The services offered by IFAs are now perceived as hygiene factor. The client is more sensitive to what we talk and how we behave. We need to sense those changes.
Many a time, we hear or say ‘hamare zamaane mein aisa hota tha..’ It indicates that we are talking about change, mostly in disgust or exhibiting disappointment. We have been saying this and we will continue to say this because change is the only constant and will keep coming our way during our life span.
What is more important is how we adapt to these changes. The change occurs in every aspect of life. Why we don’t like change is because it pushes us to get out of our comfort zone.
The brand or the people who adapt to change or innovate taste success. Some of the examples: Horlicks enjoys more than 50% of market share in kids health food and it is a leader since 1930, Maggi enjoys almost the same monopoly. Why they continue to lead because they could foresee the change society will be going through and keep innovating the product and their branding strategy.
The products which changed the buying pattern of Indian consumers - ‘flipkart’, started with selling books and today it has become the largest online store. OLX.in is one website which is trying to sell happiness by selling your own old stuff and also showing it as an alternative to make money.
There are changes and innovations happening in our lives and without letting us know becoming part of our life. Some bring convenience and some bring delight. They give their users a WOW effect.
One of the best examples of adapting to the changing environment is Sachin Tendulkar. During his cricketing career he was always ready to adapt to change, learn new shots and try out innovative shots. Despite the fact that he knew he was the best, he was mot complacent and kept adapting to change.
How is all this relevant and important to the business of IFAs? People buy people. That makes the IFA the product, not the funds he/she suggests. Therefore the product needs to go through innovation/change in the services offered, because the client is already exposed to the changes/innovations in the outside world and expects the same innovation in the services rendered by an IFA.
The services offered are now perceived as hygiene factors. The client is more sensitive to what we talk and how we behave. We need to sense those changes.
A good starting point in bringing about change is in embracing technology. There are many free useful and productivity enhancing apps available on the internet, digital record keeping to help saving space, etc. that result in saving time and give a professional and contemporary look to your business.
To
the cynics, all I have to say is - Never forget Ambassador also enjoyed monopoly.
Vinayak Sapre runs Insights, an advisor
coaching firm.
The views expressed in this article are
solely of the author and do not necessarily reflect the views of Cafemutual.