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Practice Management

Practice Management: Live Chat Tool

by Graig Norden
on March 8, 2018

Practice Management: Live Chat Tool

Harvest recently began utilizing HubSpot’s live chat tool on our website to support our business development efforts with asset managers, hedge funds, and research firms. Internally, the tool was met with much consternation. You know the routine: “institutional buyers won’t use that” or “that’s too retaily.” 

Unfortunately, there is a systemic deficiency in the financial services industry where the old guard persistently wants to puff out their chest to demonstrate that their firms are more sophisticated or complex than the next one. But simplicity is the ultimate sophistication. At least according to da Vinci, anyway.

HubSpot Messages

From a marketing and communications perspective, complexity has adverse effects on investor communications. This is true irrespective of whether your clients are large pension plans, small endowments, financial advisors, or Johnny and Sally Mainstreet.

Technology firms are exploiting this with solutions that emphasize simplicity.

As it relates to Harvest’s implementation of the chat tool (seen here), there’s no turning back now. It has proven too invaluable to do without. In the two months since rolling it out, seven prospects have been added to our new business pipeline whose first interaction with us was via the chat tool. Of those, four are large asset managers.

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To make use of a tool like this, investment managers have a few options. HubSpot’s Messages tool is great if you are HubSpot customer. If not, LiveChat is a good alternative because of its solid integration capabilities. This means that if, for example, an investor were to initiate a dialogue with you through Live Chat, it could be recorded automatically in your CRM, such as SalesForce.

If the fintech revolution has done anything, it’s shown that while traditional investment managers are busy trying to ‘out-institutional’ one another with complexity, technology firms are finding success by introducing simplicity. To the credit of our CEO, Peter Hans, the culture at Harvest emphasizes testing and iterating. In this case, we had the freedom to test out the chat tool. If it didn’t work, we were permitted to fail quickly. But as it turns out, it wasn’t too retaily after all...

The better you look, the more you see:

63% of marketers say generating traffic and leads is their top challenge. (HubSpot, 2017)

This is not an exit:

“You must always examine what’s working, evolve your ideas, and change the way you do things.” ― Marc Benioff, Chairman & CEO, Salesforce

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