So you've decided to run a sales campaign, promote a new product, re-engage your client base with a new service offer, re-launch your business with a family advice offer to tap into the intergenerational opportunity or simply try and sell more products into your client base and increase the number of connections your clients have with you.
Let's suppose for arguments sake that faced with an opt-in regime and the need to clearly articulate your services you've designed a unique proposition for your clients. Perhaps you plan to engage your clients differently even positively with things like a lifestyle questionnaire or a wealth index.
How many people will adopt this new paradigm of service?
Turn to marketing 101 and understand the adoption of innovations and understand your client base.
Innovators - are who you should aim to target first. These people are typically adventurous, better educated, younger than the norm and financially stable. Who are these clients in your data base? They will be small in number perhaps 2.5% of your clients.
Hence don't expect huge numbers to beat down a path to your door in these initial days.
But don't give up, the next segment you need to target are the early adopters. These people like to be socially accepted and your marketing needs to speak to that need so tailor your communications accordingly. It's worth it as these 13.5% will reap significant rewards for your efforts.
Next who in your data base are the middle class, deliberate and cautious clients, with above average education and income but need something that is proven - tried and tested. This is when you change your marketing message to use social proof that is tell them stories that this has worked well with clients you have already worked with.
This retake on your marketing - version 3 as it stands is worth the effort as typically they make up the next 34%.
So the messages you need:
version 1 - it's cuttng edge, new and a different way of doing things.
version 2 - this is working and there are opportunities to be part of it.
version 3 - this really works and we have proven results for you to examine.
So be it a new holistic way of engaging your clients. A cutting edge product or service. Or a relaunch of your business - tailoring your message and carefully selecting your targets from your client base not only works but is crucial to your success. Knowing what to expect as above will help you keep motivation to keep pushing ahead with your innovation!
Sunday, 20 May 2012
Friday, 11 May 2012
More sales by connecting what you do with why you do it
This is one for the sales leaders. For the state managers, the heads of sales. The financial planning practice manager. The senior adviser. The team leader.
This is one for any one who leads or aspires to lead in a sales environment.....and yes financial planners and strategy solution coaches...that means you too....all sales people....trying to engage a client with an intangible....with a promise.
When we look at our teams we see people on different journeys who have come from different destinations and ended up in our team at our place of work. We induct them, some more in depth than others and we show them what it is that we do here. And some of them even get it. Others don't ...and it's really not their fault. Some do the same job for years and don't really understand at all how the company makes money and stays in business. They don't get how all the things that happen in the work place are interconnected.
They live in their silos ...the silo's mind you ...that leaders have created and maintain.
And then we ask them to share our vision, our goals, to work together to meet our objectives, our sales targets, to put the clients at the centre of their world, to practice stewardship and make customer focussed, commercially sensible decisions at the front line.
Yes, that'll work.
Well actually it won't but yet in our industry businesses operate like this every day and get by. They however are constantly on the look out for new opportunties for the next big idea, the clear water where they can get slightly ahead of the competition if only just for a quarter.
They spend money building new systems, new processes, new campaigns....new yes....innovations no....it's catch up in the donkey race.
Amabile and Kramer, The Progress Principle, HBR Press, 2011, write of their observations, study and findings discovering the essence of progress at work and its' connectedness to meaningful work. And there it is in all its' simplicity.
Progress can be achieved by connecting employees with meaningful work and celebrating the small daily progress that is achieved on the way to a goal.
What does this mean for an insurance providers sales team or for example a financial planning practice?
What it means is this:
1) do an audit of your staff - what in their own words does the business do?
2) what is their role in that objective?
3) what does it mean for the customer?
4) what are some of the daily hurdles that get in the way of their role?
5) what do they see as being daily wins that they feel proud of?
Now, you are not getting to get through to number 5 straight away. PCE thinks you might be talking about 1 for a while.
What's the pitch of what you do that all staff can embrace? And next and most importantly are they willing to walk that talk? Do they embody, practice and believe in the core promise of your business?
