Last week I was working with one of our Certified Business Transformation Consultants with my role to offer some behavioral insights on some difficult client cases. The cases were difficult because of the clients attitudes not only to business decision-making and leadership but also to life. These cases reaffirmed to me how much trust is core to all dimensions of every client situation. This is why when we redeveloped our DNA personality system in the past year we made trust a new stand-alone personality factor.
Often when we talk about trust it is in the context of our role as trusted advisor and building open relationships with clients. Certainly, this is an important dimension. Talking about trust in this way is fine. However, the heart of truly understanding trust and to knowing our clients is to know where trust comes from. There are a number of very important dimensions to trust that we all need to know. Let me ask you the question: How much do you trust yourself? Trusting your self is the starting point of building sound relationships and also making sound decisions. Your own level of personal trust will determine whether you will trust others and then whether others will trust you. So, if you want to know whether your clients will trust you, reflect on your own level of self trust and then learn about their self trust.
We all have a natural level of trust which comes with our natural DNA behavioral style and then there are life experiences added on top which deepen or reduce our trust levels. The more we know who we are and have personal confidence then the more likelihood that we will trust.
In one of the client cases I was referring to the client was 60 years old with a very successful business and over $10 million to his name and annual income of over $2 million. However, he was personally unhappy, not prepared to let go of the iron grip on his business or prepared to create a succession plan his family or company management could know about or be involved in. Does this sound familiar? This is a client who has very low personal trust levels and it transcends every part of his life. It will be very hard for this advisor to get close and really provide the advice he needs and on the other side the advisor will find it hard to meet expectations. A no win situation.
Have you seen people make fear based decisions and not be transparent? This starts from low personal trust levels. As a service provider you want to know your clients trust levels early if you are going to have a close and profitable relationship. You will never be able to help this type of person until you can discover the source of the fear. The difficulty is getting them to tell you. I do find that when you can get a client to talk about their strengths and passions you have a much greater chance of unlocking the fear, and trust grows from there.
Thursday, March 25, 2010
Wednesday, January 27, 2010
Do You Know Who Your Customers Are?
No matter the industry, providers of products and services are always saying something to the effect of: "You are blind as to who is going to walk in the front door for their first meeting with you. As you work with the client a bit you have a greater collection of knowledge but still not the whole picture. It can still take 10 years or more to really know who you are dealing with". Do you truly know the life and financial motivations of your clients? Their deepest desires? Do you know their risk tolerance? Do you know what types of products and services they want?
The reality is that most providers of products and services know very little about their clients. For the first few hours from meeting the client research shows that less than 10% is known about the client and in the medium term less than 20%. How much better off would the client and the provider be if more was known earlier?
The question I have is: why don't product and service providers seek to find out more about their clients? One reason is that it is hard and we do not have the time. So, the key is finding a way to quickly and non-invasively get the information you want and make the client feel understood. The process must be mutual.
Our "inside out" process for serving clients is below. Most providers start at step 3 - the product providing point. Whereas starting at step 1 is key - understanding the client's life and financial motivations. Step 2 is to demonstrate empathy by communicating on the client’s terms, and then step 3 is to match the DNA of the client to the right product. Finally, step 4 is to guide the client to make the right choices.
(Click to expand)Thursday, January 21, 2010
Business Transformation
In recent weeks we have strongly focused our messaging around "business transformation". In particular, the need to address the customer experience that is being provided in order to transform. So often, leaders regularly talk about getting the right people on board, developing the team and the leadership, having the right product, focusing the business plan, improving execution etc. These are all important dimensions; however, they are not all of it.
The key to business transformation is increasing the level of engagement of both your customers and employees. This is regardless of what business you are in or the nature of the service being provided. In 2009, there was some very compelling Gallup Research supporting this approach. This is illustrated by the graph below and the following key points:
(Click Graph to Expand)
When we interview businesses, so many readily admit they know less than 20% about their customer. What would happen if they knew more than 50% about their customers? So, from an implementation perspective we believe it is key to know more about your customers. Then deliver a customer centered experience by aligning your products and services to the customer and then having employees who are customer focused. This transformation in the alignment of your customers, employees and products can be achieved through predictive DNA behavioral insights. This is the fundamental purpose of our DNA Behavior Marketing system and Business DNA programs.
The key to business transformation is increasing the level of engagement of both your customers and employees. This is regardless of what business you are in or the nature of the service being provided. In 2009, there was some very compelling Gallup Research supporting this approach. This is illustrated by the graph below and the following key points:
(Click Graph to Expand)When we interview businesses, so many readily admit they know less than 20% about their customer. What would happen if they knew more than 50% about their customers? So, from an implementation perspective we believe it is key to know more about your customers. Then deliver a customer centered experience by aligning your products and services to the customer and then having employees who are customer focused. This transformation in the alignment of your customers, employees and products can be achieved through predictive DNA behavioral insights. This is the fundamental purpose of our DNA Behavior Marketing system and Business DNA programs.
