3 things that need to be in your 2014 business plan

So if you are like us at PCE, you are already well into planning for 2014.

And part of that planning process invariably asks what is it that we do best and secondly what do we need to improve?

This is however where most business plans and therefore most businesses fail. What occurs thereafter are brainstorming sessions, that generate a plethora of ideas, of initiatives to deliver to go from "good to great" by innovating, coming up with the competitive edge that will blitz the competition.

Often the ability to deliver such growth is overstated and what ends up happening is that the business forgets to deliver the answer to the very first question : what is it that we do best?

Focussing on weaknesses highlights and delivers just that : weaknesses or at best improved weaknesses.

Paul Leinward and Cesare Mainardi (Harvard Business Review June 2010, pp 86-92) posed the question as to whether you business had the courage and discipline to focus intensely on what it does best.

Rather than chase business in markets where the company does not have capabilities to sustain success, "coherent" companies align what they do best with the right market positioning.

In other words they position their offer to their ideal clients in a way that resonates.

Every decision then is focussed on being able to answer 3 questions (the 3 that need to be in your business plan).

According to Leinward and Mainardi these are :

How are we going to face the market? In oner words : what is our value proposition? Understanding the value you create for the customer and being able to articulate it in a replicable/repeatable phrase is key here.

What capabilities do we need? In other word : To deliver on our value proposition what 3-6 capabilities to we need to display / deliver?

What are we going to sell and to whom? In other words: the product and services that make up the product mix are the ones that are key to your value proposition and highlight the capabilities that your business has, are delivered to the right customers in the right communication mix.

So the key is:

- figure our what you are really good at, develop the capabilities you have to deliver that so that they are best of breed, align this with the market place opportunities and be rewarded with sustained superior returns.

Ask these 3 questions in your business planning process : which by the way should include all team members (it's a great way to assess if you actually need to reassess whether the capabilities you have in your team are actually the right ones for you!!)

A Short Guide For a Big Impact Communication Strategy

So here's a quick guide if: you are thinking of a social media strategy for professional service clients and have a website as a main plank for showcasing your business.


1) Just because social media exists does not mean it is appropriate for your communication strategy

2) First determine what is your message, to whom you will convey it

3) Next determine where your clients are getting information from : where are they congregating and interacting : if it is Facebook : Facebook might need to be part of your strategy : if not : then don't waste time

4) Twitter : great for broadcasting, sourcing information : but who is your audience and where do you get your news from : if audience is niche/specific : then twitter may not be appropriate

5) Blogs : allow you to update clients with value and position you as a subject matter expert : it is regular communication without being intrusive

6) Website : where you want to direct clients to : so they connect : great for referrals to be able to interact

7) Analyse your client base and determine the appropriate mix of communication strategies for you

8) Consider your website and update with staff profiles/videos, contact capturing section, blog page, and as for client communications : client personalised emails, client personalised video messages

9) Write your blog regularly: once a week: at least one a fortnight

10) Update LinkedIn and post your blog : the people connected to you will then be directed to your website

11) Hide your connections

12) Stalk your clients : see if they are on LinkedIn : see if they are active : connect with them : see who they are connected to : potential new clients?

13) Post videos on LinkedIn and on your website

14) Continue your personalised emails

15) Your "news" items are also things to post on LinkedIn and on your Blog

Getting Social : Social Media : are you forgetting the social and focussing on the media?

So tonight we are presenting for a group of financial service professionals about how can you build your brand, deepen client engagement and increase referrals and new business by listening and communicating with clients.

It's a topic we love, and love engaging and connecting with people on.

And there is the essence of what social media is....it is social.

Too often the "media" is the focus and old style marketing is thrust upon clients and prospects from a business that thinks it is getting social.

Too often the messages are not about the client, they are about the business.

Times have changed, in that no longer is the primary information that shapes our choices as consumers, coming from the business selling the goods or services.

We have as humans have always done but with accelerated power and scale made choices by consulting trusted sources, our social circle.

Now that social circle is no longer the people in a tiny village. Rather our social circle is global and instantaneous!

We have a bigger voice than the company and we are using it.

The way to get social and become the most interesting person in the room (or on the web) is as it has always been : to listen.

Can't wait to hear what people are saying and feeling tonight.

Getting Social : Part 2 What businesses need to know

So what is the process around getting social for businesses wanting to create customers from engagement via social media?

One principle that should guide your thinking here is that we, humans, like to connect and therefore forge communities with people like us.

So to demonstrate that you have shared values or at least empathy for the values of your ideal clients, you need to :

- create shareable stories around what it is that you do

- in turn create and demonstrate a culture that will prompt people to take action to promote you

The platforms for that interaction are social media.

So, when thinking about your ideal clients :

- your messages ie your content needs to be focussed on the members of your community of ideal client ie what ties them together?

- the content needs to be shareable

- you need to develop a rich in depth view of these groups and individuals : social helps you do that fast

- and you need to deliver content succinctly and with impact

Gossieaux and Moran in The Hypersocial Organisatiin talk about :

- listening, engaging on their terms, collaboration, and storytelling

All this is part of the process.

Importantly you need to be genuine, real, candid, and be willing to offer more than corporate speak and generic content.

You need to be you.

Finding out and defining who exactky that is, is your first step.

Getting Social : What any business needs to consider

We can't believe it's been a month since our last post. We bad!

But during this busy time of reflection we had the fortunate pleasure of revisiting Gossieaux and Moran and some of the key principles when businesses are getting social : in other words using social media to engage with clients.

Social Media is about basic human behaviours, hard wired in fact, but now at an unimagined scale.

The purpose of any business is to create a customer ( we can talk profit later ) and that means that your basic functions critical to success is your message and how you deliver it. How creative are you prepared to be?

No one, repeat no one has formed an online community and got social over just a product or service. What businesses who are getting social successfully have done is to engage with what is valuable to their prospective and existing clients.

There is a process around this and later today we will step it out.

Finding Balance : A ReFocus on Priorities

Perspective.....the ability to find perspective allows you to see things as they really are. It's that ability in any given moment to step out of yourself and have a birds eye view on a situation and assess it for what it is. Perspective allows clarity of thought and that mindfulness leads to better decisions, more creativity and greater satisfaction with life.

The greatest challengers to perspective are time and awareness.

In today's unrelenting modern lifestyles the time for perspective is seldom allocated. Secondly with our minds bombarded more than ever before with information at speeds never before experienced in human history our awareness of our feelings, of situations is challenged and ignored. We become expressions of that which we have knowledge of but not necessarily understood. And that knowledge without understanding applies to ourselves.

We all understand the problem. What's the solution? Awareness is the key. But to give awareness an opportunity to change our direction, our perspective we need to allocate the time to gaining perspective.

Our advice is simple: time block it.

1) Allocate to start 10 mins in the morning and 10 minutes at night to mindfulness. This may start as simply a quiet spot where initially you don't think of anything. So don't take your smartphone with you. Now if you can't find a quiet room at work or home, then multi task. In all seriousness this might be time spent in the lavatory or in the shower. If that's all you can grab then take the opportunity.

2) Move next to assessing your life and how you feel about it. Ask yourself how you feel about certain aspects of your life, rank it on a scale of 1 to 5 and then write about what you want in the future and how you want to feel. This is a great exercise to do as a couple. The areas you are assessing include : relationships, health, fitness, philanthropy, community involvement, friends, spirituality, hobbies, work, house and home, finances, personal space, education and personal development.

3) Identify the three most important areas for you and assess whether you are spending enough time and resources in these areas.

4) By now that 10 mins hopefully has moved to 15 now you need to start a dialogue with your self and significant others : try setting time aside and this may start as only once a week that you and your partner just talk about your world and perhaps it's just as simple as a download of the week. Take turns. Listen don't solve.

5) Start focussing on what's really important (identified in 3)

Check in with PCE after a few weeks and let us know how you did.

What Award Winning Businesses Do Well

Last week the Association of Financial Advisors named its 2013 Advisor of the Year.

All the businesses and advisors that were nominated were put through a rigorous process that involved an assessment of client engagement as well as systems, processes, community involvement, leadership and the advice proposition.

What made the 6 finalists and ultimate winner stand out from the crowd?

It is apparent that clients value the financial planning process. Data from the Beddoes institute confirms that once clients start taking advice they get incredible value out of the process. They are happier, more likely to refer and maximise the possibility of living a financially secure life. Clients point to aspects such as the personal qualities of the advisor, understanding the process and feeling that the advisor understand them, as key components of client satisfaction.

