I had a morning meeting with a financial institution whose customer base is predominantly Africans.
The meeting was for my Property Concierge clients; to find out whether the institution had the right products for them.
The staff were nice and cordial; however, I came away feeling that for an African-founded UK institution and whose marketing is targeted at Africans, they don’t make their products enticing in anyway.
I was told the Board’s decision for not making the product of interest enticing is because the product is aimed at High Net Worth individuals who are non-UK residents, their choices in the UK are limited and they can afford it.
The staff member explained that the Board feels they have the customers they want, and they’re grow their customer base slowly, without being competitive in their products.
I was gobsmacked! How can you treat your customers in such a blasé attitude?
I told the staff that they weren’t the only institution offering that service! I calmly explained that we’re in an age where there’s a lot of competition out there and if people perceive that a service provider isn’t going out of their way to give them a good deal (for starters!), they’ll go elsewhere. I added that, yes, my property clients have the money to pay their fees but my clients aren’t going to throw away their hard-earned money if the value of the service isn’t at the very least equal to the fees.
I said that if they continued with this attitude I don’t think the company would be around in 20 years’ time, adding that I’ve been around long enough to see similar things happen with companies that started decades ago. He shrugged and said it’s what the Board decided.
In my coaching business, I know that the value I provide to my clients’ business surpass my cost because of the results they see in their business.
Irrespective of your business charges, the service or product you provide MUST be of HIGH value to your customers. That’s the basic requirement of being in business. Even if you have all the customers you want (really?!), you MUST aim to provide a service that has people ‘beating’ down your door to be your customer. That is business EXCELLENCE.
Ah well, I don’t own the business, they’re not my clients, and they’ve lost out on my business. But these are the types of businesses that need my training on how to value current and potential customers; which will ultimately increase their bottom line – and every business wants that!
Onwards and upwards.
Have an AMAZING day. 😊