Following on from my previous blog highlighting the new thinking idea I would like to expand on the subject.
This could be looked at as a whole new way of working. However I would probably think that some of this you are doing yourself already but just don’t know you are doing it! I personally love this stuff as first it makes me think about what I am currently doing and second how I can change what I am doing to make it better.
Let me start by outlining the authors. These people are recognised individuals in their field and know what they are talking about.
Dr Paul Dolan has previously worked with the government to get people to do more tax returns. This has been successful and obviously the government is very pleased from this!
Steve Martin has regular publications on the BA in flight magazine and the Harvard Business Review. He has also worked with government and non profit organisations around the world.
I would like to provide you with a couple of ideas within the M.I.N.D.S.P.A.C.E structure.
‘M’ stands for Messenger. We are heavily influences by who communicates info to us.
Here is an idea. Why not look at the investment cycle shown below. If you ask your client where they think they are on the cycle you can gain greater trust if you show similarities to them. Also don’t be afraid to say that this is not the lowest cost option. Add in that it contains additional benefits which offer excellent value from a long-term point of view.
‘I’ stands for Incentives. Our responses to incentives are shaped by predictable mental shortcuts such as strongly avoiding losses, hyperbolic discounting and mental accounting.
People are more likely to take action to avoid a loss. Take the following example about pension tax relief. Rather than say that ‘the tax man gives you back £2000 on a £10,000 contribution’ (basic rate tax) why not say ‘if you delay you will lose £2000 from the tax man into your pension’. Although the figures are the same, the loss feels a lot worse than the gain and so you are more likely to invest.
‘N’ is for Norms. We are strongly influenced by what others do.
Have you noticed in hotel bathrooms a sign saying that the majority of guests had re-used their towels? After these signs had been put up that hotel noticed an immediate 26% rise of towel re-use. People follow the crowd.
When it comes to talking about adviser fees why not say that everyone is happy with the fees that they pay? This in the clients mind creates the norm. Collect examples of where clients are paying fees and say that everyone else is doing it. This reinforces the messages.
This is just a taster of what is covered in the subject matter, but have a look and try taking small bits from it. If you come out of a meeting thinking ‘What could I have done different’ then have a look as this might give you an idea for next time.
The book is available here
No comments:
Post a Comment