What these businesses, these finalists, do goes beyond those client pre-requisites.

These award winning businesses :

- have defined in client terms what it is that they do so clients can easily articulate the value in their own words
- consequently have referral rates from existing clients well into the 90% levels
- have dynamic, client focussed communication methods that allow trust to be built before they have even met a protective client
- on meeting a new client, take the client through a process that defines what a clients values and motivators are with clarity and resonance
- they deliver advice that is connected to these values and the advice is delivered by a team
- have teams that understand what it is that they are providing and the impact on each individual client
- set benchmarks in the client journey and celebrate and acknowledge theses milestones with clients
- have multiple methods of communication with their clients
- are active in their community
- lead industry discussions
- share their experiences and successes with peers

But most of all these award winning businesses know who they are as a business as individuals and are true to label.

They celebrate themselves, their clients, their staff and their community each step of the way.


Congratulations.

How to get more "likes" on your corporate Facebook page

So you've set up your Facebook page for your business, and you have a good engaging website, maybe even some videos : client testimonials and "why" videos......you've built it....."they" should come......where are they???

You have 137 Facebook page "likes" and your articles / posts attract a handful of "likes" and certainly no "shares".

What's gone wrong.

You've fallen victim to McDonaldisation.

As pointed out by Macionnis and Plummer, 2012, much of social life is being or has been defined by the principles that guide the operation of fast food chains. Close intimate social groups have given way to fast, efficient but distant ones.

We live a great part of our lives via networks. And these newer networks have if you let it forgotten the oldest ideas of sociology that we move through life with a sense of belonging : our social groups are founded on associations with those that we identify with and interact with.

So if your posts on Facebook are one way....your product, your opinions, your sales pitch you are ignoring the basics of group dynamics ...that the group encompasses people with shared experiences, loyalties and interests.

Social groups think of themselves as special and as a collective "we".

What you are trying to do on Facebook is create a primary group. Sociologist Charles Horton Cooley, identified primary groups as small social groups whose members share personal and enduring relationships with sincere concern for each others welfare.

Members : belong together, have strong links, view each other as unique and irreplaceable.

By contrast a secondary group is large, impersonal, and has weaker emotional ties.

Your content to be engaged, of value, shared, liked needs to tap into the values of a primary social group.

If your intent is to attract a certain ideal client, then you need to understand what primary social groups and interactions your ideal client has. What are those values and experiences?

Only then can you have meaningful engagement with them.

Why else would a garden shears company Fiskars have a group of scrapbookers as a major contributor to R&D and a resultant 300% increase in sales. Because Fiskars listened and understood the social connections that their ideal clients had and tapped into that primary social group with value.

Your action plan......have you really though about your Facebook content, who it is aimed at and is it of value to them. Or rather have you just applied the same direct marketing techniques that didn't work by direct mail ....so why on earth would they work in a virtual community?

Motivation : Getting The Very Best Out Of Yourself

So our planned post about socials communities is on hold! Because we wanted to uncover the core of your motivation.

We had the chance to speak to an individual yesterday with a valid goal and a thought out process but a fear of letting go of the past and accepting the positive of their future.

No one, repeat no one can motivate you.

Oh you can be inspired no doubt and the inspiration from a person or event can be highly emotionally charged and resonate so powerfully that you can't help but move forward with your goals. But unless you have discovered within the motivation that is self generated and as such self perpetuating then that brick wall looms large and fast approaching.

The pre game address from a great orator and coach can get you running onto the field revved up and that adrenalin rush leads to action that can get results fast. What happens when things get tough? In that third quarter of the game? Do the words in that pre game address cause our second wind, those heroic efforts that change the course of the game? Or is it what is inside use that leads to winning or just missing out?

Think about where you are right now.....in your business, in your sales year, in your relationship, in your friendships, in your life. Now imagine it is your third quarter in the game you are playing but the final whistle sounds now....that's it....game over.....where have you finished?

In your business have you achieved what you wanted? Are you ahead / behind?

In your sales year ....what percentage of target have you finished on.....is it 90% or is it 110?

In your relationship.....what have you missed out on doing that you regret...should you have proposed, started a family, said "I love you"......or should you have exited the relationship here, here, here and there!!

In your life.....do you look back and smile...satisfied.....or is there so much more you wish you could have done?

Now how does this all feel?

So you finished on 90%. Could you have made 100%, 110%? What more could you have done, differently, the same with more consistency ....if you had just more time what would you do to feel....better?

How does 90% feel knowing 110% was there if you had just tried that little bit more? If the voice in your head was less concerned about fear and more concerned about sending you positive messages.

And what if you are on 110% how does that feel? And knowing how good that feels...how does it positively change things for you and your world....what are the consequences of hitting your goal....so what do you need to do to capture that feeling, bottle the very essence of it....what would you do to make sure, guarantee you are going to feel that way.....and extra sales call a day .....?

So what if you should have spent more time with your family...one more hug, one more "I love you" that you should have said....or maybe your priorities are spot on and you know they know just how much you love them as you never left that to chance.

Understanding how you feel on reaching that future goal, what it would mean, what would change in your world ....is the first step in visualising and outcome to provide positive motivation to keep you on track ...you need to imagine how it feels emotionally and physiologically.....only then can you synthesise your body and mind to delivering that goal for you. The movie of your life becomes inherently positive ...it's the slide set you want shown at your funeral the movie you want to see over and over again. It's the Disney feel good, rising above the odds story.....not the B grade unlikeable character that no one warms to or respects...."I hated that guy in that film"....is that who you want to be?

But here's the rub. There is no finish line. When the final whistle blows, there is another game starting. There is always something else to work towards. Once you accept that then you are ready to accept that if you live your life like the final whistle is about to blow and as such make every second count then you can live without regret, able to smile at your efforts, reflect warmly and without questioning what if.

Finally this quote from poet Kim Rosen may resonate for you ...."when you welcome what you've been running from, your life is no longer shaped by trying to avoid it"......visualising the ideal you and working towards it is a great first step.

The power of communities : Facebook content that's meaningful

PCE had the privilege and responsibility this week to be the MC for The Warwick Cancer Foundation http://thewarwickfoundation.org.au/ Australian Rules Football finals series lunch to raise awareness of the great and much needed work that this foundation does.

Decidedly nervous as being self aware (PCE are most comfortable presenting on client engagement psychology) as an MC PCE realises they are not funny (proven on previous MC attempts!).

But that did not matter. What really mattered was the expression of a community, the inclusion of people, cancer patients aged 18 to 40 who don't have a formal support network and the telling of their stories to spread the word and create something bigger than ourselves and something positive out of the trauma of a cancer diagnosis.

One of the key messages of the day was : tell the story. That is share it, spread it : the power of social interaction that defines our identity and creates new social structures that challenge the staus quo and changes, positively changes the society in which we interact.

Without the social interaction foundations such as the Warwick Foundation can not do the work to change the lives of people for the better.

So often when PCE is asked about social marketing and in particular Facebook campaigns, the starting point is wrong. The message that is trying to be portrayed is a sales message that defines content as something that is a saleable commodity, a service ...what the company wants to sell rather than what clients need or value.

In financial services that leads to articles on the latest superannuation or investment legislation or ideas with the call to action being "for more information make an appointment with us".

It is no wonder these pages and posts have few "likes" let alone responses to action.

Posts like these miss the essence of what it is to be human. They fall short of what individuals are looking for in a postmodernist society.

Being an individual means we interact and associate with that that makes us human. We are drawn and driven to bond with things and people that inspire, motivate and connect us to something greater than ourselves.

Facebook content then for any business should be that which is an expression of who we are and what our values are. It means exposing your vulnerabilities and your humanness.

The Warwick Foundation is a reminder of what it means to be human. In the rawness of a cancer diagnosis it is our humanity that defines us. Nothing else matters. And our humanity at that moment is stripped back from any social structures or protocols and comes back to simple and complex basics : emotion, support, bonding, love.

So for those looking for Facebook content with meaning then checking out https://www.facebook.com/thewarwickfoundation is a good start to remind us of what it means to be human and what is important.

Connecting with and sharing this community might just be your first step in helping create something much larger than we as indviduals could do alone.

