Your LPs Are Important
I recently wrote a blog post about brand loyalty. (It was awesome). I started to think a lot about the fundamental thing asset managers could do to develop loyalty. It was suddenly obvious to me. Asset managers need to treat their LPs like real customers.
That is it, the secret, and I am pissed off it took me this long to figure it out; every other consumer-facing industry tries hard to make their customers feel empowered, relevant, and important. We should too. And this doesn’t mean you need to send an allocator tickets to Hawaii (which is actually frowned upon these days). So what do you do then? It really isn’t hard. You need to make your LPs believe that they are vital and important contributors to your business, which of course they are.
These five questions will change a lot about your business, if you listen:
1. How can we change what we do to make the lives of our LPs easier?
2. What short cuts do we take that we know we shouldn’t take?
3. How can we keep our LPs more informed?
4. Are we treating prospective LPs better than existing LPs?
5. Are we communicating to our LPs on a weekly basis?
There are actually a lot more questions, but this is a good start. In answering them, ask yourself what someone like Richard Branson would do. Think outside the box. You are already doing everything that doesn’t take company-wide commitment. Do something bold and big, move the industry.
By Kyle Dunn