve been focusing on a project in (area NOT related to the topic of discussion) for a while, and haven’t kept up on (area RELATED to the topic of discussion) recently—can you please remind me (topic of your question)?”

Also, be willing to share your experiences that relate to the topic. People attend conferences not only to hear and learn from speakers, but to hear and learn from peers as well. In fact, many of the speakers in the smaller breakout settings are counting on audience participation.

Your willingness to share will often make others feel more comfortable sharing as well, making the session more valuable for all involved. In addition, you might be surprised to find how many people have experienced challenges similar to yours, and you can gain some new insights from initiating the conversation.

In my opinion, the more you network and participate at a conference, the more you will get out of the conference experience. So go ahead and step out of your comfort zone!

Financial Services Stories are Emotional Stories

By: Stu Siegal
Executive Producer/Creative Director, VLCreative
PAICR Gold Sponsor – Videolink
www.vlcreativegroup.com

It’s safe to assume that we’ve all seen, liked, and shared a funny ad or an online tearjerker video produced by a brand.  At first glance, the popularity and success of emotion-driven videos may not seem like a natural fit for financial services videos.  Within the industry, there’s a frequent perception that financial services videos should focus on performance, numbers, or value.  And while these are often components of finserv videos, recognize that there’s always a core emotional component just beneath the surface that can make the difference between a good video and a great one.

Trust within the Financial Services industry is at an all-time low; the industry generally ranks just below oil companies in terms of trustworthiness and favorability.  Trust and confidence are powerful emotions, as are empathy and passion.  Video is a medium ideally suited to communicate nonverbal concepts. Consumers want to watch videos that they can emotionally connect to, and opportunities abound for brands that use video to drive trust and confidence.

This concept extends beyond B2C video to Thought Leadership, a staple of B2B finserv video.  During a recent PAICR webinar I hosted with Gail Graham, who until recently was with United Capital, Gail noted that for execs on camera, “It’s really important to relax and be human. (At United Capital) we have a saying, we’re not B2C, we’re not B2B, we are human to human. So, the relaxation, the communication, the eye contact, and the smiling; really matters when you are dealing with your customers” … “Produce short, animated, 30 to 60-second videos that tell people what you should expect or what you’ll get by working with your firm. Those are just two areas that we are looking to push, and again give people that sense of understanding beyond the formality, the formal exterior that they see so much.”

Customers are tired of seeing the ‘engine room’, as Gail calls it, and expect a higher level of intimacy than in years past. Columbia Threadneedle Investments, the asset management division of Ameriprise, is taking the same approach.  Andrew Most, VP of Creative and Content Strategy at Columbia Threadneedle noted “We are presenting a level of intimacy in the format of thought leadership, so our customers understand the people and the thinking behind these products are real power-houses in the industry. We want to make sure they have that same level of confidence in their advisor who is selling our product”.

Confidence and trust are powerful emotions that play key roles in a customer’s overall perception of your brand. Financial Service brands who are committed to content that connects on an emotional level are winning back their customers’ trust and succeeding in the industry. On your next project, think about how going deeper than a story about performance, philosophy, or experience, by directly addressing the emotions beneath these topics, might drive a greater return on your videos.

 

VideoLink-Logo-AVI-SPL-Vert_PMS

Why Join the Twitterverse?

By: Deb Well
PAICR Board of Directors member
PAICR Member since 2006

Twitter has always had a bit of an identity crisis.

If I asked you what you thought about Twitter six months ago – your answer would likely be different than today.  A place for Breaking News?  A world that revolves around all things Kardashian? A place to commune with other like-minded souls during live TV events (the Super Bowl, the premiere of The Walking Dead, or Sharknado – numbers 1-4)? Lately, of course, Twitter has been at the center of politics and public debate, and is the favorite way for the President to communicate directly with the people.

But how can Twitter be useful to you?

Content is King

Twitter is a hub of what I call “curated search”.  That means that things are shared there by people who have read them and find them valuable.  This isn’t Google, where SEO and math algorithms determine what rises to the top.  This is the human element.  If you learn how to use Twitter well – you can use this platform as a tool to greatly aid in research and to stay better informed.

The Power of Lists

If you follow someone on Twitter, everything they tweet will end up in your Home Page feed. If you follow a lot of people – your Home feed can get cluttered pretty quickly.  Using Lists on Twitter is a great way to create sub-feeds in a more organized fashion on specific topics.   A list is a collection of specific members’ tweets.  You don’t need to follow someone to make them a member of a List. For instance, I have a list called Thought Leaders, where I have Bill Gates and Daniel Pink as some of the members.  I have another Tech specific list where I follow various industry sites and blogs, such as Vox, Tech Crunch and Pando Daily. You could create lists focused on experts who share about Social Media, or Design, or create a list of some of the top competitors to your firm, to keep abreast of what they are sharing.

 #HashtagWithCare

Hashtags may have started out on Twitter, but they now are a standard tool for optimizing search on a huge number of social media platforms.  If you tweet without hashtags, you are just whispering into the wind.

Hashtags started as a way to amplify words to be found in search.  But they have evolved. Events now create their own hashtag so that attendees can share online content before, during, and after the event. I am sure everyone at the upcoming PAICR RFP Symposium in May will be tweeting and sharing their insights live using #PAICRRFP2017.