Lessons from LA : Socially connected businesses

WOW! What an amazing time PCE had in LA last week. Aside from the glitz, glamour and fun, one thing that could not escape our attention was how socially connected businesses were with their communities.

Now we are not talking about transnational corporations, we are talking about local small/medium enterprises that have created communities of fans that engage with the enterprise through social networks and in so doing share their experiences, provide feedback, provide virtually free advertising and constant sources of referrals.

All the business needs to do to perpetuate the success of the community is to engage in kind and respond with value.

But what are the ingredients that allow this to happen.

This is the beauty of the simplicity of the process.

These businesses :

1) Make it easy to connect with them.

2) Provide a service and customer experience that is compellingly shareable.

3) Respond to the interactions.


Whilst in LA PCE posed the question via twitter that asked financial services business to imagine that they provided an experience that was so good clients would "check in" while visiting their financial services professional. Take this a step further and imagine a service so good that the client would Instagram, Facebook, Tweet the experience "live" as it unfolded.

Crazy? No......rather a reality that leading businesses are creating.

1) Make it easy to connect

- provide and advertise that you have free wi-fi in your office especially in your waiting area

- in that space have QR codes or connection boards that invite your clients to connect via Twitter, Facebook, Yelp etc

- invite on that connection board clients to check in

- make sure you have active pages on these sites with great content

2) Provide a service and customer experience that is shareable

- name cards reserving a spot in the car park "welcome"

- great coffee

- kids play area

- magazines and articles in reception tailored to your clients specific interests (change them for each client coming in that day)

- take a leaf out of car sales : the photo and flowers of the proud new owners of an implemented statement of advice

Clients will share via social networks these experiences because you have made them feel special!!

3) Respond to the interaction

- "like" their check in

- respond with comments

- post their picture


Over all get social and nurture your client community.

From cafes, to doggy day care, from juice bars to blow wave bars, fitness centres and yes financial planners people in LA get social and share what is shareable.

It all starts with a compelling customer experience.

"The Trusted Advisor". Process? Mindset?

With so much talk, data, conversation and method, post FOFA on becoming a "trusted advisor" PCE wanted to in this post unpack one of the components of being a "trusted advisor".

Now to start...some perspective. The concept of the "trusted advisor" has been around for a long time. From Bacarach to Beddoes...from books published in 2000 by Robert M. Galford, 2005 by Charles H. Green, and 1997 by David H. Maister. In fact so widely discussed has this concept been that anyone fooled into believing that this is a new concept is incredibly naive.

But recent study has packaged up this concept into something more accessible. For a start one does not necessarily have to pay thousands for the process or take significant time out of the business to learn the process. But in saying that there are vast advantages in doing that. The concept has become accessible indeed but correspondingly more difficult to enact.

Without the process implementation just simply does not occur.

Further the key ingredient in becoming a "trusted advisor" is emotional intelligence.

Simple huh?

What is required at this point to help an adviser become a "trusted advisor" is the development of their EI.

What must occur is 4 fourfold:

1) Ones way of thinking needs to be refined so that a consciousness develops that challenges familiar notions of ourselves and others, challenging the truth of assumptions.

2) That then in turn allows us to assess the opportunities and the constraints that characterise our lives and the lives of others. It makes us look for a better way. And reveals what we and others can accomplish to reach our goals more effectively.

3) Doing this enables us as the "trusted advisor" to shape not only our lives and that of our clients but that of society. This is about being aware enough to give back.

4) And finally once self aware, we can easily recognise human differences and we can lead the way in confronting the challenges of living in a very diverse and changing world.

Critically thinking about ours and others strengths and weaknesses and being able to articulate that effectively to ourselves and others is the core of EI.

A process that you can implement is then in fact a great idea.

So when next the concept of a "trusted advisor" is rasied, look for the process.

Or keep reading PCE!

Presenting insurance solutions to cost conscious clients ......

Now don't try this unless you have actually fully explained the ramifications of structuring insurance cover this way and have a very deep understanding of your clients total financial situation. Once you have done this however then the ability to structure insurance cover through superannuation provides in the current climate an opportunity for people to get the insurance cover they need without the deep concern about cashflow and the ability to make ends meet.

Whilst families and small businesses are doing it tough in an environment of rising cost of living pressure what PCE has been observing is : clients reducing levels of cover, clients ceasing covers and less referrals coming into financial planning / insurance offices and a lower strike rate that advisers are having when positioning total insurance solutions.

This has led to a boom in the direct insurance market which is a concern as it has devalued the advice the all important advice that is needed to properly structure and forward underwrite insurance policies rather than be left with the uncertainty of cover breadth when they are assessed at claim time.

So one of the advisers PCE works with has a presentation piece which we thought was quite effective especially in the cost conscious space of family advice.

No we can argue later about the fact that most households spend a greater percentage of gross income on alcohol, tobacco, foxtel than they do on personal insurances and having a discussion about their priorities is paramount .....but for now try this.

So you have worked out your recommendation: and say for example it is

Life cover $2 million
TPD cover $2 million
Income Protection $7500 per month
Trauma $500,000

Now for a 45 year old, male white collar the premiums look something like this :

Life cover $2 million $120 per month
TPD cover $2 million $110 per month
Income Protection $7500 per month $200 per month
Trauma $500,000 $190 per month

And the client sees that this insurance package is costing $640 per month.

Expecting resistance? They could get a new car for this.

So this is how the adviser PCE knows pitches it:

Life cover $2 million - premium paid via super
TPD cover $2 million - premium paid via super
Income Protection $7500 per month - premium paid via super
Trauma $500,000 $190 per month - premium via your bank account = less that $50 per week, less than $10 per day.

Ok.....so psychologically all the client has to come up with is about $8 a day, two cups of coffee.

Now should you have income protection via super? Should you have all the cover via super? It depends and of course you'd be discussing that with the client and your 40 page Statement of Advice (have you seen the post FOFA SOAs....that's a topic of a forth coming blog entry!!)........but if its the difference between providing for a family or having them without adequate insurance....well that's a question you can answer for yourselves.

Who owns an idea?

Now, we are not going to get all legal eagle on you here. But when it comes to best practice in terms of how to engage clients for example - the sole purpose of this blog - who can lay claim to any of the ideas that come to the fore?

We at PCE have heard all sorts of claims as ideas on client engagement are rolled out. "That's our work" "Our presentation" "Our process".

One of the classics has been around "Intergenerational Advice". There are several presentations out in the market place, tools and processes that have been "developed" in the last few years.

In all seriousness anyone laying claim to coming up with this : that it is their idea - is in PCEs opinion - kidding themselves.

25 years ago PCE learnt about Intergenerational Advice. 40 years ago the original lifies created IG advice.

What anyone does with IG advice now is simply to re-tell and package up the techniques.

The hottest ticket around at the moment is ....emotional intelligence.

Now if you are going to believe this is a new concept in the advice space once again you are kidding yourself.

None of it is new and no-one, no-one owns these concepts.

What is current is how these stories are being told and to whom and how well they are being told and what is the motive.

PCE has over 100 posts all free and all come with an offer of discussing them with you no strings attached.

Yes PCE are packaging up a process and yes it will be in a form you can purchase and then use in your business.

The intent is better outcomes for you, your family and your clients. But make no mistake we are using our experience, our education and our observations to tell and package stories up for you to use.

And these stories are the stories of some of the greats of our industry and most importantly most of the stories are our clients stories and in the end that's what it is all about: the client.

Is your team culture blocking or boosting your progress?

According to Jim Clemmer "Research consistently shows that 70% of efforts to improve customer service, quality, safety, productivity, innovation, employee engagement, restructure, or introduce new technologies fail. Leadership and organization culture are THE critical X factors. "Soft" leadership and culture boosts or BLOCKS strategy, structure, and change initiatives."

So where do you fit in that spectrum? Is the "how we do things here" culture in your business healthy? How do you know?

You can't measure your culture by the results that are achieved.

High performing teams don't necessarily have a culture that produces a happy workplace.

Experience of PCE members has been in boiler room cultures, sales at all costs and unsustainable work practices and environments : work hard play hard the doctrine that may deliver numerical success but at what cost?

Auditing your team culture can be confronting. Resistance to behavioural change or even simply questioning behaviour can be difficult to start but if the focus for longevity and sustaining peak performance and simultaneously delivering quality consistent WOW customers experiences, financial rewards and success and a happy, engaged, motivated workplace : then a culture audit and culture change is a necessity.

