During this series of articles we have endeavoured to provide information that allows business people to deliver their product or service knowing what the outcomes will be.
It’s referred top as a “closed environment” service offering.
The premise being:
“If you clearly plan your strategy and take the time up front to focus on your outcomes, you’ll know what results you can expect. And regardless of whether they are positive or negative results, you can exploit them to your advantage.”
Great in theory.
You just have to define your market well – however that is information your market will be only too pleased to provide you.
Can you imagine the alternative?
“Hi, I’d like to know what I could do to make your life easier.”
“Bugger off!”
I think not.
There are at least 5 distinct markets a broker needs to be able to satisfy in order to develop their reputation and grow their business. Some are obvious, a couple aren’t.
1. Client market (obvious; essential) – satisfaction comes by understanding the market, what its needs are, what time frames are required and knowing how to communicate with the market. It is mostly the traditional things like delivering good customer service, knowing how to market through various media, knowing how to close a sale and build strong relationships that underpin word of mouth referrals. Most people at least understand what is needed here.
2. Supplier Market (less obvious; essential) – this can range from finance companies that provide, of all things, finance. But they have their processes and policies that business owners need to understand and abide by. Again, building strong relationships can go a long way to managing these policies and procedures. It also extends to equipment suppliers. Building good relationshop with them will buy you leverage in terms of how your partnership grows and what benefits you can both make.
3. Peer Market (less obvious; highly essential) – Yes, knowing who to turn to when a deal is new or complex. Understanding your Peer Market is crucial if you want to gain further control of your business. The number of people I know who will dish off a deal to help someone out or will look at a complex deal and then ask for nothing in return while the broker who wins the deal takes home a nice sum of cash in commission. There’s a theme developing here – building strong relationships are key to the survival of the fittest.
4. Community Market (less obvious; essential) – another “sleeper” in the markets we need to understand and manage well. A community can be simply the suburb we have influence in but generally it is a lot more critical than that. The clubs, associations and social groups who we come in contact with all have an opinion of us and our profession. Some are well known and known well. Other are well known and well … “known” – if you get my drift.
5. “Change Market” (not obvious at all; more critical every day) – not really a ‘market’ but one aspect of our jobs we need to manage. Systems, technology, policies and legislation are constantly changing and, by keeping up to date, we will place ourselves in a solid position for our business. Ways to manage change is to subscribe to the right periodicals, attend functions and mix with people who are also keen to stay ‘ahead of the pack’. It’s also appropriate to acknowledge that dealing with change isn’t always comfortable hence the suggestion to get with peers who remain positive about the market even in the face of change. In fact, if you have colleagues who are generally complaining about the change, I’d limit the time I spent with them.
Summary
Review how well you manage each of the markets listed above. Write down 2 or 3 things you do, or can do, to get more in touch with each market – and then set aside a time to implement those ideas – weekly is a good idea.
Remember, success breeds success and as you begin to get the feedback you’re expecting, you’ll have a clearer path to the way ahead.
