With years of experience in product marketing and content generation in the financial services industry, Sean is committed to providing informative and impactful content to financial professionals and the clients they serve.
It is common knowledge in financial planning — and most other forms of business — that in order to be incredibly successful, the goods and/or service a company provides must be unique, efficient, and directly cater to customer demands.
According to a 2015 study from Kent State, difficulty in making decisions for a consumer can generally be attributed to the number of available options, social pressure, and time. Here is how you can use this information to your advantage to preemptively address indecision that may face potential prospects.
Number of options
Paralysis in decision-making can be incited by an overabundance of options with a lack of apparent differentiation between the goods/services. As an advisor, you can help eliminate this mental roadblock for your prospects by demonstrating your unique value proposition. Explain to prospects why your services are pertinent, valuable, and flexible, as well as how they address the client’s specific needs.
By offering a unique value proposition to prospects, you no longer become one of many options for them; you become the clear frontrunner and an indispensable facet of their life for years to come.
In addition to the pressure your prospects will face from the sheer volume of options they have, referrals from friends and a financial advisor’s prominence are likely to sway their opinion of a financial advisor.
Addressing social pressures is a two-pronged approach. First, establish a strong social media presence. Use social media to your advantage when looking to expand your client base. Then, be sure to follow up with your current client base when you hold meetings with them; gauge their satisfaction with your work.
According to FinancialPlanning, it is far more likely for an individual to refer a friend or family member to their advisor by their own volition than at the request of the advisor. If your clients are satisfied with your work, they are more likely to speak highly of you conversationally or refer you to friends and family.
Though forming a strong social media presence and fostering referrals is not necessarily “social pressure,” your social presence and reputable reputation will lend themselves in attracting, and retaining, business.
The last main cause of consumer indecision is that consumers feel that they may not have enough time to make a decision, and are uncomfortable with making a decision given the timeline. In turn, consumers may take an inordinate amount of time to make a decision.
To help relieve this impediment for potential prospects, it is important that you remain accessible to their inquiries and flexible with their time constraints. By letting your prospects know that you are open to their specific needs at their preferred communication technique, they will be more likely to seek your advice than an advisor who displays less flexibility in their business approach.
To learn how effective client communication can address and limit consumer indecisiveness, click here.