The steps involved:

1) analyse how the team communicates : is it effective, is everyone on the same page, included,

2) what expectations are set for team members : written and unspoken : what behaviours are valued and rewarded

3) what political structures have evolved in the team : where is the power base

4) what practices and processes are the most successful in the team for delivering results : if you documented that process would you be proud of it

5) are the behaviours exhibited in the team ones you want to replicate, model, change

6) do team members have balance in all areas of their lives : are they living their lives or paying a price

7) is team think dominated by a few players : do we have a process that delivers parallel thinking after considering all the issues at hand

This can be a confronting and rewarding process. It requires team members to be led by high EQ leaders.

Developing EQ is possible but requires committment and a desire to assess and progress.

Is your financial services business PERFECT?

A really exciting day for PCE as we launch P.E.R.F.E.C.T, the 7 step process for transforming your business.

The PERFECT method is a way to positively transform your business and be truly a client centred successful business that delivers life changing advice to your clients, and changes your life and that of your staff for the better.

If you have been following our tweets you'll realise we can't count as we tweeted it as 5 steps.....doh!

So what is PERFECT?

P is all about planning. This involves defining what is is you are going to deliver, how you will do it and to whom. It is about structured activity right down to diary management.

E (the first one) is about execution. This is the delivery of the how. Your pitch now honed needs to be delivered so the focus here is on tools you are going to use to market and to communicate.

R is for responding. This is your communication piece. It involves social media, email and telephone and what language you will use. It is also about your service proposition.

F is for follow up. This is very much a technology piece and about the way and when you will follow up and service your clients. Industrialising your process is key.

E (the second one) is about empathy and the exhibition of empathy. How you develop your emotional intelligence is one thing but how you connect with clients is another. The tools and processes you use are critical. You will not, repeat will not succeed if you do not get this right.

C is for consulting. This is about feedback and implementing that feedback in a demonstrable way. How and when you ask for feedback will determine success.

And T is for teaching. This is your education piece. It is for you, your staff and clients. How you shape your education piece is key : it needs to be tailored to your target market and needs to be accessible, enactable, have process, have coaching and support and most of all be compelling.

So where to from here?

We at PCE are on the cusp of bringing you a complete PERFECT package for you to enact once you engage with PCE.

Yes an advertisement : office available in Melbourne

So helping out a friend is today's post from PCE!

They have an office to lease that woudl suit perfectly a financial services business.

Here are the details:

Office Details

· Attractive modern office complex with lift, security and parking
· 80 square metres total space with internal entrance from foyer
· Includes own kitchenette, toilet and storage room
· Fully partitioned offices including large meeting room, 2 offices and common work area.
· Full glass frontage to first floor balcony, including own external door
· Partitioned common workspace for 2 or 3 people
· 4 car spaces (2 undercover secure, 2 rear car park)
· Rent is $3230.38 per calendar month payable on 1st of each month (increasing at 3% annually from June) – plus outgoings
· Bond is around $8500 but I will need to clarify that for you.

What’s in it for you?

A great opportunity as we have not yet called in the real estate agent to let the property. Ringwood is fast becoming a central hub in outer suburban business scope. The Ringwood bypass is on our doorstep and you are 30 seconds to Eastlink and wherever in Melbourne you want to go. Mullum trail walking tracks right outside. Ongoing costs for the premises would be less than the city area because of its location.

We propose to sell and/or leave – by negotiation…..

· Partitions, floor to ceiling, glass and solid, de-mountable and moveable. (install price $11,000)
· As new Panasonic phone system with 7 handsets. This is fully installed and operational on a rotary line system. (purchase price $4,500)
· Furniture – large reception desk, 4 work desks, round meeting table with 5 chairs, three filing cabinets, 3 wheelie chairs, utility room with storage shelving, kitchen equipped with table and chairs plus fridge and waiting chairs at entry. Essentially you have 2 furnished offices, a furnished common area for 2, a boardroom seating 5 – which could seat 6-8 -- and a kitchen with fridge. (estimated used value $3,000)

At this stage we are looking at vacating early December, however this may vary slightly. We would then ideally like to handover the lease from 1st January…..

Please contact me if you’d like any more info or would like to see photo’s. You are also welcome to view the setup at anytime.

Cheers


Sally Wynne
Practice Manager

Ph: 03 9876 0022 Fax: 03 9876 0467
email: sally@fspringwood.com.au

Still one of the worlds most underinsured nations?

Last year when PCE reviewed the IBIS Life Insurance Report we noted that "people don't buy what they don't understand".

At that time complexity, ease of doing business and education were key tasks the industry had to tackle to address the issue of underinsurance.

At its core insurance is there to protect those who would suffer a financial loss, hardship when faced with a death, disability or trauma.

So why one year on does the same message we've been hearing for 20 years still dominate the most recent report?

The industry still provides product complexity as a solution to one of the basic core drivers of human behaviour : the need to defend.

Calculating underinsurance is not an exact science : some say it is not a problem and suggest it only affects 20% of the population.

Other figures range from $700 million to $1.4 billion dollars.

And while superannuation is set to remain an important market for selling insurance there are long term issues with this solution. Robbing super now to protect cashflow in the present disminishes cashflow in the future.

Disappointingly initiatives such as Lifewise : whcih many insurance advisers don't seem to know about, to raise awareness about insurance, dispel myths and suggest strategies to mitigate the risks, seem under utilised and hence ineffective.

But the way forward may be technology.

Imagine a community of life insurance customers, positive claimants (99% of claimants by the way!!) all engaged with the insurance companies and advisers. That's a powerful community to spread the word and protect more families and businesses from the risks and reality of financial devastation.

Forging a community that thrives on dialogue and accessibility may be the key to and companies that lead the way will be well ahead of the curve.

This is sorely needed, the boom in SMSFs and the requirement to consider life insurance can only be effective if advisers in the SMSF space are true believers in insurance. At this stage this seems a wish rather than reality.

Why?

According to IBIS the top four industry participants in advice account for 54% of premiums. Think about who those advice players are and think about the usage of platform in those groups. The concentration is set to get higher and what comes with that is possibly a focus back to funds and transaction rather than pure risk advice from dedicated risk professionals as these groups struggle with the loss of the skills of life agents. As they ramp up there risk initiatives though maybe the power of numbers in their adviser force will be the solution?

Complexity needs addressing but key to addressing the issue we feel is:

- strong risk value propositions by advisers
- greater client engagement and involvement using technology
- a shift to advisers creating communities of clients
- insurers demystifying the process and collaborating with advisers to make insurance more accessible


Who is going to lead the pack?

Can you really have it all......YES...but something's gotta give

YES!!! You can have it all.

But there is a price to pay.

That price is the acceptance to create new positive habits.

Even further, you need once on the path to reinforce those new habits until they become crystallise.

And over all you need to decide what are the things you need to outsource and stop do them yourself!

This has become so evident for PCE. First you may notice its been a month since our last post. With meetings with key advisers, with travel, with conferences and presentations, something had to give!

And most importantly PCE made a choice to creat a new habit.

6am starts in the office, 8pm boxing and gym work : was not working!

Well at least it was not working for family. And PCE needed to step back at look at what was really important.

Factor in a new habit, 6am gym, 7.15am family time over breakfast, and then 7pm dinner and we are done for the night apart from conversation with loved ones. Easy? Not really, suddenly 2 to 3 hours of work time per day were sacrificed and there needed to be a solution?

Let us tell you about Jan and Phil. Phil owns a small business. Phil said to PCE he was battling : trying to me a good husband, father, businessman, boss, trying to keep finances on track, maintain the house, keep fit, maintain friendships, look after his staff......something's gotta give.

Phil was telling himself lots of stories.....

We readily notice what’s wrong in our lives and react to it automatically – often at a cost to more thoughtful deliberation and effectiveness. Our core emotional need is to feel secure valued and appreciated.

The more we feel our value is at risk the more energy and time we spend defending it and the less energy we have available to create value.

So we develop influence over the stories we tell .......

We can develop stories to empower us rather than undermine. When we react as a default to telling negative stories we assign ourselves to the role of victim. It feels better not to blame ourselves for disappointments The victim role undermines our power to influence our circumstances.

The alternative is to look for where our responsibility lies in any given situation and then take remedial action to influence what we can control.

