Advisers and retail insurers could still be the big losers beyond 2014 in capturing the hearts, minds and insurance policies of Australians unless they work together to get back to the basics of what customers really want from an insurance solution.
The reality is that retail sales growth via advisers was in 2013 the lowest in recent memory, whilst retail lapses continued to trend upwards (15%). Some stand out insurers did however buck this trend with declining lapse experiences.
The reality is that the reinsurer claims experience through the group channel has placed some retail insurers on the cusp of significant price increases, a result of prior pricing philosophies that perhaps did not adequately compensate for the risks being insured.
The reality is that faced with the resultant "bill shock" the value, service, and trust equation of advice and advisers is being questioned and a growing chorus of consumers have turned to the direct channel for a "value for money" solution.
The reality is that some non underwritten direct channels do not offer value for money, as they do not offer claims certainty.
The reality is that there is a growing disconnect between what is being delivered by insurers to advisers to distribute and what customers really want.
Customers and advisers want 'sustainable pricing', they want quality insurance products for the right price, reflective of a properly assessed risk and claims certainty. They want less complexity in the process of applying for and maintaining a policy.
2014 and beyond will be a success for those insurers and advisers who recognise and partner towards what customers really want : the right cover for the right price, and certainty that the right money goes to the right people when they need it the most.
It's a simple proposition that hasn't and shouldn't be changed.
Showing posts with label Financial Services Marketing. Show all posts
Showing posts with label Financial Services Marketing. Show all posts
Saturday, 10 May 2014
Friday, 27 December 2013
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!!)
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!!)
Thursday, 12 December 2013
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
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
Monday, 9 December 2013
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.
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.
Wednesday, 27 November 2013
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.
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.
Thursday, 10 October 2013
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?
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?
Tuesday, 17 September 2013
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.
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.
Wednesday, 24 July 2013
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?
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?
Wednesday, 17 April 2013
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.
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.
Sunday, 27 January 2013
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.
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.
Wednesday, 23 January 2013
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.
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.
Monday, 14 January 2013
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
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
Saturday, 12 January 2013
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.
- 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.
Thursday, 13 December 2012
Social Media Success for Financial Planning
We had a great conversation today with an adviser who posed the question : what have financial planning businesses done to be successful with social media and has that activity generated business?
We see many advisers who have dabbled.
They have a twitter account, Facebook - but it's not a business site more an extension of their social world and blended with clients often it's happened very much by accident, they have a linked in profile and sometimes they've written an article on financial planning and posted it on a company site and perhaps tweeted it.
Maybe they've been a little bit more advanced and using Hootesuite that blog has been tweeted and made its way to Facebook, where it's scored some likes.
What next?
The question: "what next" is actually the wrong question...."what should I do first" is the right way to go.
Lon Safko, The Fusion Marketing Bible, 2013, discusses the three major tools of social media, what he calls "the Trinity" - blogging, micro blogging and social networks.
Blogging is vital as not only does it improve SEO results but provided your content is what your desired audience values then you hit the mark as becoming someone trusted and regarded as a subject matter expert.
Directing people to your blog via Twitter espouses Safko, works provided you have great content and content that is original or adds value. Retweets and tweets about articles might provide information to your followers but for originality or interpretation and WIFM why wouldn't they go direct to the original authors?
Either by making your content original or actually writing an opinion piece on a topic that is relevant to your target audience that actually adds value by making it easier for them to understand a topic makes you ...useful....followable.
Finally all this activity is great but pointless unless you can generate a community that you can engage, share with, bond with, consult and learn about - then you don't have a base to build your business from.
So actually the first step is to decide ....who is your market? Where do they congregate? What do they follow? What are they interested in? What are the concerns they have?
It's about listening. In the Hypersocial Organisation, Gossieaux and Moran gave countless examples of corporations listening first to their target market before engaging successfully versus those who embarked on a social media strategy that was quickly seen as a marketing push.
Demonstrating that you care, understand, empathise and share similar values to your target market are critical factors in successfully engaging them to use your services.