For insurance businesses it's pretty easy to work this one out. Do all your staff from front desk to admin, from claims staff to the sales team......do all of them have/or have discussed/planned for:
1) a comprehensive insurance package for themselves
2) a comprehensive insurance package for their significant other
3) insurance such as trauma cover for their children
4) for their siblings they know what cover is in place
5) for their parents they know there is adequate estate planning and powers of attorney
6) for their parents they know how aged care accomodation may be funded
7) for their friends they have encouraged and made sure they they speak to an adviser to get a plan in place for all the above
If the answer is yes to all of the above, then you have a leap ahead of your competition far more than any system upgrade will provide.
What you have at your disposal is a team that understands what it is that the business does and WHY the business does it. They have embraced it. They live it. They believe it. All they need to do now is bottle that story and deliver it to every prospect the business has.
And letting them do that ....that's your job...that's right...the leaders in the business....you need to get out of their way...and remove the hurdles in the way of letting these people shine.
This is one for any one who leads or aspires to lead in a sales environment.....and yes financial planners and strategy solution coaches...that means you too....all sales people....trying to engage a client with an intangible....with a promise.
When we look at our teams we see people on different journeys who have come from different destinations and ended up in our team at our place of work. We induct them, some more in depth than others and we show them what it is that we do here. And some of them even get it. Others don't ...and it's really not their fault. Some do the same job for years and don't really understand at all how the company makes money and stays in business. They don't get how all the things that happen in the work place are interconnected.
They live in their silos ...the silo's mind you ...that leaders have created and maintain.
And then we ask them to share our vision, our goals, to work together to meet our objectives, our sales targets, to put the clients at the centre of their world, to practice stewardship and make customer focussed, commercially sensible decisions at the front line.
Yes, that'll work.
Well actually it won't but yet in our industry businesses operate like this every day and get by. They however are constantly on the look out for new opportunties for the next big idea, the clear water where they can get slightly ahead of the competition if only just for a quarter.
They spend money building new systems, new processes, new campaigns....new yes....innovations no....it's catch up in the donkey race.
Amabile and Kramer, The Progress Principle, HBR Press, 2011, write of their observations, study and findings discovering the essence of progress at work and its' connectedness to meaningful work. And there it is in all its' simplicity.
Progress can be achieved by connecting employees with meaningful work and celebrating the small daily progress that is achieved on the way to a goal.
What does this mean for an insurance providers sales team or for example a financial planning practice?
What it means is this:
1) do an audit of your staff - what in their own words does the business do?
2) what is their role in that objective?
3) what does it mean for the customer?
4) what are some of the daily hurdles that get in the way of their role?
5) what do they see as being daily wins that they feel proud of?
Now, you are not getting to get through to number 5 straight away. PCE thinks you might be talking about 1 for a while.
What's the pitch of what you do that all staff can embrace? And next and most importantly are they willing to walk that talk? Do they embody, practice and believe in the core promise of your business?
For insurance businesses it's pretty easy to work this one out. Do all your staff from front desk to admin, from claims staff to the sales team......do all of them have/or have discussed/planned for:
1) a comprehensive insurance package for themselves
2) a comprehensive insurance package for their significant other
3) insurance such as trauma cover for their children
4) for their siblings they know what cover is in place
5) for their parents they know there is adequate estate planning and powers of attorney
6) for their parents they know how aged care accomodation may be funded
7) for their friends they have encouraged and made sure they they speak to an adviser to get a plan in place for all the above
If the answer is yes to all of the above, then you have a leap ahead of your competition far more than any system upgrade will provide.
What you have at your disposal is a team that understands what it is that the business does and WHY the business does it. They have embraced it. They live it. They believe it. All they need to do now is bottle that story and deliver it to every prospect the business has.
And letting them do that ....that's your job...that's right...the leaders in the business....you need to get out of their way...and remove the hurdles in the way of letting these people shine.
Saturday, 5 May 2012
People Don't Buy What They Don't Understand - The Future of The Life Insurance Industry
Without life insurance, without insurance that provides money for clients when they are sick or injured and can't work and without insurance that provides money for clients when they may never work again - families would and do struggle to meet their basic financial ends meet, let alone save money towards dreams hopes and ambitions.
