Optimize your b2c sales cycle for Financial Services

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hello everyone welcome to another edition of shell block whiteboard I'm shel black president of shell black comm and Salesforce MVP today's topic is b2c or business to consumer selling and what I'm calling the household data model so let's jump into it if you've watched earlier episodes is specifically on accounts in context you've heard me talk about Salesforce being very account centric out of the box it's designed for b2b or business - this is selling the account is the most important object in the Salesforce database typically is reserved for a company or a business entity and then contacts are just simply people that work at that location well let's let's take the scenario where we want to sell to consumers maybe we're a university and we want to track college students and we're not selling to companies we're working with people so there's a couple options available from Salesforce one is person accounts it's a feature that's been around for many many years probably a decade very well-supported lightning classic a lot of information out there so I won't go too much into that there's also a newer option called FSC financial service cloud came out about 18 months ago only works in lightning does not work in classic and if you're an existing customer you'll need to start afresh Salesforce instance or new database Financial Service Cloud and migrate new product has a product team evolving quickly really good if you're dealing with say mortgage companies wealth management banking relationships something to look at so we've talked about a couple options available from Salesforce what considerations what things do we need to know well the first thing you need to know on either one of these options is that if you enable it and start using it you cannot go back to standard accounts and contact it's an irrevocable change to the database and the data model underlying inside Salesforce so once you turn it on there's no going back to standard accounts in context you would have to move to a fresh Salesforce database and move all your data and business processes is a logic to get back to accounts of contacts so something else to consider 1% of the Salesforce orgs out there are either using financial service cloud or person counts doesn't mean it's a bad thing but just realize that the greater universe of Salesforce customers is using traditional accounts and contacts what does that what does that tell us well you need to think about integrations if you have integrations that are heavily reliant on accounts and contacts in those tables you want to make sure that they are compatible or need to be may need to be upgraded to support person accounts for financial service cloud same thing with third party apps off the app exchange if they are very reliant on accounts and contacts check with them to see if they support personal accounts a financial service cloud so those are the kind of the options that are available to us from Salesforce are there any other options to us well there actually is one it's not one that's really documented by Salesforce it's very popular in the consulting industry lots of firms use this and I'm going to call it the household data model and what it allows us to do is stay with traditional accounts and contacts and let me give you some examples of this so if I was to look at these illustrations of accounts and contacts on the far right traditional account a traditional company a law firm two attorneys or our contacts another traditional account and accounting firm two CPAs an insurance agency with two contacts being an insurance broker on the Left I have created what I'm calling a household account underneath that I have some contacts John Jones Mary Jones and their two kids Bobby Jones and Amy Jones I am nesting people that live at this physical address and make up this entity called the John and Mary Jones household and the naming convention is really just using kind of primary and secondary contacts the main contacts in this relationship and using a naming convention of just kind of first name first name last name Johnny Mary Jones household something that's also very popular with this is when you're dealing with business to consumer or selling b2c there are other contacts that typically get involved so let's say we are a real estate agency and we are a realtor and we're selling a new house to John and Mary Jones maybe we need to know who's their banker who's their attorney who's their insurance provider or maybe who is the selling realtor on the on the buying side of the relationship and so there's a way to track these relationships and another good example I would say is if we were a financial advisor or a wealth management firm and we are selling financial products to this household to John and Mary Jones we want to know other contacts that will influence their financial buying decisions and that could be a CPA an attorney an insurance broker maybe a personal banker and so how do we kind of track these relationships that John and Mary Jones have so what we do is kind of a best practice is create a custom object called related contacts sometimes we'll call them affiliated contacts sometimes we'll call professional contacts wealth management sometimes you'll hear CEO I center of influence the folks that influence these people's financial decisions it's a simple custom object with a lookup to the account which would be the household and a look up to the contact and what this allows us to do is as we go through and we list all the contacts that are working with John and Mary Jones if we look at that household we'll see the related list of contacts that people that live or reside at this household and then we're gonna have another related list or related context they're gonna show all the professional relationships all the professional contacts so then I would see John and Mary Jones CPA their attorney their insurance broker maybe their personal banker and so on the flipside of that data relationship if we go to the attorney for example any household that we have related to that attorney will now be visible as a related list underneath that attorneys record so if we go to this attorneys contact record below that we're gonna see all the households that attorney works with because of this join object of this joint custom object one more kind of dynamic that I want to talk about to kind of wrap up our topic on the household data model is what happens when Bobby Jones there's no longer kid grows up it's got his own financial accounts and buying real estate and those type of things and his on his own say Bobby Jones grows up and Bob Jones because we don't want to talk him call him Bobby anymore it's okay to have one contact at one account first-name lastname household Bob Jones household John and Mary Jones household because we have a primary and secondary contact here it's okay to have a single contact underneath a household account because maybe that's the only person in that entity or that relationship so hope you enjoyed that that wraps up our discussion on selling b2c or the household data model again the household data model is not something you're really you're going to find it helped but it's a kind of a best practice and use quite a bit with consulting if you have any feedback for us you can always reach out to me on Twitter I'm at at shell underscore black or you can email me at white board at shell black comm thanks for tuning in