It has to be genuine else it is easily seen through.
So the answer to the question posed?
Businesses in financial planning that have successfully used social media have:
- listened to what their clients and people like their clients want
- they have created original content based on those insights
- they have communicated that content via blogging and micro blogging
- they have engaged their followers via Facebook - appropriately separated from their personal page - and twitter
- they follow people who can add value to thier target market and to their own business
- they have engaged their followers by doing what social media is designed for : communicating and engaging
- they then have offered face to face group engagements on the topics that generate a buzz
- they have attracted friends of followers
- they are consequently seen as leaders, opinion leaders, subject matter experts....someone who can be trusted ......
- they collaborate and contribute
And by doing this they have built loyalty and their business.
We see many advisers who have dabbled.
They have a twitter account, Facebook - but it's not a business site more an extension of their social world and blended with clients often it's happened very much by accident, they have a linked in profile and sometimes they've written an article on financial planning and posted it on a company site and perhaps tweeted it.
Maybe they've been a little bit more advanced and using Hootesuite that blog has been tweeted and made its way to Facebook, where it's scored some likes.
What next?
The question: "what next" is actually the wrong question...."what should I do first" is the right way to go.
Lon Safko, The Fusion Marketing Bible, 2013, discusses the three major tools of social media, what he calls "the Trinity" - blogging, micro blogging and social networks.
Blogging is vital as not only does it improve SEO results but provided your content is what your desired audience values then you hit the mark as becoming someone trusted and regarded as a subject matter expert.
Directing people to your blog via Twitter espouses Safko, works provided you have great content and content that is original or adds value. Retweets and tweets about articles might provide information to your followers but for originality or interpretation and WIFM why wouldn't they go direct to the original authors?
Either by making your content original or actually writing an opinion piece on a topic that is relevant to your target audience that actually adds value by making it easier for them to understand a topic makes you ...useful....followable.
Finally all this activity is great but pointless unless you can generate a community that you can engage, share with, bond with, consult and learn about - then you don't have a base to build your business from.
So actually the first step is to decide ....who is your market? Where do they congregate? What do they follow? What are they interested in? What are the concerns they have?
It's about listening. In the Hypersocial Organisation, Gossieaux and Moran gave countless examples of corporations listening first to their target market before engaging successfully versus those who embarked on a social media strategy that was quickly seen as a marketing push.
Demonstrating that you care, understand, empathise and share similar values to your target market are critical factors in successfully engaging them to use your services.
It has to be genuine else it is easily seen through.
So the answer to the question posed?
Businesses in financial planning that have successfully used social media have:
- listened to what their clients and people like their clients want
- they have created original content based on those insights
- they have communicated that content via blogging and micro blogging
- they have engaged their followers via Facebook - appropriately separated from their personal page - and twitter
- they follow people who can add value to thier target market and to their own business
- they have engaged their followers by doing what social media is designed for : communicating and engaging
- they then have offered face to face group engagements on the topics that generate a buzz
- they have attracted friends of followers
- they are consequently seen as leaders, opinion leaders, subject matter experts....someone who can be trusted ......
- they collaborate and contribute
And by doing this they have built loyalty and their business.
Thursday, 22 November 2012
14 Steps to Sales Success in Financial Planning
Want the keys to sales success and achieve results such as 68% referral rate from you existing client bases and over a 90% close rate?
Want to find out how to write 80% of your future new business from your existing client base?
Follow these steps practised by the leading financial advice firms.
1) BE FOUND
Stand out in any search a prospective client makes.
Yellow pages, local business directories, online or word of mouth in a social circle.