Why is it then that Australia is one of the most underinsured nations in the world and from a consumer perspective insurance sales people have a tarnished image? And before PCE gets a steady stream of correspondence from insurance professionals disputing the image insurance sales people have...let us point out that.....the facts are irrefutable ...only 2 out of 10 people seek financial advice, insurance cover through superannuation funds is assessed to be 90% less than what is actually required, the estimated underinsurance amount is in premium terms $8billion dollars (Life Insurance In Australia Industry Report, April 2012, IBISWorld)
The fact of the matter is as Tim Stephen from IBISWorld points out, is that people do not buy what they do not understand.
The next 5 years could be a boom time for the industry. Growth is forecast at 8%. The big companies; AMP(AXA), NAB(MLC), CBA (Comminsure), ANZ(OnePath) look set to grow their market share even further perhaps gobbling up some smaller players.
But if the industry is to live out its promise - providing money to people when they need it most - the need to capture the hearts and minds of the consumer has never been more important especially as the industry competes with the allocation of household income that perversley when disposable income is readily available people feel less exposed to lifes risks.
The industry will also need to change its language to the consumer as superannuation funds compete strongly through offering insurance via superannuation accounts - despite the fact that the lack of advice from this channel leads to the exacerabation of the underinsurance problem.
So what's the answer?
IBIS point out and PCE agree, the the industry needs to improve the understanding that consumers have about life insurance - to decrease the complexity - to simplify the product and the process involved in getting insurance - and the industry must tailor the message and communication of all of this so that it actually means something - that there is a tie in to enabling customers to see how getting the right insurance cover actually contributes to the clients life ......everyday....not just when things go wrong.
Life insurers need to adopt new technologies to speak to consumers in multiple ways and to enable product tailoring to different client needs.
Rather that individual products, a life insurer could design packages that are labelled towards the clients life circumstances ......the "two kids and one parent at home" package....OK PCE hasn't worked on the name yet...but you get the drift.
But what is clear is that the industry will consolidate, cost cutting is required, jobs will be under pressure and we need a distribution effort that captures clients attention, is facilitated by professionals prepared to connect with clients and offer flexibility through simplified offerings.
But the main players perhaps are not as nimble or have the appetite to facilitate this change. They are all facing an environment requiring the securing their adviser distribution force and of running in the donkey race of product changes driven by rating house scores. This is by all means neccessary but delays what is really needed.....a new way of speaking to clients and new tools and products that replicate that new philosophy that can be used by advisers.
Can the nimble, distributionless, IFA dependant life insurance providers....the boutiques...actually lead the way?
Yes. To an extent they are far more advanced in providing the technology platforms that actually may speak in a way that is easier to engage a customer with. But they need to finish the job. They need to engage the adviser force differently, be bold with product design, engage customers directly in the education piece and create forums and listening posts with and for advisers and customers.
Flexibility will be key, technology neccessary and capturing customers and the insurance adviser distributions force attention wil be key ingredients for success.
Who's bold enough to say they have the passion and the vision to insure more Australians?
Why is it then that Australia is one of the most underinsured nations in the world and from a consumer perspective insurance sales people have a tarnished image? And before PCE gets a steady stream of correspondence from insurance professionals disputing the image insurance sales people have...let us point out that.....the facts are irrefutable ...only 2 out of 10 people seek financial advice, insurance cover through superannuation funds is assessed to be 90% less than what is actually required, the estimated underinsurance amount is in premium terms $8billion dollars (Life Insurance In Australia Industry Report, April 2012, IBISWorld)
The fact of the matter is as Tim Stephen from IBISWorld points out, is that people do not buy what they do not understand.
The next 5 years could be a boom time for the industry. Growth is forecast at 8%. The big companies; AMP(AXA), NAB(MLC), CBA (Comminsure), ANZ(OnePath) look set to grow their market share even further perhaps gobbling up some smaller players.
But if the industry is to live out its promise - providing money to people when they need it most - the need to capture the hearts and minds of the consumer has never been more important especially as the industry competes with the allocation of household income that perversley when disposable income is readily available people feel less exposed to lifes risks.
The industry will also need to change its language to the consumer as superannuation funds compete strongly through offering insurance via superannuation accounts - despite the fact that the lack of advice from this channel leads to the exacerabation of the underinsurance problem.
So what's the answer?