Awareness is key: being curious about how we respond changes us from being the subject of our feelings to making them the object of our observation.

Realistic optimism balances a hopeful and positive perspective with a recognition that the desired outcome may or may not occur.

We often look to those that inspire us for guidance. For PCE Chris Gardner is a source of inspiration.

For Chris its about Spiritual Genetics : the conscious choice to embrace the spirit within yourself : to embrace the best within you.

It involves a choice to : let go of judgement, allow yourself to heal, accept that you can have it all, embrace lessons of the past and grow.

Accept that where you are now is where you need to be and move forward : empowered, can do attitude, tap into your ingenuity, with a sense of purpose, inspiration to face fears, with perspective, ask questions, get support, and have an unstoppable passion for life.

So create new habits, make change but do it positively and looking ahead, leaving what you can't control and focussing on what it really important and being accountable for where your responsibility lies.


Chris Gardner : Start Where You Are – Life Lessons in Getting from Where You Are to Where You Want to Be, 2010, Amistad.

Tony Schwartz: The Way We’re Working Isn’t Working, 2010, Free Press The Energy Project : www.theenergyproject.com/resources

How well do you look after your most important client?

It's an interesting question.

PCE found themselves needing to ponder this recently. We had neglected our most important client. The impact was dramatic. The realisation that was had taken them for granted was shattering.

We had lost the connection to our most important clients:

- current state of affairs
- mood
- concerns
- dreams
- level of satisfaction

We had not checked in.

And it forced us to ask the question how many of us, financial services professionals have really looked after our most important client, or is that client subsidising the time we spend on everything and everyone else.

From a financial planning and risk perspective are we really certain that our most important client has in place:

- well defined and executed succession planning both personal and business
- has a map of financial and personal milestones and we are up to date with the progression as well as actively planning for the next checkpoint on that map
- that the safety net of insurances is presently well structured and offering the best coverages with features suited to what is actually important for the nuances that the client possesses
- that we have and continue to engage our client on an emotional dynamic in that we are aware of how simply they are feeling about life, about daily issues, about the dreams long terms and more immediate for example the next twelve months
- and have we taken the time to plan out what those dreams actually are, how they will be fulfilled and what the plan is to work towards them

Simply : have we sat down and engaged, truly engaged our most important client, ticked of the basics and continued the journey.

PCE would argue that as we get caught up in the daily routine, as we battle with FOFA, FOFA implementation and the volume of information and work in our day that we do not deliver to our most important client anywhere close to what is desirable.

And the evidence is all around PCE when we visit advisers.

The most important clients do not have:

- buy sell agreements in place
- inadequate contingency plans for family in the event of business interruption
- other risk management measures adequately catered for
- balance between work and home
- a set plan for the year
- any set goals for the family that are being actively worked upon
- a set time that has been put aside to articulate how they are progressing on life goals : personally, family, business

And here's the worst part.

Exactly who is your most important client?

It's you. And it's your family.

The Golden Goose of Client Engagement : endless source of riches

So, we assume we have your attention or at least tapped into something that you assume you want?

The holy grail of customer engagement, that provides endless streams of customers, happy customers, into your business, talking positively about your business, referring people to your business and even defending your business against the rare detractor.

No need to campaign, to advertise, to form referral relationships : because customers come to you. They seek you out.

Nirvana?

Careful what you wish for.

To do this you need to be prepared.....not for the endless stream of customers ....but you need to prepare yourself and your staff to be willing to do what it takes to truly engage customers.

Yes you say?

Ok, then here is the golden goose as our gift to you.

Trust.

Yes, as simple as that. Customers will beat a path to your door, do business with you and send the people in their networks to you if they trust you.

Simple. The way to deliver this comes and only comes if you are prepared to do the following:

1) Define what you do from not your perspective but from your potential customers perspective.

2) Ensure that all your staff understand and can articulate in a common language that definition.

3) Ensure you and all your staff can explain how you deliver what it is that you do. What is your process?

4) Expose your vision. Get this message out there via social networks and a web presence that has at its core the primary purpose of adding value to your target clients. This does not mean selling something (unless your target market is price driven and transactional).

5) Expose yourself. Who are you? Who are you really? Who are your staff? What are your broader values?

6) Engage you customers with methods that tap into and uncover their values, motivations hopes and dreams.

7) Collaborate with your customers. Engage them at every opportunity. Crowd source.

8) Establish and run networking and value add events that deliver on engaging customers with topics aligned to their values.

9) Reassure customers along their service journey with you.

10) Communicate constantly with your customers when you don't have anything to sell.

11) Make their day : practice random acts of thoughtfulness.

If you are prepared to do this and build and/or utilise the expertise and templates that can deliver and coach you to deliver on every one of these points then you will achieve in your customers mind the feeling that Scott McKain describes as "they just know me". That our friends is ....trust. And you will then have the golden goose delivering streams of happy and referring customers.

Getting 70% referral rates from your mortgage broker with positive language and great timing

Recently we attended a adviser forum where bank based advisers lamented that while they get a high level of referrals from in house mortgage lenders, the conversion rate was incredibly low, in fact less than 20%.

On further questioning, we found that the way the referral was positioned was flawed as was the timing of the referral. The referral was positioned with the client at the later stages just before loan settlement or the early stages post loan settlement. In referring the pitch was along the lines of: "do you have insurance?"...."our guy can probably do it cheaper".

With no room to add the value of strategy, structure, complete solution plus the positioning of the service as purely transactional the respect shown by both the referrer and the client were set low.

In contrast a study of Bancassurance overseas and in particular Canada, by RGA, reported that referral rates from bank lenders to the insurance network was of the order of 70% and a conversion rate of 90%.

How did they achieve such great results?

It's all about timing and positioning.

The referral was positioned at a very critical stage, in fact when the client was the most relieved, happy, satisfied : in the 7 seconds immediately after the client had just been told that the loan had been approved.

Secondly the referral was positioned quite distinctly. So in that 7 seconds after the client had heard the loan had been approved : " How are you feeling", "It's terrific isn't it, I'm really happy for you" " I want to make sure you always feel this way about your loan and about what you loan is providing you" " I want to make sure you avoid suffering any financial stress" " I'm referring you to our protection specialist, to make sure you can always afford to live in your home/run your business from this property".

Timing and positive language. 70% referral rates, 90% conversion.

Grief Management For Financial Advisers

Research on client and staff connectedness to a service provider such as a financial planner / insurance adviser shows that the key differentiators are not technical expertise, education and training. Rather these components of a service offer, client value proposition or collaborative workplace are starting points and must haves : if you like they are hygiene factors and minimum expectations.

The true differentiators are the ability to connect and bond with clients, to lead staff into a zone where on a daily basis they feel valued, appreciated and that they are are involved in purposeful meaningful work and as such each day they make progress even if in small increments towards work related and personal goals.

It is these types of workplaces that are characterised by greater collaboration and teamwork, an emotional investment in the workplace, and an understanding of what should be delivered to clients and the delivery of services to clientele that is often described by clients as excellent service because "they know me".

So how then does such a workplace respond to the experience of grief by a staff member, a client?

As risk advisers / financial planners that are intimately involved in a clients financial affairs, advisers are often the very first people called upon. How they react and manage these moments of truth are the critical test of how well advisers have gotten to know their clients. It is the true test of bonding.

Mary Ann Hazen is a professor of management in the College of Business and wrote in Organisational Dynamics Volume 38, Issue 4, October–December 2009, Pages 290–296 about theories about the grief process, and identified what to expect from bereaved clients and staff : fatigue, exhaustion, and difficulty concentrating; expressions of anger and guilt; and withdrawal from relationships.

What she identifies is that social support is necessary for healing, and meaningful work can often help the grieving person. She points out that teams that can respond fittingly to clients and staff with consideration for their needs : actually assist the healing process.

This is such an important part of the process : the service delivery for a client during the claims process and the support for each other in a team environment are crucial as such workplaces as financial services for a client and any workplace for a staff member are often an important part of many people's social network.

Accordingly as Mary Ann Hazen points out they are a major source of support.

For a client the support through the process required in financial services needs to be delivered not only with a guide on what the process actually entails but an awareness and acknowledgement in clear and unambiguous terms of what a client is going through. Guides to what your service entails need to identify the resources you have available for grief counselling and support irrespective of whether your client avails themselves of such services through you or not.