2) CREATE CLIENT CENTRED COLLATERAL TO ENGAGE CLIENTS WITH PRE FIRST APPOINTMENT
3) HAVE A WEBSITE THAT IS ENGAGING OFFERS VALUE AND CONNECTION TO YOUR CORE PROPOSITION
4) HAVE AN OFFICE SET UP THAT TELLS A POSITIVE STORY THAT YOU UNDERSTAND YOUR NICHE CLIENTS
5) BE ABLE TO SAY WHAT IT IS THAT YOU DO AND WHY
6) BE ABLE TO EXPLAIN AND DEMONSTRATE VISUALLY YOUR PROCESS
7) EXPLAIN THE STEPS IN THE PROCESS AND WHAT HAPPENS NEXT
8) HAVE AN ENGAGING AND DEEP CLIENT INFORMATION COLLECTION METHOD THAT COLLECTS MORE THAN JUST FINANCIAL DATA BUT COLLECTS DATA ON VALUES AND MOTIVATION
9) CHECK FOR UNDERSTANDING BEFORE MOVING FORWARD
10) FOLLOW UP POST MEETING WITH A REASSURANCE PIECE
11) BRIEF YOUR STAFF WEEKLY ON THE CLIENTS AND PROSPECTS THAT WILL VISIT YOUR OFFICE AND WHY THEY ARE COMMING IN SO THEY CAN MANAGE CLIENT PSYCHOLOGY WITH SIMPLY A WARM AND RELEVANT WELCOME
12) MAKES SURE YOUR STATEMENT OF ADVICE SPEAKS TO THE CLIENTS INDIVIDUAL NEEDS AND WANTS
13) ENHANCE THE UNDERSTANDING OF THE STATEMENT OF ADVICE BY USING VISUALS
14) CONNECT THE STRATEGY TO THE CLIENTS VALUES, BELIEFS, ATTITUDE AND MOTIVATIONS
Want to find out how to write 80% of your future new business from your existing client base?
Follow these steps practised by the leading financial advice firms.
1) BE FOUND
Stand out in any search a prospective client makes.
Yellow pages, local business directories, online or word of mouth in a social circle.
2) CREATE CLIENT CENTRED COLLATERAL TO ENGAGE CLIENTS WITH PRE FIRST APPOINTMENT
3) HAVE A WEBSITE THAT IS ENGAGING OFFERS VALUE AND CONNECTION TO YOUR CORE PROPOSITION
4) HAVE AN OFFICE SET UP THAT TELLS A POSITIVE STORY THAT YOU UNDERSTAND YOUR NICHE CLIENTS
5) BE ABLE TO SAY WHAT IT IS THAT YOU DO AND WHY
6) BE ABLE TO EXPLAIN AND DEMONSTRATE VISUALLY YOUR PROCESS
7) EXPLAIN THE STEPS IN THE PROCESS AND WHAT HAPPENS NEXT
8) HAVE AN ENGAGING AND DEEP CLIENT INFORMATION COLLECTION METHOD THAT COLLECTS MORE THAN JUST FINANCIAL DATA BUT COLLECTS DATA ON VALUES AND MOTIVATION
9) CHECK FOR UNDERSTANDING BEFORE MOVING FORWARD
10) FOLLOW UP POST MEETING WITH A REASSURANCE PIECE
11) BRIEF YOUR STAFF WEEKLY ON THE CLIENTS AND PROSPECTS THAT WILL VISIT YOUR OFFICE AND WHY THEY ARE COMMING IN SO THEY CAN MANAGE CLIENT PSYCHOLOGY WITH SIMPLY A WARM AND RELEVANT WELCOME
12) MAKES SURE YOUR STATEMENT OF ADVICE SPEAKS TO THE CLIENTS INDIVIDUAL NEEDS AND WANTS
13) ENHANCE THE UNDERSTANDING OF THE STATEMENT OF ADVICE BY USING VISUALS
14) CONNECT THE STRATEGY TO THE CLIENTS VALUES, BELIEFS, ATTITUDE AND MOTIVATIONS
Tuesday, 13 November 2012
5 Steps to Success
It's been a couple of weeks since PCEs last post. There's been a bit of travel that has been a pre-occupation, some daily life activities that have needed attending to, some personal development and well being that took priority but what has occupied PCE most,in these two weeks has been the opportunity to meet and sit down with some masters of client engagement and personal success.
What the clear message is from these meetings is that success comes from doing what you love.
