Last week we looked at personal connection/chemistry; the first of three key behaviours that drives client loyalty. This week, we’re focussing on commerciality (followed by proactivity next week).
If you want to develop business – you have to first understand business (not just law, accountancy or consulting practice).
Of course, money is not everything. But clients repeatedly tell us that they want an advisor to give them commercial advice that’s grounded in understanding of them and the sector they operate in. They need a robust appreciation of the financial and emotional impact their advice will have. Yet, all too often, we obsess about the technical detail – and neglect the commercial impact. Here is a quick checklist to stop that painful separation:
1. Ask key people what their aims for the business are (even asking this question will help their perception of your commerciality).
2. Request a copy of the corporate strategy (this will signal you care).
2. Do a 5 Forces Analysis (to get a snapshot of what is impacting profit in their sector).
And then – make it clear how the work you are doing enables them to hit those aims, achieve that strategy, or combat those profit pressures.
“Over 83% of the clients agreed that the level of commercial awareness has an impact when selecting an organisation.” – MPF and Meridian West.
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