Monday, November 2, 2009
Improving the Connection with Your Prospects and Customers
Have you considered what is going to propel growth in your business in the coming months and years? Schwab conducted a research study in March 2009 which shows the greatest 3 enablers of growth are:
1. Closing the deal with prospects - 75%
2. Maintaining quality service - 73%
3. Adding new technology for scalability - 67%
So what is your strategy for closing more prospects more quickly and improving customer service? How are you going to maintain and enhance your client service? Success comes back to the old adage "know thy client". People pay lip service to this, but do they really do it? And how well?
My view is that you will not know the motivations of your prospects and customers and how to communicate with them until you objectively know their DNA behavioral style. Once you know their DNA you can more quickly build a deeper relationship and also match them with the right choices for purchasing your products and services. Trust will be developed very quickly and your sales will increase.
This is the foundation of our DNA Marketing system (go to www.dnabehaviormarketing.com). Our DNA Marketing system provides you with an online behavioral marketing system whereby all of your prospects and customers can complete a profile online on your website. From there you will be able to seamlessly communicate with the prospects and clients on their terms and also customize your product and service offerings based on who they are. Using this system will deepen and scale your marketing. Also, this approach addresses one of your greatest barriers to growth which is not having enough time for business development and marketing.
1. Closing the deal with prospects - 75%
2. Maintaining quality service - 73%
3. Adding new technology for scalability - 67%
So what is your strategy for closing more prospects more quickly and improving customer service? How are you going to maintain and enhance your client service? Success comes back to the old adage "know thy client". People pay lip service to this, but do they really do it? And how well?
My view is that you will not know the motivations of your prospects and customers and how to communicate with them until you objectively know their DNA behavioral style. Once you know their DNA you can more quickly build a deeper relationship and also match them with the right choices for purchasing your products and services. Trust will be developed very quickly and your sales will increase.
This is the foundation of our DNA Marketing system (go to www.dnabehaviormarketing.com). Our DNA Marketing system provides you with an online behavioral marketing system whereby all of your prospects and customers can complete a profile online on your website. From there you will be able to seamlessly communicate with the prospects and clients on their terms and also customize your product and service offerings based on who they are. Using this system will deepen and scale your marketing. Also, this approach addresses one of your greatest barriers to growth which is not having enough time for business development and marketing.
Wednesday, September 16, 2009
Bringing Children Into The Family Business
In my work with entrepreneurs and family business owners there are quite divergent views about whether to bring children into the family business when they are young adults, or even at any stage. Some say never and others have a desire to perpetuate the family association with the business. There are cases for both. Of course, rationality plays into it and the family legacy.
In my own case, I had to work through many of the issues because our family had a pastoral (cattle ranching) business which I eventually managed for a number of years. I enjoyed it from a business perspective but ultimately did not have the passion to make it a life long endeavor. My brother was not interested at all.
The big issue is, do the children want to be involved in the business? Then importantly, what is their passion for the business?
On one side it is wrong to force the children into something they do not want to be part of. However, is it wrong to deny them the opportunity? Often parents do not want the children in the business to avoid family problems by not mixing family and business.
I believe each case needs to be looked at on its merits. The starting point should be the DNA of the family members and also the DNA of the family and the DNA of the business. By looking at the question from the inside out, the answer will soon be apparent. If the children have a very strong passion for the business then the next issue of how they are involved should be looked at. Who can blame them if the business has been discussed around the dinner table every night for 20+ years?
In considering the involvement of the children, their aptitudes and abilities need to be examined. Passion is one important aspect, having the capability is another. Often this will come down to the role they play - certainly at the start. Thrusting them into a leadership role without experience and knowledge could be a disaster. Protocols need to be put in place for evaluation and determining their place on merit.
Overall, a family governance structure will be needed which properly regulates decision making. The decision making structure needs to be separate for each of the family, investments and business. They are all quite different areas. A key part of this will be the involvement of children in the business.
In my own case, I had to work through many of the issues because our family had a pastoral (cattle ranching) business which I eventually managed for a number of years. I enjoyed it from a business perspective but ultimately did not have the passion to make it a life long endeavor. My brother was not interested at all.
The big issue is, do the children want to be involved in the business? Then importantly, what is their passion for the business?
On one side it is wrong to force the children into something they do not want to be part of. However, is it wrong to deny them the opportunity? Often parents do not want the children in the business to avoid family problems by not mixing family and business.