Joseph Campbell offered us the phrase "follow your bliss". Or more exactly If you follow your bliss, you put yourself on a kind of track that has been there all the while, waiting for you, and the life that you ought to be living is the one you are living. Wherever you are—if you are following your bliss, you are enjoying that refreshment, that life within you, all the time.
These businesses that PCE have met in the last two weeks are deliberately and methodically following and leading their clients into following their own bliss.
They have a process. They believe in it. They have developed it and honed it and adapted it to their personalities and the personalities of their client base.
At its core the process is simple:
1) Know and define what you want
2) Create a plan
3) Enlist the services of an action coach
4) Take action
5) Review and adjust
This is about being crystal clear on what it is that you want and creating a sequence and set of objectives in the form of a plan to get you where you want to be.
Having accountability and a guide is crucial.
You can apply this process to anything you do in life - anything that is important enough to you to apply considered thought and process to.
But for financial advice, wealth creation and protection businesses - building this into a client engagement process is by no means an easy proposition. What it requires is you living and experiencing your client service encounter and reflecting on how engaged you would be with your current process. Then answering the question - how would I like to be engaged.
Then follow the 5 steps above and make it a reality.
When you get to step 3 - maybe give PCE a call.
What the clear message is from these meetings is that success comes from doing what you love.
Joseph Campbell offered us the phrase "follow your bliss". Or more exactly If you follow your bliss, you put yourself on a kind of track that has been there all the while, waiting for you, and the life that you ought to be living is the one you are living. Wherever you are—if you are following your bliss, you are enjoying that refreshment, that life within you, all the time.
These businesses that PCE have met in the last two weeks are deliberately and methodically following and leading their clients into following their own bliss.
They have a process. They believe in it. They have developed it and honed it and adapted it to their personalities and the personalities of their client base.
At its core the process is simple:
1) Know and define what you want
2) Create a plan
3) Enlist the services of an action coach
4) Take action
5) Review and adjust
This is about being crystal clear on what it is that you want and creating a sequence and set of objectives in the form of a plan to get you where you want to be.
Having accountability and a guide is crucial.
You can apply this process to anything you do in life - anything that is important enough to you to apply considered thought and process to.
But for financial advice, wealth creation and protection businesses - building this into a client engagement process is by no means an easy proposition. What it requires is you living and experiencing your client service encounter and reflecting on how engaged you would be with your current process. Then answering the question - how would I like to be engaged.
Then follow the 5 steps above and make it a reality.
When you get to step 3 - maybe give PCE a call.
Friday, 26 October 2012
I love financial advisers - but my mum would only do business with less than 5% of you
What?? Surely we're not discounting the service proposition and value of 95% of the industry.
No, not at all, but we are just reporting back why some clients don't do business with some of your industry peers.
Here's some reasons why.
1) She couldn't find you.
You didn't stand out in any search she made via : yellow pages, local business directories, online or word of mouth in her social circle. Just what social circle is that? Could be anything. Don't make assumptions, but rather what social circle would you want to be a topic of conversation within?
2) After making an appointment, the collateral you sent her (did you send any) was generic.
3) When she looked on your website (do you have one) she did not feel engaged or that you demonstrated that your proposition was exactly what she needed.
4) When she arrived at your office it just did not feel right. What does your office say about you?
5) Upon meeting you she did not get an understanding of why you do what you do and how you do it.
6) You didn't explain the process you use in an articulate, believable and professional manner.
7) She didn't understand what happens next.
8) The information gathering process was such that she didn't feel you understood her or that she understood you.
9) After the meeting she felt she'd agreed to something which she didn't really comprehend.
10) You didn't follow up with anything to reassure her in between the time from the first appointment to the date set for the next.
11) When she came back for the second meeting, your front of house staff did not make her feel like they realised this potential start of a significant advice relationship was a big deal for her. In fact she felt they did not remember Her at all.
12) The statement of advice looked impressive. It was in a folder! Her name was in it like maybe 40 times. She's pretty sure she knows who she is. Do you know who she is or is her name in it a lot to remind you?
13) She did not understand the statement of advice.