For staff experiencing grief Hazen identifies that work itself can be healing with the work a way to find meaning in a loss and maintain a connection with the person who has died.

What is key here is : the acceptance that people are in a grief state, the time to reflect and the tools on how to reflect on what each person needs as an individual as part of their own and often very private process, positive action by leaders to acknowledge and show the affected individuals that they are valued and feelings are validated and an education process that has at its disposal resources to guide people through the right process for them as an individual.

Studies of journal writing, verbal acknowledgement of feelings and sharing of feelings as a group shows the positive physiological responses to such techniques that over time result in a better physical manifestation and recovery from grief. But ultimately what counters the emotional loss is the core human response of acting with genuine care that can only be delivered by positive relationships based on trust, compassion and a bond borne from really knowing someone.

It's the connection that matters.

Predicting Client Behaviour : Who's going to buy what you're selling?

Carver and White (1994) put forth that there are two key dimensions of personality:

- anxiety
- impulsivity

These two qualities represent differences in sensitivities of two neurological systems in their responses to environmental cues.

One system regulates aversive motivation.

One system regulates appetitive motivation.

Aversive motivation is regulated by the behavioural inhibition system (BIS) that controls the experience of anxiety and is sensitive to signals of punishment / non reward and as such inhibits behaviour that may lead to adverse consequences.

Appetitive motivation is regulated by the behavioural activation system (BAS) that is sensitive to reward and non punishment and leads to goal directed behaviour with observable positive feelings of hope for example.

People with high BAS sensitivity respond to cues of reward compared to people with low BAS.

High BIS individuals are responsive to punishment cues.

Gray’s (1975) original reinforcement sensitivity theory attributes behavior to the relative strength of these two motivational systems.

So assuming that these systems do indeed operate to regulate motivation to either take risks towards achievement of goals or the reluctance to take chances that may risk jeopardising the status quo : what can you do about it when engaging your clients to utilise your services?

The keys are tapping into and individuals neurological systems and ensuring that you match your pitch in the way that will most resonate with them.

This means for the individual wanting to escape risk : you need to to highlight the risks inaction actually delivers and the consequences (punishment) that may await should they not implement the solutions you recommend.

It's a discussion about statistics, case studies and stories of the what if and adverse consequences of inaction.

For those clients with high BAS, who are looking forward, can visualise a better state of being and ready to take action for the pursuit of a reward : it's all about positive achievement and what people have achieved by implementing your solutions. All they need to do to reach a better state is move forward with you.

The trick of course is identifying which clients have high BAS or high BIS sensitivities.

Women, Motivation, Fear of Success, and Being Real

PCE is surrounded by lots of strong women. Gutsy, determined, motivated, fearless. Be it business or socially, at community and social groups : they are there : fighting. Fighting for a dream, a goal, sometime for sanity, for love, for what they believe in. These women are achievers.

But why is it that studies of achievement motivation do not predict the level of achievement motivation for females as well as these studies do for males?

Women often obtain higher test-anxiety scores than males. Are they just more anxious?

Maybe there is another explanation. Have females in our culture (Western) been encouraged to be successful, whilst also trying to live up to conventions : the good daughter, the dutiful wife, the multi tasking mother?

Is there a motive to avoid success and fear it : as women battle with convention?

Evidence from psychological studies shows exactly that. That fear of success or success avoidance is heightened when anxiety is present about breaking with convention or especially in relationships : being competitive with a male partner.

Differences in achievement therefore has nothing to do with ability but with culturally imposed sex differences in motivation.

Regardless of how strong and fierce the women PCE knows are: there is something to remember.....like all people recognition, being valued, being supported, sense of purpose and support is critical.

Men have built support mechanisms for all of this : the workplace, the social culture of the workplace, the weekly boys night on a Friday.....and dare I say it ....golf.....

What's missing for women are these conventions and more : the conflict over dual roles requires a sense of purpose more clearly defined PLUS the support mechanisms from a partner of : the freedom to speak and communicate and be heard, and task mutuality ....ie doing things together that produce results: small wins here a key.

There are rules of engagement required. But women of the world hear this : be crystal clear about your WHY. Craft it, be specific, clear and then articulate it. Share it. Live it.

Above all once you have that clear purpose that is about you and you get the support to fulfil it...you can afford to be fierce, fearless and driven....and all the rest will follow, because you have nurtured yourself first and when you are feeling like you are breaking through you really can do anything.

Social Media Marketing Strategies for Financial Advisers

Today we are running a social media marketing and communications workshop for financial advisers.

Our love affair with SM started 4 years ago when in all seriousness we were considering career options.

After reading the basics in Groundswell by Charlene Li, then moving to The Hypersocial Organisation by Gossieaux and Moran and then Open Communication again by Li : it was discussed with an organisation we were involved with that the role of a social media manager was needed to build a community of our clients for collaboration.

They thought we were crazy. And nothing became of that.

After leaving that organisation our interest shifted to the practical application of social media for financial advisers.

And that what today is all about.

We refer today to the work of Safko and Amy Jo Martin : what does it take for success:

1) Whats you message?
2) How are you going to stand out?
3) What communication tools are you going to use?

So have something to say, make it interesting and publish it where people can find it.

Today we will talk about blogging, twitter, and social networks. How people use them and importantly how financial planners can easily apply these tools to their business.

But most of all the technology is not the hard part in fact it's the easiest.

What you need to do is:

- figure out what you want to say
- understand that you need to define to clients and prospects : why you?
- you need to be ready to be real, to share, to listen, to be responsive

Those last 4 points are the key to success in any marketing strategy.

Using mind maps in financial services

Here's a video that PCE recorded on a really effective technique to engage clients.



http://m.youtube.com/watch?feature=plcp&v=pRtvpgbaI0I

The Power of Persuasion : key components of social media marketing

Aristotle described rhetoric, the art of persuasive speaking as having several components those being the characteristics of the speaker : ethos, the power of the message : pathos, and the logic of what is being said : logos.

Aristotle may have been a social media guru in today's world.

A credible speaker, a relevant message, the way in which the message is delivered, being innovative with the message and importantly picking the right community to deliver your message to are the key ingredients for any marketing campaign but especially one which can get instant delivery and feedback such as social media.

So what are these components one by one and how do you maximise your cut through when using social media?

The Source

Credibility 101. So you want to say something. Just who do you think you are? What credibility can you muster?

First : know what you want to say and then determine if you actually can command the authority to say it with believability. There is absolutely nothing wrong with using other sources to quote. The key is to have an opinion on it.

Having an opinion brings with it the power of credibility of authority. If you can combine that with charisma and being real then you're on a winner.

That is why videos work so well.

If you haves something to say then deliver it on person : that is video yourself, staff and anyone that interacts with your clients and talk about what you do for your clients and why.

The best and most powerful source of the message is and should be you.

The Message

It is not the 1990's anymore or worse the 1980's. Fear and greed may work : but it is short term and transactional and if you truly want to engage design a positive message that speaks to the dreams hopes and desires of clients. They want to learn, they want to bond and they want to acquire a better life. Design your message so your clients can see that your services are accessible and let them bond with you.

The Distribution of the message

So what's it going to be : words, visuals, audio, pod cast, text messages, snail mail : in a social media world : video, visuals, pod cast, pictures, : enhance the message by reaching the audience in multiple forms that appeal to different learning styles and stay longer in short term memory. Reinforcement of the message by multiple means cements the proposition in the minds of your audience.


The Right Community

Who are you trying to recruit to your message? Are you crystal clear on who is your ideal client? Only if you have a picture and an understanding of what is important to your key market will you have success. This means that for a time you are going to have to listen to your target audience, where they congregate, understand what they are following and what messages they are consuming. Only then will you be able to construct your message to be relevant and real to your ideal clients.


Those are the main ingredients.....next time ....the how you can actually persuade people to make the right choice of using your services now that they are listening.

Managing Complaints and Taking Feedback : Ingredients for WOW Service

Recently PCE had to fly to Singapore to deliver a presentation. It was a fly in and fly out. All up the total time spent in Singapore was just on 24 hours.

The quirk with that jet set tour was that PCE had the same flight crew on the way to Singapore and on the way back home.

On the way in amongst enjoying the inflight entertainment, PCE prepared the final touches for the presentation including reading some psychology journal articles. This was noted by two members of the flight crew and a short and let's say less than 2 minute conversation was had about what PCE was reading and why.

