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Why Data Rooms and Email are Old News

by Sital Patel
on March 1, 2017

Why Data Rooms and Email are Old News

Let’s be honest, how many people go to your Data room now? 

What is a Data room? It's what firms use to store secure data that is used for file sharing with clients. Investors have to register and login to use it, which means your investors need to remember that login and password. If investors have multiple logins to access information, waiting for a response to an email, missing a call and then playing phone tag, can be frustrating and hard to manage. This presents a serious obstacle towards obtaining a better relationship with your client.

What is the trend now? People want to go to one portal and have access to all the information they need. For example, is a website that allows consumers to stay logged in and buy a multiple range of items. One stop shopping. The other pitfall of using Data rooms is that it’s hard to know who used it, when and how long it was used.

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In the age of technological advancements, the notion of collecting data about how your clients access your Data room sets the stage for a better relationship. It can be very powerful for you to understand your clients behavior patterns and interests better. This could also be true for Email.

When you send out a marketing Email, what is your response rate? The typical response rate is approximately 20%. Most people agree that the response rate for outbound marketing emails is extremely low and marketing teams are using email less and less for solicitation. What is the alternative to marketing Emails? Finding a platform that your investors are familiar and comfortable with, and using that platform to present your products and services.

It’s all about user interface, technology and removing the experience friction between firms and their clients. There is a clear trend of people moving towards something that is being used broadly, like one platform for all their needs. For retail, it's, for movies and shows, it's Netflix and Hulu. Now there is one for financial information: Harvest Exchange.

Users want to consume their financial information and engage with their service providers in one place but they want it visual and easy to use.  People no longer want an old interface. The key here is using a platform that is familiar and easy to navigate.

Strengthen your client relationships