14) She could not make the connection between your recommendations and what she wanted to achieve.
She told you she needed to think about it.
No, not at all, but we are just reporting back why some clients don't do business with some of your industry peers.
Here's some reasons why.
1) She couldn't find you.
You didn't stand out in any search she made via : yellow pages, local business directories, online or word of mouth in her social circle. Just what social circle is that? Could be anything. Don't make assumptions, but rather what social circle would you want to be a topic of conversation within?
2) After making an appointment, the collateral you sent her (did you send any) was generic.
3) When she looked on your website (do you have one) she did not feel engaged or that you demonstrated that your proposition was exactly what she needed.
4) When she arrived at your office it just did not feel right. What does your office say about you?
5) Upon meeting you she did not get an understanding of why you do what you do and how you do it.
6) You didn't explain the process you use in an articulate, believable and professional manner.
7) She didn't understand what happens next.
8) The information gathering process was such that she didn't feel you understood her or that she understood you.
9) After the meeting she felt she'd agreed to something which she didn't really comprehend.
10) You didn't follow up with anything to reassure her in between the time from the first appointment to the date set for the next.
11) When she came back for the second meeting, your front of house staff did not make her feel like they realised this potential start of a significant advice relationship was a big deal for her. In fact she felt they did not remember Her at all.
12) The statement of advice looked impressive. It was in a folder! Her name was in it like maybe 40 times. She's pretty sure she knows who she is. Do you know who she is or is her name in it a lot to remind you?
13) She did not understand the statement of advice.
14) She could not make the connection between your recommendations and what she wanted to achieve.
She told you she needed to think about it.
Saturday, 20 October 2012
Great Questions For Your Client Discovery Meeting
So recently we've written about initial client engagement and in particular how to engage clients with a difference even before you sit down with them.
We've also posted on YouTube at http://m.youtube.com/user/positiveclientengage
- a couple of videos about using mind maps with clients in the discovery process.
The key outcomes of course that we are looking for are:
- depth of knowledge of the clients circumstances that transcends pure numbers and data of the clients financial situation but leads you to truly understand the clients world
- which then allows you to become involved in that world and play your part
- that part is to assist the client live out what is important to them
If you can do that then that is true client engagement and service delivery. Clients will utilise your solutions and advice and pay for it and proudly refer you to their social circle because simply you have delivered with difference.
But to properly engage even using a mind map technique you need to be asking great questions.
Many people do this naturally - there is an innate and genuine curiosity that demonstrates respect and the understanding of another's point of view.
It's basic conversation. It's about the way you were brought up. It's about how you engaged your family around the dinner table. (do people do that anymore as a family??).
And therein lies the problem. Since 1992 as the internet began, we have started communicating differently.
There are some advice professionals who no nothing other than communicating via a portal rather than face to face.
So great conversations are not so natural today.
So what are the great questions?
It depends on you and if you have some of the ingredients of the above great listeners and communicators.
But essentially you need to be asking:
- what's the clients thought process around planning for their future
- what has that thought process brought up
- how do they feel about it
- how do they feel about areas of their life such as family, health, interests, hobbies, relationships, philanthropy, community, education, living circumstances, travel, over all well being, social circle, work,
- what's a life that is full look like to them
- what dreams are they missing out on
- what dreams are they living
- what dreams are they fearful of chasing
- what would they have missed out on if they don't take action
- how would they live if money was plentiful
- what would they change
- what if circumstances meant they needed to fast track plans for providing for their family
- have they done enough
- what does success look, feel, sound like
- how do you know when you're there
Great questions can not be forced or read out like a script. They need to evolve. It's a journey. Great questions are a great conversation. Great conversations start with a willingness to share and a great listener.
We've also posted on YouTube at http://m.youtube.com/user/positiveclientengage
- a couple of videos about using mind maps with clients in the discovery process.
