The ClearFlyte Academy has recently released the final in its Ten Principles of Business Transition email series for advisers.
The Ten Principles of Business Transition are designed for advisers seeking to evolve their practices from commodity/product based propositions to specialised advice firms that are able to charge a fee for the range of services they provide and that can prosper in a post FoFA environment.
The final Principle in the series, Principal No 10, is:
Teach and coach first, then sell
According to ClearFlyte’s founder, Mark Westcott, most entrepreneurs know how to sell, but the issue with just selling is that the customer does not always understand why they need to buy the product or service. Mr Westcott says this is why it is important to educate (teach and coach) your client first, before closing the sale.
“If your prospect understands what you do, how you can help eliminate their dangers and that you have a clear process through which they will be taken, they are more likely to buy. And buy at a premium price,” says Mr Westcott.
Summarising ClearFlytes’ Ten Principles of Business Transition:
- Make your marketing all about your customer, not about you
- Figure out what people want and need and give it to them
- Always market something new
- Be a lot different, not just a little different
- Communicate one single message over & over
- People want a choice
- People buy based on emotions
- If you charge more, people will want it more
- If your product is exclusive, people will want it more
- Teach and coach first, then sell
These Principles form the basis of Mr Westcott’s upfront fee-for-service Estate Planning process, called The Peace of Mind Plan. He says he and his team created this process in order “… to stay relevant and valued by the customer, regardless of legislation and commission structure changes or how the digital age will change our industry.”
Advisers and licensees can click here to access more information on ClearFlyte’s Ten Principles of Business Transition.
