#ABC: Always be caring
I know you want to be the best in your field, the superhero to your clients.
But do remember that you can never please everyone. In real life, only a few people will look up to you as a superhero, just like your children see you as their superhero and no one else (i.e. at least when they are still young and not restless).
Being a superhero in personal finance planning does require that you possess an above-average level of expertise and experience to be perceived as “the expert.”
Since many are already focused on selling one financial product or another, you cannot just jump in and do the same. You need to be the first who knows all there is to know about money management, at least in the eyes of your clients. Mind you, you need not be the best.
Take the case of the largest mall operator in the Philippines. They could have stuck to constructing large buildings housing just their popular department store. But they knew that people were going for variety. So, they ventured into building malls that provided more versatile retail spaces that accommodated a wider variety of businesses and customers. When they opened their supermall in Quezon City, they started to use the tagline that meant they have got it all for their customers. That is why today, this mall operator earns the bulk of its revenues from rental income.
Look at the mobile phone unit manufacturer with the largest market share in the world. They revolutionized the mobile phone industry in 2007 by introducing a sleek and minimalist mobile phone with a capacitive touch screen that allowed gestures like pinching to zoom and swiping. They also combined features of a digital music player and Internet communicator into one device. More importantly, they launched an app ecosystem that enabled third-party developers to create and distribute apps, thereby transforming the smartphone into a versatile device. And while the bulk of the revenues of the mobile phone manufacturer is in the sale of phone units, a significant portion still comes from earnings of the sale of and rental income from apps.
Be the first provider
These two companies developed products and services always with the needs and wants of their customers in mind. They knew that if they did so, rewards in terms of huge revenues would follow. Now, are these two companies monopolies in their respective industries? Of course not. But they are the major players. And their brand positioning was crucial to attaining their current status.
Their brand positioning strategy was simple—to just be the first in addressing the needs and wants of their customers. They may not be the inventors of the services and products that they are in right now. But they are the first providers of the same, at least in the minds of their customers.
And that is what you need to be—to be the first all-around expert in money management to your clients.
Of course, brand positioning is just the first step. You will need to simultaneously immerse yourself in training that would give you the expertise in all of the four pillars of personal finance management, what we call ‘EnRich CD-RW’ (cash, debt, risk and wealth) management, even if you are selling products related to just one of the four pillars, like insurance or investments. And treat all experiences with potential and acquired clients as part of your training. After all, expertise plus experience equals expert.
Salespeople are taught to always be closing, or the ABC of selling. There is nothing wrong with that interpretation of ABC. But if you want to be the superhero personal finance planner, you need to put the interests of your clients first. First, you need to “always be caring,” the new meaning of ABC. If you are, you can rest assured that you will always be closing and with less effort at that, because your “always be caring” clients will stick with you wherever you go and constantly refer you to others.
Send questions via “Ask a Friend, Ask Efren” free service at www.personalfinance.ph, SMS, Viber, Twitter, LinkedIn, WhatsApp, Instagram and Facebook.
Efren Ll. Cruz is a registered financial planner and director of RFP Philippines, seasoned investment adviser, author of best-selling personal finance books in the Philippines and a YAMAN Coach. To consult a YAMAN Coach™, email yaman@personalfinance.ph.
To learn more about personal financial planning, attend the 110th RFP Program this March. To inquire, e-mail info@rfp.ph or text at 09176248110.