The key outcomes of course that we are looking for are:
- depth of knowledge of the clients circumstances that transcends pure numbers and data of the clients financial situation but leads you to truly understand the clients world
- which then allows you to become involved in that world and play your part
- that part is to assist the client live out what is important to them
If you can do that then that is true client engagement and service delivery. Clients will utilise your solutions and advice and pay for it and proudly refer you to their social circle because simply you have delivered with difference.
But to properly engage even using a mind map technique you need to be asking great questions.
Many people do this naturally - there is an innate and genuine curiosity that demonstrates respect and the understanding of another's point of view.
It's basic conversation. It's about the way you were brought up. It's about how you engaged your family around the dinner table. (do people do that anymore as a family??).
And therein lies the problem. Since 1992 as the internet began, we have started communicating differently.
There are some advice professionals who no nothing other than communicating via a portal rather than face to face.
So great conversations are not so natural today.
So what are the great questions?
It depends on you and if you have some of the ingredients of the above great listeners and communicators.
But essentially you need to be asking:
- what's the clients thought process around planning for their future
- what has that thought process brought up
- how do they feel about it
- how do they feel about areas of their life such as family, health, interests, hobbies, relationships, philanthropy, community, education, living circumstances, travel, over all well being, social circle, work,
- what's a life that is full look like to them
- what dreams are they missing out on
- what dreams are they living
- what dreams are they fearful of chasing
- what would they have missed out on if they don't take action
- how would they live if money was plentiful
- what would they change
- what if circumstances meant they needed to fast track plans for providing for their family
- have they done enough
- what does success look, feel, sound like
- how do you know when you're there
Great questions can not be forced or read out like a script. They need to evolve. It's a journey. Great questions are a great conversation. Great conversations start with a willingness to share and a great listener.
Wednesday, 26 September 2012
Five Ways to Engage Clients Before They Sit Down In The Office
What do great businesses do to engage and educate clients before they have actually started the client discovery meeting?
They have at their disposal waiting room excellence.
In other words the client experience begins as the client enters the business premises. And by design rather than default these great businesses tap into client behaviour and emotion to educate and inform before the formal interview has even commenced.
How?
Follow these five steps and start your transformation.
Create a welcoming environment.
Like the PCE Assurance Letters, the waiting room environment is all about confirming to the client that they have made the right choice. This means that it needs to speak to the client needs that are in play. If you are pitching to senior executive clients a waiting room needs to evoke the environment they are accustomed to. The details right down to the magazine selection needs to be appropriate. If pitching to families a waiting room that is child friendly is a winner.
Your pitch to your prospective client that you understand them, starts in the waiting room. Create an environment that loud and clear announces that you know your market.
Have great front of house staff that can engage your clients.
This works because you can find out vital information about a clients decision making internal influences such as ...attitude, motivation, how they learn (do they watch the video screens, read the magazine, look at pictures in a brochure, read your business collateral?). Recently PCE were strongly engaged in two adviser waiting rooms. Once by a dynamic receptionist who was also studying law. PCE were quite put on their heels and certainly discovered there were some issues over and above what PCE were there to discuss that it was suddenly illuminated that this particular business could assist with. The second occasion PCE was struck by the smiles, the welcome, the conversation of two front of house staff.
Start educating and leading your clients.
Create and use focused and targeted collateral be it brochures, case studies, video that provides information about your business and what it is you do and why.
Importantly what is your process and what sort of clients have been through your process and succeeded. There are many ways to do this. Video, flow charts, client storyboards. What you are doing here is creating credibility that positive results happen for people who work with you.
Demonstrate the value you provide.
With the pressure you face from an ever increasing Competitive environment, differentiating your offer has never been as vital as it is now. To win you need to demonstrate that your offer transcends what else in out there. Easily done. Simply create a map/ a process/ a visual of all the things you do for clients and how broad your network is, in a way that clearly identifies that you can provide and facilitate a multi faceted solution for your clients and that you are the vital hub of their world.
Let them bond with you before they meet you.
How? Let them know you and who you are and who are the clients you've helped. You, your staff, your clients should be on display. This means visuals, photos, a library and other items that can make an emotional connection with your clients. What community contribution do you make? What about charity? What do you stand for and what is valued in your world that you are willing to share? By opening yourself up and displaying your values you will have as a result like attracting like and people bonding with you or at the worst people understanding and respecting your values and giving you the opportunity to reciprocate.
