There is barely a product or service out there today that customers can’t purchase somewhere else for about the same price with roughly the same features, so what does your company offer over and above this? The answer is that people do business with people that share their beliefs, so when you provide advice to a customer, they are buying you, not the product.
For instance, those of you that have worked in the industry for a while will probably agree that the best clients and relationships have come from referrals and recommendation. That’s because there’s probably an element of inherent trust that the customer holds in you already.
However, when a new or potential customer walks into your office off the street it can take a lot more effort to build this trust and rapport.
Since the MMR, more than two thirds of mortgages are now organised by advisers. More consumers are putting their trust in you to arrange the largest financial commitment they will probably ever make.
To start communicating what you believe in, social media should be your prime target.
With the FCA announcing their new guidance just a few weeks ago, there is now more clarity on how to use social media compliantly. Emma Coffey of Blacks Connect’s recent article summarised well how the role of social media in financial services is becoming increasingly important.
Firms will be much more effective at creating relationships with potential clients if social media is to communicate ‘the why’ instead of promoting products and services. This way you will create more effective and longstanding relationships with customers, and because it is not a ‘financial promotion’ you reduce the risk of being non-compliant.
Lauren Bagley is marketing manager, TMA