Hashtags have also emerged to commemorate monthly celebrations – for instance, February was #BlackHistoryMonth.  Themes have also evolved for days of the week.  In the UK, Tuesday is #CharityTuesday. Wednesday in the US is all about taking care of yourself with #WellnessWednesday. And if you are looking to remind people of great times past, don’t forget #TBT ( #ThrowbackThursday).

Hashtags will help you find that key content you are researching. Knowing the right ones will also help anything you share on Twitter be part of the conversation.

Follow Me, Follow You

Unlike lists, following someone on Twitter is a greater commitment – but also has specific benefits.  So why follow?  Because you want to see what they say every day and because of Direct Messaging.  If I follow Beyoncé, she can send me a direct message.  (I didn’t say she would – but she Can). Direct messaging is private.  It doesn’t show up on anyone’s feed.  One of the most amazing things about Twitter is this aspect of universal reach.

How is this helpful? Imagine you are a CEO of a big corporation. A lot of information gets filtered before it every gets to you.  But if you choose to be on Twitter – you can have direct conversations with the people who use your product.  You may or may not like what they tell you, but it is a new avenue of first-hand information – without a third party in the middle possibly diluting the message.

How can this help you?  Think of it as another avenue for networking.  On LinkedIn, we have our connections – and connections to connections.  But on Twitter, you might be able to get the attention of someone who might not be on LinkedIn – or might be beyond your circle.  It gives you a chance to reach out, network, or have a conversation with people that you might not be able to reach in any other way.

The New Water Cooler

Twitter isn’t just the place that people congregate to discuss what happened last night or over the weekend.  Twitter is where people are having conversations about what is happening now. It is where people are sharing important things they are reading.  It’s where virtual connections are being made that couldn’t happen in the physical world.  Maybe tweeting and sharing information is not your thing.  But that doesn’t mean you should sit on the sidelines.  Like that great party down the street that everyone is going to – if you don’t like to dance, you can still come to the party and have a great time listening to the music, meeting new people and discussing cool things.

So Now You’re a Big Wig

By: Tom Mulligan
PAICR Vice President, PAICR Board of Directors member
PAICR Member since 2010

After years of hard work as an individual contributor, your contributions have been recognized and you’ve been promoted. Now you’re a manager. So what do you do?!

Recommendation #1: Delegate, Delegate, Delegate

Many inexperienced managers (and some experienced ones) fall back on what they know, which is doing the individual contributor job. After all, that’s why they were promoted, right? Because they can do the job better than anyone else, right?! Wrong. They were promoted because their knowledge of doing that job should enable them to effectively manage a group of others doing that job.

Think back to when you were an individual contributor. Did you want your boss constantly leaning over your shoulder, micro-managing everything you did? Of course not. You wanted guidance and support, but you also wanted trust and independence and even the freedom to make mistakes once in a while. After all, that’s a great way to learn. Plus, if you hadn’t been given that opportunity, how could you ever have done well enough to be promoted? So do your team a favor—provide them with guidance and support, but then let them run with it.

Not to mention that, as a manager, you will have a lot more on your plate. There will be more meetings to attend, more research to do, and more need to just think and contemplate and ponder. And, LOTS more communicating to do, which leads me to my second recommendation.

Recommendation #2: Communicate, Communicate, Communicate

I once participated in a fascinating team-building exercise that illustrated the importance of communication. There was an obstacle course with boundaries, barriers and other challenges to be overcome. (Please note, this was a business obstacle course with rags and Tupperware on the floor, not an American Ninja obstacle course with giant trampolines or climbing walls.) The object of the exercise was for the entire team to traverse the obstacle course in groups of two. One of each group of two was blindfolded, and the other served as the blindfolded individual’s guide. The two-person teams had to go through the course in a predetermined order, and there was no passing or changing the order.

So, the seeing guides would tell the blindfolded individuals things like “take two steps forward,” “turn about 45 degrees to your left,” and so on. Not surprisingly, accurate and frequent communication was critical for this.

The really interesting part, however, came when a group encountered a barrier that required a pause in the team’s progress—for example, one was “stand in place for two minutes.” At those points, the sighted individuals would tell their blindfolded counterparts something like “Okay, we just got stopped. We’re going to be standing here for a few minutes, and then I’ll let you know when we can start moving again.” Seems simple enough, right? But it wasn’t. In every case, within 15 or 20 seconds, the blindfolded individuals would start to ask things like “What’s happening? Are we ready to start moving yet?” Wait, didn’t you just tell them that they’d have to stand still for a while, and that you’d let them know when they could start going again? Yes, you did. But here is the lesson: people always crave more communication, especially from their leaders. In short, YOU CANNOT OVER-COMMUNICATE. The more you communicate, the better.

In the absence of frequent communication, people start to assume the worst. “They are all leaving without me! I’m holding up the group! My leader isn’t paying attention, we’re falling behind!” Time drags on when you don’t get updated information – 20 seconds can feel like 2 minutes, 20 minutes can feel like 2 hours, 2 weeks can feel like 2 months.

So take advantage of every chance you get to communicate – and not only with your team, but with your peer group of managers as well. Just as intra-team communication is a challenge, inter-team communication is a challenge as well.

From my experience, the more you delegate and communicate, the more successful you’ll be as a big wig.