Over the past 10 years, the internet has changed the way consumers interact with business. Now, whether they’re buying real estate, cars or financial advice, customers are more knowledgeable about the market, its dynamics, and the businesses who operate within it. It’s a little old now, however research from Forrester shows that clients make 70-90 per cent of their buying decision before ever making contact with a business.
The rapid expansion of the internet, coupled with the explosion of mobile smartphones, tablets and the like, means consumers aren’t tied to your marketing any more. Therefore, the old-school method of shoving products down a customer’s throat probably won’t work. In 2016, consumers look for information and they want to interact with products and services at a time convenient to them – and not necessarily your sales team! Likewise, they want to get a feel for the way you do business by reading your product or service information, customer reviews, market analysis and expert commentary.
The new look consumer
Apart from knowledge and mobility, consumers are value driven. In other words, they want services and advice tailored to their needs. If it feels mass produced, they’ll look elsewhere. For example, are there additional services that complement your offering that you could include? Would it make your offering stronger and different form your competitors? Finding these value adds is the key to winning over the informed customer. At the same time, add value and customers will be more likely to stay loyal to your brand.
The contemporary investor is also hands on. They don’t mind doing the dirty work themselves and will push you based on their educated opinions. Tellingly, they won’t be afraid to move away from your business fast if you don’t meet their requirements.
To target the informed consumer, it’s worth trying to focus on three central themes:
1. Nailing your digital presence
Anyone can build a website these days for next to nothing by using one of the zillions of templates on offer. But before you go for a bespoke or template website be sure to have a clear strategy in place. As part of creating a valuable digital presence, be sure to link all your online tools including your website, social media platforms and blogs to ensure there is a consistent marketing message.
2. Educate your clients, don’t just market your services
Start building some helpful content by using market reports, research and commentary as a way of educating possible leads. Getting some column inches online or in print with the personal finance publications and the newspapers won’t hurt either. Educating a client doesn’t mean you’re giving away your IP (intellectual property). Rather, it helps them to regard you as an expert, instead of just another mediocre salesperson.
It’s also worth being active within your industry. Industry publications such as Professional Planner, for example, make it easy to engage with the financial planning industry. Offering independent content to the marketplace will help lift your ranking with consumers. At the same time, if you’re not sure where to start when it comes to creating valuable content, talk to an expert.
3. Utilise technology to keep across your client’s behaviour
I’ve written before about utilising a CRM. The more client data you collect, the more informed you’ll be about their interactions with your business. Try and get your hands on as much industry data as you can, whether it is market reports or specific information about customer segments.
‘Knowledge is power’ is a much bandied about cliché, but when it comes to doing business in the digital world, quality data is gold, and it will help drive your marketing in the right direction.