IBIS point out and PCE agree, the the industry needs to improve the understanding that consumers have about life insurance - to decrease the complexity - to simplify the product and the process involved in getting insurance - and the industry must tailor the message and communication of all of this so that it actually means something - that there is a tie in to enabling customers to see how getting the right insurance cover actually contributes to the clients life ......everyday....not just when things go wrong.
Life insurers need to adopt new technologies to speak to consumers in multiple ways and to enable product tailoring to different client needs.
Rather that individual products, a life insurer could design packages that are labelled towards the clients life circumstances ......the "two kids and one parent at home" package....OK PCE hasn't worked on the name yet...but you get the drift.
But what is clear is that the industry will consolidate, cost cutting is required, jobs will be under pressure and we need a distribution effort that captures clients attention, is facilitated by professionals prepared to connect with clients and offer flexibility through simplified offerings.
But the main players perhaps are not as nimble or have the appetite to facilitate this change. They are all facing an environment requiring the securing their adviser distribution force and of running in the donkey race of product changes driven by rating house scores. This is by all means neccessary but delays what is really needed.....a new way of speaking to clients and new tools and products that replicate that new philosophy that can be used by advisers.
Can the nimble, distributionless, IFA dependant life insurance providers....the boutiques...actually lead the way?
Yes. To an extent they are far more advanced in providing the technology platforms that actually may speak in a way that is easier to engage a customer with. But they need to finish the job. They need to engage the adviser force differently, be bold with product design, engage customers directly in the education piece and create forums and listening posts with and for advisers and customers.
Flexibility will be key, technology neccessary and capturing customers and the insurance adviser distributions force attention wil be key ingredients for success.
Who's bold enough to say they have the passion and the vision to insure more Australians?
Thursday, 3 May 2012
Successfully Engaging Centres of Influence - Slide Set
For the full presentation, Australian based personal risk insurance advisers can contact PCE. But here's a snippet for everyone.
Is strategy advice the key to successful centre of influence engagement?
So select your COI targets carefully.
And match them to your ideal clients.
As an example maybe your ideal clients are like these?
Build and be ready to articulate your capabilities and pitch.
Tailor your pitch to something that suits your style.
Then deliver to your chosen COI.
Finally use PCE tools such as the Wealth Management Index and Client Lifestyle Questionnaire to give the relationship with your COI ongoing life.
Is strategy advice the key to successful centre of influence engagement?
So select your COI targets carefully.
And match them to your ideal clients.
As an example maybe your ideal clients are like these?
Build and be ready to articulate your capabilities and pitch.
Tailor your pitch to something that suits your style.
Then deliver to your chosen COI.
Finally use PCE tools such as the Wealth Management Index and Client Lifestyle Questionnaire to give the relationship with your COI ongoing life.
Friday, 27 April 2012
What makes a great business development manager?
So what is the "new" paradigm of service and "value add" to advisers and the materials to deliver. The recent Investor Daily article:
http://www.investordaily.com.au/cps/rde/xchg/id/style/14051.htmutm_source=newsletter&utm_medium=email&rdeCOQ=SID-0A3D9632-1A61C6D2
provides some views from investment and insurance houses about approaches they feel resonate with advisers.
In PCE's experience, what is valued by advisers is:
- exceptional product knowledge that includes how to practically apply the product to a variety of client circumstances and strategies
- the ability to articulate succinctly what the fit of a product is in relation to the advisers client base
Therefore in order to add value the BDM needs to:
- understand the advisers client base and strategy proposition
- be able to identify and highlight the strategy options an adviser might like to consider to therefore position with their client base
- have sales and client engagement ideas for the adviser to leverage these strategy solutions into the client base
- have B2B skills to facilitate and maximise relationships between advisers and their current and prospective COI's
- be able to present at a level and with quality that would position the BDM as an authority on subject matter
- have exceptional follow up (its all about diary management)
With this approach advisers truly partner and in order to be able to deliver on the above the qualities required are:
- small business experience
- advice experience
- accountancy / mortgage or other financial service COI experience
- be well read
- life experience
- strong strategy OR client engagement skills
But at the end of the day nothing beats attitude, energy, follow up.
http://www.investordaily.com.au/cps/rde/xchg/id/style/14051.htmutm_source=newsletter&utm_medium=email&rdeCOQ=SID-0A3D9632-1A61C6D2
provides some views from investment and insurance houses about approaches they feel resonate with advisers.