24 hours later whilst in the boarding gate lounge, as the flight crew walked through, PCE was tapped on the shoulder and asked "how'd it go....the presentation?".

It's nice to be remembered.

On board the second member also engaged, inquired how the presentation went and then after take off provided exceptional service.

Now PCE love great customer service and love to tell people about it and feedback to the providers of that service.

SO PCE conducted a little experiment: we tweeted the customer care twitter account of the airline sending thanks from passenger 54D.

Customer care tweeted back: thanking PCE for the feedback and that they'd pass it on and they looked forward to welcoming PCE back.

As a contrast a colleague of PCE after landing at an airport was when crossing the road physically hit by an airline van that continued on without stopping or apparently noticing they'd impacted a pedestrian.

An email to advise what had happened was sent to the airline, two tweets : no reply.

How service companies manage feedback and complaints are moments of truth for companies and differentiate companies from those you would promote positively and those you would negatively detract from.

But what is alarming is that many in financial services, in customer service industries do not actively seek or respond to feedback and when faced with a complaint have inadequate procedures or empowerment of staff to actually take any meaningful action.

PCE sheds no tears for companies battling for the consumer dollar when a look at the company client experience leaves a lot to be desired.

So the challenge for you as a service provider?

Assess your feedback mechanisms : how do you ask for and respond to feedback : is that process known by your clients and accessible? Do you make clients aware of how they can provide feedback and do you actively ask for it?

And what about your complaints philosophy : once again how do you respond?

If your process lacks on these fronts you are missing tapping into aspects of what clients actually look for when utilising your services.

Becoming Highly Referable : By Being You

PCE spent time today with a brilliant individual who had lost confidence in their customer approach as it had been questioned by an influential adviser in financial services who has succeeded using a very different style.

So we had in front of us someone who is:

- genuinely passionate about people
- connects with people about their values
- shares her dreams with clients and they reciprocate
- matches strategy solutions with delivering client wants
- lives breathes and sleeps her chosen profession : insurance advice
- professional and polished


So why on earth was she questioning herself now? Well, she's new in town and perhaps that approach does not work in the market she's found herself in.

In PCEs opinion nothing could be further from the truth.

Here before us was a perfect example of a new age adviser : an adviser that clients are desperately seeking.

This adviser has all the hallmarks of being highly referable simply by being who she is.

So here in a nutshell is what you need to do to create the differentiator that leads to genuine client engagement and referrals and genuine enjoyment of what you do. Follow your bliss!

1) be highly referable : that is you need to have a visual value document that illustrates what it is that you do and what your input into the process is for clients. In other words a value of advice document. For more details contact PCE direct www.positiveclientengagement.com. You also need to have a pitch about why you do what you do, who you do it for, what outcomes they have by working with you.

2) be able to demonstrate your process / method for what it is that you do : flow charts are brilliant here

3) engage your clients : lifestyle questions, ratings, profiling, wealth management indexes and scores all help

4) survey your clients and ask for feedback : how well do you know them and how well do they know you

5) educate your referral sources and educate yourself about them : and don't pay them for referrals : rather you through your exemplary service will make them look good purely due to the fact that they cared enough about their clients to refer them to you : and you can turn away referral sources who won't work with you in this way

6) be able to be reviewed : that is have a web presence and on that site show case you, your team, educate, inform, engage, share - but most of all be real

7) communicate communicate communicate : reassure your clients after they engage you, after you present your advice, after they sign up

Templates, examples are all things that great genuine people in this industry share.

PCE has bucket loads and are happy to engage you with these tools ( and a little tip ....most of them can be found in the 100 posts we've written.....so as much as we'd love to package them and sell them to you....with a bit of work from your end ....most of it is here already)

Enjoy!!!

Overcoming fear to reset mind and body to achieve

How did fear, drive anxiety that drove backing down in a challenge that then drove a reset of mind and body to achieve?

There are ten realisations that PCE discovered recently.

The story goes a little like this.....

PCE recently visited our Canadian friends and Aussies working at the Ski Resorts in BC and took the opportunity to hit the slopes.

First step was to find the ski legs again and then get challenged by some of the harder terrain.

One morning a decision was made to try a black run called "Dragons Tongue". With no information on what to expect the run began. As the moguls got larger and the terrain steeper, technique fell away and anxiety crept in. As a ridge approached that seemed to fall away a look to the right through the trees caught a glimpse of a red jacket fly past on clearly an easier run. Fear had set in and a lack of positive talk was replaced by a lot of negative chatter.

The decision was made, through the trees and onto a blue run "Born to Run".

Safely home later that day a piece of paper was torn out of a scrap book and two goals written down.

1) Complete "Born to Run" in it's entirety

2) Finish "Dragons Tongue".

The next morning off the lift towards "Born to Run" what ran through the mind was this:

- activate the body : form, technique; let's start feeling how it feels, feel the muscles activating
- activate the mind : fun, belief, positive talk

The run started. This seemed a lot harder than "Dragons Tongue". It was steeper. Longer. Narrower.

You can do this.

Remember the technique.

Feel every turn.

Control every turn.

Vocalisation took effect over each mogul: "turn....turn..turn...turn..."

Awareness of breathing.

A shout up from a skier below "be careful there's lots of exposed rocks here". "Thanks!", a quick reply.

The last few moguls before the run opened up and flattened. The exhilaration the vocal celebration "whoohoooo!!!"

It's done!!

Tomorrow bring on "Dragons Tongue".

Later that night at dinner, as the run was described, the fellow skiers looked puzzled. "That wasn't "Born to Run"

"Born to Run, starts through trees and it's steep but it's not overly moguled".

Having missed the entrance to "Born to Run" the right fork has been taken onto a black run "Goats Kick". That was what was conquered.

The next day "Born to Run" was a dream to ski down. And "Dragons Tongue" was completed not once but twice. On all three of these runs the same attitude and process taken down what was thought to be "Born to Run" was followed.

Technique, belief, positive talk won the day.

So what was learnt?

1) Fear can cripple

2) Fear without knowledge makes for bad decisions

3) Fear causes doubts in self

4) Attitude can be programmed

5) Mindset can be programmed

6) With the right base you can programme your body to perform

7) Visualisation is a powerful tool

8) Positive self talk drives you forward

9) Vocalisation of your process keeps you on track

10) Writing down a goal makes you accountable to it and drives your mind, body and spirit towards finding ways to fulfil the goal.

Taking these lessons and applying them everyday to every challenge is the next step.

Winning Behaviours : where do you sit above or below the line

As we move back into more psychological / behavioural research in 2013, many of the articles around practical client engagement tips will be interspersed with some behavioural topics especially motivation, high performance and personality.

At a function today a discussion with a senior executive in financial services led into above the line and below the line mindsets.

Roger Connors (http://www.ozprinciple.com/self/steps-to-accountability/)highlights that below the line behaviour is seen in individuals and businesses with a blame mentality.

True success comes from above the line greatness : determination, accountability, hard work and collaboration.

Connors espouses the : see it, own it, solve it and do it method as steps to accountability.

We at PCE totally agree.

What is especially interesting to PCE though is working with individuals and companies below the line : who are unaware of their behaviours and subsequently have no momentum to shift above the line.

How do you engage a business or an individual without self awareness?

The intervention that must occur is one of honesty and the hard conversation that what is occurring does not meet the expected standards that will lead to success.

But under who's definition is that success. PCE knows of companies and individuals whose success is defined often by numbers and the corporate creed and values are nothing but a page on a website that has no life within the organisation as it is not demonstrated in its leaders, not embraced by staff and certainly not measured in performance metrics.

Worse still is where there are such defined values but leaders have not the skills or courage to ensure staff are employed because they embody these values, educated on how to develop these values and counselled when they do not adhere to the values.

The underlying sub culture that eventuates is one of tolerance of poor corporate culture and a lack of coherence about what it is that the company stands for.

So what to do?

It's about harnessing the power of a few leaders in the business, rewriting the script and delivering a clear message to the business or the individual and providing the resources to set people up to enable them to see it, own it, solve it and do it.

That's a difficulty corporate culture change piece and surely fails when poor behaviour is ignored or tolerated or worse rewarded: the corporate revenue requirements never justify means that are detrimental to the workplace.

What we need then is passionate positive and transformational change agents to live a set of values that are accessible to those around them.

Finding them : we'll that's a little harder.

