ClearFlyte Academy is progressively releasing a series of tips for advisers looking to enhance the value of their practice.
These tips, The 10 Principles of Business Transition, are designed to assist advisers to future-proof their business against any legislative, structural or technology changes within the financial advice sector.
Delivered in a series of brief weekly articles from ClearFlyte’s founder, Queensland adviser Mark Westcott, the Ten Principles of Business Transition focus on the basics of any advice practice or entrepreneurial business. They ask the adviser or business owner to re-consider the reason they are in business and how they communicate their proposition to their clients.
The first four principles in this series have been released and focus on simple propositions. But Mr Westcott contends many advisers and entrepreneurs often fail to observe these basic rules.
Principle 1: Make your marketing all about your customer, not about you
… potential customers don’t care about your company and its products
Mr Westcott challenges advisers to visit a typical company website. He suggests it will usually be all about their company and its products and that this is “… a big mistake” because potential customers don’t care about your company and its products. Rather, they want to see if your company cares about them and understands them.
Principle 2: Figure Out what people want and give it to them
Instead of deciding what you want to sell and then trying to sell it, why not ask your customers what they are looking for and deliver these solutions.
Again, this is a simple principle, but one that Mr Westcott contends is overlooked by many in business once they have set their path.
By finding out what your customers need and want, you no longer need to waste time or money in areas that are not providing a good return and can concentrate in refining the new areas which you know will satisfy your customers.
Principle 3: Always market something new
Mr Westcott suggests talking about something new is the best way to get someone’s attention because it is human nature to notice new and different ideas or services. At the same time Mr Wescott says we are also wired to ignore things that are old and commonplace. “Smart entrepreneurs talk about something new,” he says.
Principle 4: Be a lot different, not just a little different
If you are only a few degrees different from your competitors, your customers and prospective customers won’t notice the difference and will therefore view your service as a commodity, says Mr Westcott.
The challenge for advsers and their business proposition is to clearly stand out from their competitors in the eyes of their clients, by being ‘a lot different’.
Advisers can click here to contact ClearFlyte about accessing more details on its Ten Principles of Business Transition.
