Commoditization of Your Services
Tuesday 18 January 2011
We all accept that the consumer believes that financial services firms and advisors are now all pretty much the same. Not unlike what happened to Detroit automakers. In the absence of distinction, people either shop the commoditized or simply go to a completely other source. Unfortunately, too many accept this commoditization and think “oh well, it is what it is.” Really! Let’s look at Ford Motor Company. They set themselves apart, grew while others shrunk or failed and now are looked upon with admiration. There is no reason to accept commoditization as a fate. As an advisor it is essential you separate yourself from the competition.
- Look at your culture and values. Are your values client-centric? Really focused on self, or service? As an example, do your values or mission statements, say “we provide an excellent investment platform, etc.” If so that is not client-focused. It is platform focused!
- Hire support people that love to serve and go the extra mile. If they have an attitude of service but lack the skills to elevate the client experience, invest in training them. People who manage and deliver client service and experience must be centric with your values and culture.
- Know more about your prospects and clients than anyone else. Gather information at every interface. Capture values, preferences, expectations and tactical information such as favorite sports, cultural interests, charitable interests, even favorite beverages, autos, etc. – the list is endless! But you say who has time for this? Well the better question would be, “how long will it take to find their replacement if, as a client, they leave or, as a prospect, they don’t convert.”
In summary, to overcome commoditization of the industry, you must out-behave the competition and deliver personalized and humanized extraordinary experiences from the beginning if you hope to keep these clients for life!
For a 90-Day Plan template to execute these vital steps, CLICK HERE.