How to Socially Market into your Community

So many financial advisers are sceptical about social marketing. It's a fear response. Like your clients who can't contemplate their own demise and so baulk at your wealth protection plans - YOU can't get your head around using a different set of tools to communicate.

Social marketing is just like a mail box drop or sending out random flyers and mail outs with a BIG difference - social marketing actually works and is targeted and demonstrates who you are and connects you directly with your end customer.

All you need to to ......is a little work.

Here's how in a few easy steps:

1) Do your research on your community. I love census data....I love census night ...what? Am I the only one? Here's why I love it you get gold quality information.

Here's one we prepared a little earlier:

Demographicss of a suburb in good old Melbourne.

According to the 2011 census:

- population 23,814
- 48.6 percent makes
- 51.4 percent females

- median age is 33 years

- 60 percent born in Australia
- 65 percent have english as their first language

- 30 percent married
- 55 percent not married

- 69 percent full time workers
- 21 percent part time
- 4.4 percent unemployed

- 39 percent are professionals
- 16 percent management
- 14 percent clerical / admin
- 8 percent sales people
- 12 percent manual workers 

- median rent is $369 per week
- median mortgage repayment is $2383 per month

- 20 percent fully owned homes
- 24 percent mortgage
- 54 percent rented

- individual income $905 per week

- households $1697 per week

2) How to engage your community


- Check out the local council website and twitter account and see how many followers they have and what the topics are
- you will probably find mostly the tweets are about projects and what's on
- often the key issues seem to be transport
- nothing too exciting
- but the followers are quite engaged in the community and comprise journalists, politicians, councillors, and generally people who care about and are involved in the community

- when you look at facebook pages in the suburb of your interest- they are small businesses, community groups, clubs : and there are lots of them

The idea would be that:

- you create a twitter account and facebook page under your business name
- in the profile you describe what you do and who you are
- you follow the local council twitter account
- you follow some of their followers - look for the most active, better tweets, those who are promoting the community and engagement 
- "like" local Facebook pages 

- then respond with "likes" when they post stuff (twitter or Facebook)
- write comments when they post stuff (twitter or Facebook)
- when someone follows you on twitter - thank them


- your own content should be : information, education, comments on community issues, inspiration, humour, and lots of local photos (demonstrating you are involved in and observant of your community)

- this should take you no longer than 15 minutes a day : We can help you with content ideas

3) What's the vibe in the community?

Maybe:

- community
- sustainable
- diverse
- inclusive
- progressive
- dynamic


4) Pitch

Who you are:

Make sure your pitch is shaped to who you are and the vibe.

Critical in a clients trust of a brand is : what do they do and who are they : and situationally where are they.  Remember what you are: a local business engaged with your community......you are aren't you?


For help on the specifics check out www.positiveclientengagement.com under the coaching page.

WOW factor client seminars - cutting through decision conflict

So we're going to digress a little from the next step in our journey : which was planned to be centre of influence / referral source education sessions.

Why?

Well something else took our fancy today during a discussion about connecting with clients. Seems there are some pretty good sales engagement courses out there that delve into and explore client motivations and values.

That is PCEs passion. Understanding how a client makes a decision and what their motivators are - are indeed critical components in understanding how a client makes decisions and how you can positively influence them to make a decision that maximises the possibility of them reaching their goals.

But how about we aim higher?

How about thinking less about client manipulation and more about client manifestation in that you become the coach that mentors a client to make real and meaningful change in all areas of their life?

So few clients let alone professional advisers understand and I mean truly understand how to manifest peak performance. What if you had the secrets to the step by step process of how a client could plan, audit, action, review and adjust all the components of real and meaningful change?

It's possible.

And it works most brilliantly in tailored client and prospect events.

So just as we have discussed previously referral source "mixers" then a client mixer of your existing ideal clients and their ideal client friends works equally well if not better.

Content?

You need to present on peak performance on making real change and just what that requires and on self reflection, self assessment and on setting a standard for your clients to aspire to making a real positive impact on other people during their day.

You need to present on just what characteristics such leadership requires and how you can model that behaviour. You need to present on how daily stressors and how people react to those stressors takes them into substandard performance. Substandard performance at work, in relationships, in their finances.

You need to present on how your clients can defend and protect themselves against those stressors and how they can reignite positive energy.

And if you think well PCE that's a bit left of centre....think again. The daily stressors that stop peak performance, the habitual negative stories people tell themselves, the lack of time to think, reflect, express gratitude to self assess and to grow are at the core of why people have trouble making real meaningful change in their lives and causes decision conflict.

And no sales training course is going to change your ability to cut through that.

For our Australian friends : for more information on client engagement seminars that WOW and delivery of same: contact PCE.

Till next time.

6 Steps to Running a Networking Event

So in our last post we looked at how you can get refferals of the ideal client from an ideal referral source.

The idea at it's core was a meet and greet to determine which businesses have a similar raison d'etre to yours: that is a great client experience and true value and partnership and collaboration with clients. (stop reading now if you don't want that as an outcome!).

So who do you invite and how do you structure it?

Here are 6 steps that work!



1) Who to invite:

- existing referral contacts

- ask them to bring a peer

- ask them to bring key staff

Next layer of invitation:

- your local business networking group contacts : ask them to refer to the event their accountant / solicitor/ mortgage / general insurance broker

Next layer of invitation:

- any business contact who could add value in engaging on the night ie: they have a service that the attendees could utilise

Next layer of invitation:

- local businesses that you think could refer to you : check out websites to see if they offer in house services like yours

- then call them and see if they do lets say you make a discrete inquiry as if you were a potential client

Next layer of invitation:

- existing clients : who are their accountants etc? : ring your best 10 client and ask


2) Speaker: who are you going to get that will be free!!??

- local politician

- travel / lifestyle sourced from local business

Remember you are positioning yourself as a facilitator so getting a local memberof parliment is a great coup.

3) Invitation

- as per our previous post ......the key aim is "meet local businesses who face similar issues/challenges"......and secondary "our special guest(s)......."

4) Format

- no business pitch
- know who is coming
- strategically introduce people on the night
- let the evening flow

5) Location

- room / side room / adjoining area of bar/ local hotel - somewhere with atmosphere and sight and sound that does not drown you out but layers the senses


6) Follow up

- we can discuss that later in our next post

More Referrals From People You Like

One of the key ideas that will drive referral and revenue success for you in 2013 is:

- holding a centre of influence engagement session

In other words break bread with all of your referral sources.

Regardless of how successful the referral relationship has been over the history of the relationship you need to invite them.

Who do you invite:

- anyone who has the possibility of being able to refer to you clients who fit you ideal client profile in 2013

The format:

- this is a social engagement : think of it like the TV show "The Bachelor" or "The Bachelorette"

- here they all are in one place, all the referral sources you and your business have ever previous dealt with

- even better there are some new names and faces : people drawn from your client base : ie ask your clients who their accountant / solicitor is and invite them

Are you selling anything? No.

This is an event for like minded financial services professionals to get together over a drink and a few canapés for the reason of engagement, connection, collaboration, networking.

The pitch: "With the issues facing us this year FOFA, APES......we all face a busy year ahead....Stepping out from our own businesses to listen to how others are approaching their year in a social and relaxed setting provides a great opportunity to find that new idea or reinforce your thinking......"

Now, you might think "oh they won't go for that". But here's this thing. Wouldn't you like to work with referral sources who would unreservedly respond "Yes, I'll be there" to an opportunity to share a drink amongst peers?

So invite anyone who can refer in the perfect clients for you.

On the night you will not pitch who your ideal clients are, what you do, or anything about your business.

On the night you are the host so play the perfect host:

- introduce people (no name tags please)
- do your research and introduce people to others who may actually add value to their business eg the auditor to the SMSF accountant
- work the room
- but generally just ensure people are connecting

- you can formalise this by offering a set piece ie: OK people the next 15 minutes : talk to someone you don't know and find out about them : women leave men for dead here....women are more genuinely curious in situations like these.
- consider a speaker : travel, positive psychology, small business success story, sporting identity ......this may also be a draw card for your event.

The aim:


- watch people in the room
- who are the genuinely nice people?
- who is having a good time?
- who interacts well and seems to thrive in the situation?
- who did you get on well with?
- who would you have no hesitation in inviting them back?

And answering those questions will mean you have just found the referrals sources that you should be working with this year.....and most likely the ones that you will have most success at adding value to as well.