Waiting rooms.......not just for waiting.
They have at their disposal waiting room excellence.
In other words the client experience begins as the client enters the business premises. And by design rather than default these great businesses tap into client behaviour and emotion to educate and inform before the formal interview has even commenced.
How?
Follow these five steps and start your transformation.
Create a welcoming environment.
Like the PCE Assurance Letters, the waiting room environment is all about confirming to the client that they have made the right choice. This means that it needs to speak to the client needs that are in play. If you are pitching to senior executive clients a waiting room needs to evoke the environment they are accustomed to. The details right down to the magazine selection needs to be appropriate. If pitching to families a waiting room that is child friendly is a winner.
Your pitch to your prospective client that you understand them, starts in the waiting room. Create an environment that loud and clear announces that you know your market.
Have great front of house staff that can engage your clients.
This works because you can find out vital information about a clients decision making internal influences such as ...attitude, motivation, how they learn (do they watch the video screens, read the magazine, look at pictures in a brochure, read your business collateral?). Recently PCE were strongly engaged in two adviser waiting rooms. Once by a dynamic receptionist who was also studying law. PCE were quite put on their heels and certainly discovered there were some issues over and above what PCE were there to discuss that it was suddenly illuminated that this particular business could assist with. The second occasion PCE was struck by the smiles, the welcome, the conversation of two front of house staff.
Start educating and leading your clients.
Create and use focused and targeted collateral be it brochures, case studies, video that provides information about your business and what it is you do and why.
Importantly what is your process and what sort of clients have been through your process and succeeded. There are many ways to do this. Video, flow charts, client storyboards. What you are doing here is creating credibility that positive results happen for people who work with you.
Demonstrate the value you provide.
With the pressure you face from an ever increasing Competitive environment, differentiating your offer has never been as vital as it is now. To win you need to demonstrate that your offer transcends what else in out there. Easily done. Simply create a map/ a process/ a visual of all the things you do for clients and how broad your network is, in a way that clearly identifies that you can provide and facilitate a multi faceted solution for your clients and that you are the vital hub of their world.
Let them bond with you before they meet you.
How? Let them know you and who you are and who are the clients you've helped. You, your staff, your clients should be on display. This means visuals, photos, a library and other items that can make an emotional connection with your clients. What community contribution do you make? What about charity? What do you stand for and what is valued in your world that you are willing to share? By opening yourself up and displaying your values you will have as a result like attracting like and people bonding with you or at the worst people understanding and respecting your values and giving you the opportunity to reciprocate.
Waiting rooms.......not just for waiting.
Wednesday, 12 September 2012
How our clients brains stop them making rational decisions
So you've written a great plan, an insurance strategy that is relevant, appropriate and desperately needed by your prospect and yet.....the response is...I'm not sure, I need to think about it.
Maslow offers us some great guidance on motivation and drive.
We at PCE would love to accept that positive view of people that analogy that cream rises to the top that people really do try to be the best that they can be.
For us the one of the greatest examples of Maslow's hierarchy working is Chris Gardner;think Will Smith in the Pursuit of Happyness.
Chris's journey and struggle to be the best he could be was Maslow personified.
But Maslow does not fit when you think of a client walking away from a sound financial plan. Maslow does not explain why someone who has it all still wants more. Maslow can't explain why your COI having engaged you does not continue to provide referrals. Maslow does not explain why people make decisions that appear and probably are totally irrational.
How you understand what is going on in someone's mind and why they make the decisions they do is really the key to positive client engagement.
It's what this website/blog is all about. It's about being the best you can be and being self aware enough that you can engage clients with honesty and genuine curiosity and sincerity.
It's about emotional intelligence and it's application.
As Golemon writes in his groundbreaking work, in 1995, it's about knowing yourself, managing yours and your clients emotions, motivation and understanding motivation, recognising emotions and motivations in your clients, building relationships, maintaining relationships.
