In our business it is easy to be viewed as a commodity. We all sell, promise and offer pretty much the same as our competitors…at least that’s the case if you ask the general public. So, I think it is worth taking a look at why and when people are willing to pay for information.
There are basically 8 reasons people will pay for information:
Convenience – Hey, we can all read maps…we can even get a map drawn for us on MapQuest online, but what does almost every car have today? GPS devices. It’s just plain easier (and more fun) to have a device tell us where to go. It saves having to stop on the side of the road to look at the map. It saves us from having to search all over the car or house for the map.
Same thing with our lettuce and carrots… is it really that hard to wash our produce? And yet, virtually nobody does it anymore because it’s more convenient to just buy it already washed and bagged for us.
So what are you doing to make your practice more convenient for your prospects and clients?
- Do you give prospects maps to your office?
- How convenient is your parking?
- Provide information that is easy to understand and access?
- One stop shopping for all their financial needs
- Tax preparation
- Legal needs
Some say that the future of our industry is to have all the clients’ financial needs under one roof. Whether you believe this or not, it still pays to sit down and think about how you can make your practice more convenient for those that you serve.
Efficiency – We could probably all change the oil in our cars if we wanted to but with today’s cars, it is more efficient to have it done for us. We don’t have to spend time finding the right tools, setting up, taking down, and finding a place to dispose of the used oil. It’s just more efficient to drive in and have it done for us.
What are you doing to make your clients financial situation more efficient?
- Do you give your clients a tax package at tax time to save them from having to gather the info themselves?
- Do you offer your clients easy to read, consolidated statements so they can see at a glance how they are doing?
Make sure you pay attention to even the smallest complaints that your clients or prospects have about dealing with their finances. Use that information to come up with ways to make things more efficient for them.
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