In PCE's experience, what is valued by advisers is:
- exceptional product knowledge that includes how to practically apply the product to a variety of client circumstances and strategies
- the ability to articulate succinctly what the fit of a product is in relation to the advisers client base
Therefore in order to add value the BDM needs to:
- understand the advisers client base and strategy proposition
- be able to identify and highlight the strategy options an adviser might like to consider to therefore position with their client base
- have sales and client engagement ideas for the adviser to leverage these strategy solutions into the client base
- have B2B skills to facilitate and maximise relationships between advisers and their current and prospective COI's
- be able to present at a level and with quality that would position the BDM as an authority on subject matter
- have exceptional follow up (its all about diary management)
With this approach advisers truly partner and in order to be able to deliver on the above the qualities required are:
- small business experience
- advice experience
- accountancy / mortgage or other financial service COI experience
- be well read
- life experience
- strong strategy OR client engagement skills
But at the end of the day nothing beats attitude, energy, follow up.
Tuesday, 24 April 2012
Reminding people who they are at their best
What a fantastic day of discussions about how to generate positive emotions at work and in so doing lead to a surge in creativity and productivity.
We borrow here from Amabile and Kramer, 2011, "The Progress Principle" that speaks to the dynamics of inner work life and its components of perception, emotion and motivation.
They write that when jobs have been robbed of personal meaning the intention to work evaporates. Teh work is no longer intrinsically motivating or challenging and people just do what is needed to get by.
So what's the inner work life of your employees? How do you know? What are the signals? And what do you do about it?
Stay tuned the PCE process maps not only spell out how to engage with clients but how to empower your staff.
Till then.
We borrow here from Amabile and Kramer, 2011, "The Progress Principle" that speaks to the dynamics of inner work life and its components of perception, emotion and motivation.
They write that when jobs have been robbed of personal meaning the intention to work evaporates. Teh work is no longer intrinsically motivating or challenging and people just do what is needed to get by.
So what's the inner work life of your employees? How do you know? What are the signals? And what do you do about it?
Stay tuned the PCE process maps not only spell out how to engage with clients but how to empower your staff.
Till then.
Thursday, 19 April 2012
Delivering Your Pitch
Some quick tips on delivering a power sales pitch to your financial services and insurance clients, before our next series of posts deals with a step by step process of how to embed Positive Client Engagement techniques into your business.
Yes, a lot of what we write is based on tapping into the motivators of clients using positive client psychology - but in practical terms how can you embed processes in your business?
Here's some quick sales pitch ideas:
- use a visual in your presentations be that power point, a letter, and email or indeed the statement of advice - a visual that means something to the client. If they've described their future and spoken of a holiday in Hawaii - then embed a picture of the beaches in your communication. You get the picture?
- use by means of direct quotations back to the client the clients own words. Bold them in double font. Let their own words lift of the page and remind them of why your strategy meets their needs.
- give them choices, three at least. That's real choice. Provide compelling reasons tied to their motivators for the most appropriate choice and let them choose it.
- let them know your "why" - the why you do what it is that you do. We're talking about story telling be it your story of a testimonal board, book, or newsletter - let them know about the power of taking action with your help
Yes, a lot of what we write is based on tapping into the motivators of clients using positive client psychology - but in practical terms how can you embed processes in your business?
Here's some quick sales pitch ideas:
- use a visual in your presentations be that power point, a letter, and email or indeed the statement of advice - a visual that means something to the client. If they've described their future and spoken of a holiday in Hawaii - then embed a picture of the beaches in your communication. You get the picture?
- use by means of direct quotations back to the client the clients own words. Bold them in double font. Let their own words lift of the page and remind them of why your strategy meets their needs.
- give them choices, three at least. That's real choice. Provide compelling reasons tied to their motivators for the most appropriate choice and let them choose it.
- let them know your "why" - the why you do what it is that you do. We're talking about story telling be it your story of a testimonal board, book, or newsletter - let them know about the power of taking action with your help
Subscribe to:
Posts (Atom)