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#70 – Understanding Your Client’s Needs

Peter Bowman was working for a dealer group and wanted to chat to his Financial Advisors about how to market themselves better, but never felt there was enough time.  As a result he wrote the book “Service 7”.

In this episode we cover the point in his second chapter – Understanding your client’s needs.

Think of the popular pest control brand Mortein for a moment.  Mums don’t want poison around their kids and the brand understands this.  That is why they invented the cartoon character Louie the Fly.  Now the focus is not on poison and instead on getting rid of pests.

It’s important to understand the motivator of our clients. If your client does not value it then why do it?

For example, most financial planners send a newsletter to their clients right? Do your clients really want this or are you doing this because it is the norm in the industry?

So, how do we know what a client values?

You don’t need to do formal market research to find out.  You can learn it over time just by having conversations on what is important to them.  Ask them what they like that you are currently doing. Or if there is something you are not doing, what is the gap you can fill?

Remember, bigger is not necessarily better when giving your clients what they want. The relationship between a financial planner and their client is really close in comparison to big business.

Want more? Go here to listen to episode 1 in this series “How to Create More Value for Your Clients”.


About Peter:

Peter Bowman  is the recent author of Service 7, a new book designed to offer simple steps to help professional service providers improve their business. He has worked within his own consultancy, tutored, and lectured at the University of Newcastle, Australia. He has created and implemented frameworks to deliver to his own clients valuable client and business outcomes. He has also worked in professional environments for over a decade for both institutionally owned and independently owned financial services businesses.




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