Expanding for growth
Levelling up is the subject of much debate. In this article Caroline looks at the issue from the client's perspective - it is not always about fees - clients will pay more for better service.
Expanding for growth by opening regional offices where overheads are lower should not be embarked upon until a thorough investigation has been made into what clients want and what they are prepared to pay for. Are they fully briefed as to the benefit of the service rather than the facts and are they prepared to pay more for a CMP (Client Mapping Practitioners) accredited adviser and in centrally located offices?
The famous Stella Artois slogan ‘Reassuringly Expensive,’ is worth noting because the service of a professional should not just be about fees. A lesson can be learned from the luxury industry. Making a client feel special is something clients will pay more for. In luxury hotels, clients will pay more to have a butler who will book their restaurants, reserve the best sun loungers and provide them with a cool box stocked with all their favourite snacks and drinks.
Perhaps clients will be willing to pay extra for a professional adviser who can be contacted 24/7 and provide recommendations to another adviser they may need, regardless of location or skill.
If professional advisers shift their focus away from their skill and expertise towards the client and their needs, the demand for their services will undoubtedly increase, as will the profits.
Podcast of the Week:
Caroline Garnham talks to Paul Hewitt, Director General of the Society of London Arts Dealers (SLAD). It has 185 members, all of whom have been vetted by the Executive Committee as having the requisite expertise and are prepared to sign SLAD’s Code of Ethics. They account for 51% of the UK’s $11.9 billion sales, the second highest market in the world, mostly from foreign buyers.
If you would like to be interviewed for our ‘How to Keep Your Money’ series published on Apple iTunes, Spotify and the Club’s platform, please message me with a brief description of the services you provide.
Beyond the Business Card: Caroline Garnham’s Client First Revolution by Great Companies.
The Client First Revolution is long overdue. Clients must be put centre stage, so that their needs can be appropriately met with language and benefits they can understand. Learning new habits is never easy which is why a business plan must be written and one or more people appointed to ensure that the plan is implemented. It is also necessary to review the plan regularly. What is inspected is respected.
If rigorous application is not followed it is too easy to fall back into old habits. However, the methodology enables the repetition of the message, as professionals meet regularly to create Marketing Pods and Clusters to share.
A further incentive is for professionals to share their progress with satisfied client quotes and motivational case studies. Clients will also welcome the new methodology with a better, more holistic service which centres around them.