I believe each case needs to be looked at on its merits. The starting point should be the DNA of the family members and also the DNA of the family and the DNA of the business. By looking at the question from the inside out, the answer will soon be apparent. If the children have a very strong passion for the business then the next issue of how they are involved should be looked at. Who can blame them if the business has been discussed around the dinner table every night for 20+ years?
In considering the involvement of the children, their aptitudes and abilities need to be examined. Passion is one important aspect, having the capability is another. Often this will come down to the role they play - certainly at the start. Thrusting them into a leadership role without experience and knowledge could be a disaster. Protocols need to be put in place for evaluation and determining their place on merit.
Overall, a family governance structure will be needed which properly regulates decision making. The decision making structure needs to be separate for each of the family, investments and business. They are all quite different areas. A key part of this will be the involvement of children in the business.
Wednesday, August 12, 2009
Dream Bigger Than You Can Think
In recent times I have done a lot of talking about your "success impediments". What is getting in your way to success? A lot of the time it is our own mind. We allow negative thinking to get in the way. This will be true at any time particularly when times are tough and we are fearful. Or it will happen because we have limited experience or a lack of confidence. However, we should never let the big thoughts go away. These big ideas could be a genuine opportunity that is being thrown your way. To start growing you need to firstly not throw the idea away. At least write it down in a journal or talk to a friend or associate about it. You never know what they too have been thinking or how they will provide you with another thought or idea which will liberate your thinking.
To grow you must think big. In my own case, whenever I have taken a big step or pursued a big idea it is because I have taken that dream and not allowed myself to get in the way. I am doing something right now in our DNA business with an idea which I would never have thought possible. Interestingly, the idea came to me on how we could use technology differently and within weeks I have seen futurists talk about this as the future and industry specialists talk about these types of delivery concepts. While I have the vision, I can also see from those around me who have the talents to implement it. So, I will not be the barrier.
Sure, thinking big takes courage but we can all do it if we want to. What dreams or big ideas do you have that could change your life? Would you be a fool to let them go?
To grow you must think big. In my own case, whenever I have taken a big step or pursued a big idea it is because I have taken that dream and not allowed myself to get in the way. I am doing something right now in our DNA business with an idea which I would never have thought possible. Interestingly, the idea came to me on how we could use technology differently and within weeks I have seen futurists talk about this as the future and industry specialists talk about these types of delivery concepts. While I have the vision, I can also see from those around me who have the talents to implement it. So, I will not be the barrier.
Sure, thinking big takes courage but we can all do it if we want to. What dreams or big ideas do you have that could change your life? Would you be a fool to let them go?
Wednesday, August 5, 2009
The Big Question
Last week I participated in a learning program for fast growth businesses conducted by Verne Harnish (founder of Gazelles, Inc) who is world renowned as "The Growth Guy". Verne has run training workshops for and coached many great entrepreneurs all over the world. He has a very straightforward approach to helping an entrepreneur stay focused.
After listening to Verne for a while, and I have been in his workshops before, it became very clear to me that the Big Question we need to ask ourselves is: What is your success impediment? That is, what is getting in the way of your success? I believe we can continuously ask ourselves this question in every area of our life, at whatever stage we are at. In many instances, it is "you". So, the question becomes what are you going to do to get out of your own way? Are you self-aware of what is in the way? A lot of this is about your DNA. A lot of the time, we are not aware of what our natural blind spots are which are a core part of our behavior. Ultimately, people succeed or fail because of their behavior. Taking this further into a business or a family, the behaviors of the team or family member will also be important.
This is why coaching is very important. If you are an entrepreneur, Verne will certainly endorse that a coach is critical to your success in business. The same is true in life generally - a good life coach can really help your quality of life. If the coach starts by asking the big question every time then your feet will truly be held to the fire and the right focus will come.
After listening to Verne for a while, and I have been in his workshops before, it became very clear to me that the Big Question we need to ask ourselves is: What is your success impediment? That is, what is getting in the way of your success? I believe we can continuously ask ourselves this question in every area of our life, at whatever stage we are at. In many instances, it is "you". So, the question becomes what are you going to do to get out of your own way? Are you self-aware of what is in the way? A lot of this is about your DNA. A lot of the time, we are not aware of what our natural blind spots are which are a core part of our behavior. Ultimately, people succeed or fail because of their behavior. Taking this further into a business or a family, the behaviors of the team or family member will also be important.
This is why coaching is very important. If you are an entrepreneur, Verne will certainly endorse that a coach is critical to your success in business. The same is true in life generally - a good life coach can really help your quality of life. If the coach starts by asking the big question every time then your feet will truly be held to the fire and the right focus will come.
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