People's ability to do this differs and PCE is about developing tools to assist.
But heres the big tip. Ready?
If you want a client to go through a process with you.......do it yourself first.
Go through the PDS and full out your own application. Do a fact find on yourself. Mind map your world on a single page. Get underwritten. Walk through your business with your clients eyes. How do you feel about that policy loading, about some of the personal questions on the application....did you answer the honestly ...really?
What about that fact find process.....how'd it feel.....fake, false, like you were a number.
Draw your family tree......
Examine the way you shop. The last holiday you went on ....did you use a travel agent ...or did you go online......do you value advice when it's your business but diminish the value of advice when it's someone's elses business.
Do you walk the talk?
Do you believe in what you sell? Can you state why you do what you do? Do you know who it is that you help, what problems they have and what you do about it and what your clients feel about what it is that you do?
Our brains have evolved from a brain stem that kept us alive and to this day still regulates all that is automatic.
The other systems that evolved have at their core an emotional centre, the limbic system that receives all the information that bombards us each day and attaches emotional markers to it before our pre frontal cortex makes that decision that we hope is rational but that is driven by experience and acquired knowledge.
What is key here is the emotions that we assign to things, that drive us that shut down rationale thought when the feelings are strong enough.
So how well do you engage your clients on an emotional level? Really? A fact find? What are you doing in your business to really connect with clients?
If you can answer and articulate and demonstrate that then you are well ahead of the curve. And on the way to positive client engagement.
Maslow offers us some great guidance on motivation and drive.
We at PCE would love to accept that positive view of people that analogy that cream rises to the top that people really do try to be the best that they can be.
For us the one of the greatest examples of Maslow's hierarchy working is Chris Gardner;think Will Smith in the Pursuit of Happyness.
Chris's journey and struggle to be the best he could be was Maslow personified.
But Maslow does not fit when you think of a client walking away from a sound financial plan. Maslow does not explain why someone who has it all still wants more. Maslow can't explain why your COI having engaged you does not continue to provide referrals. Maslow does not explain why people make decisions that appear and probably are totally irrational.
How you understand what is going on in someone's mind and why they make the decisions they do is really the key to positive client engagement.
It's what this website/blog is all about. It's about being the best you can be and being self aware enough that you can engage clients with honesty and genuine curiosity and sincerity.
It's about emotional intelligence and it's application.
As Golemon writes in his groundbreaking work, in 1995, it's about knowing yourself, managing yours and your clients emotions, motivation and understanding motivation, recognising emotions and motivations in your clients, building relationships, maintaining relationships.
People's ability to do this differs and PCE is about developing tools to assist.
But heres the big tip. Ready?
If you want a client to go through a process with you.......do it yourself first.
Go through the PDS and full out your own application. Do a fact find on yourself. Mind map your world on a single page. Get underwritten. Walk through your business with your clients eyes. How do you feel about that policy loading, about some of the personal questions on the application....did you answer the honestly ...really?
What about that fact find process.....how'd it feel.....fake, false, like you were a number.
Draw your family tree......
Examine the way you shop. The last holiday you went on ....did you use a travel agent ...or did you go online......do you value advice when it's your business but diminish the value of advice when it's someone's elses business.
Do you walk the talk?
Do you believe in what you sell? Can you state why you do what you do? Do you know who it is that you help, what problems they have and what you do about it and what your clients feel about what it is that you do?
Our brains have evolved from a brain stem that kept us alive and to this day still regulates all that is automatic.
The other systems that evolved have at their core an emotional centre, the limbic system that receives all the information that bombards us each day and attaches emotional markers to it before our pre frontal cortex makes that decision that we hope is rational but that is driven by experience and acquired knowledge.
What is key here is the emotions that we assign to things, that drive us that shut down rationale thought when the feelings are strong enough.
So how well do you engage your clients on an emotional level? Really? A fact find? What are you doing in your business to really connect with clients?
If you can answer and articulate and demonstrate that then you are well ahead of the curve. And on the way to positive client engagement.
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