Got Keynote

Relationship marketing at the touch of a button

Paul Watkins — Wed, 19 Mar 2003 00:22:42 +0000

I asked my financial adviser to change my money held in a poorly performing investment fund at a bank to one at a private reputable fund manager. As this seemed to be taking some time, I called the adviser to ask about progress. I received the following set of cc emails:

First, a cc email from the adviser to the fund manager. “Do you have any idea as to when we can expect this transfer to be completed? Understandably my client is getting a little anxious”

The next day I received another email from my adviser and was a copy of an email from the bank to the fund manager that had been forward to the adviser saying “It was paid into account XX as requested on 1 August. A confirmation letter was sent out, however it was our mistake and we addressed it to Mr Watkins, but at PO Box 1692. I apologise for this, and we are sending out a letter to yourself and Mr Watkins today confirming that this transfer occurred”

Then another email from the adviser to me. This was a cc email from the adviser to the fund manager. “Can you confirm when this transaction is completed please - Adviser” and also a copy of the reply from the fund manager to the adviser “The Money is now in Mr Watkins investment account. Yeehaa”

The result was a very happy client, in fact I am delighted - not so much at having the money transferred, but at the way my adviser had been kept informed of what progress was or was not being made. This saved considerable embarrassment and stress in having to deal with an unhappy client. If the adviser had phoned me saying “Its been transferred but apparently confirmation was sent it to the wrong address” that would have viewed with a similar level of credibility as “the cheque is in the mail”. And all it took was copying me in on his emails.

80/20 rule is alive and well - but they didn’t know it!

Paul Watkins — Thu, 06 Mar 2003 03:07:01 +0000

I recently facilitated a workshop for a 12-partner law firm, looking at marketing activities that would generate new high value clients. By way of preparation I asked each author to bring along a list of their top 25 clients, including current annual fees and potential annual fees.

A fascinating thing happened. While most had filled the page without difficulty, two of the partners couldn’t fill in the whole list - they only had 12 and 7 clients respectively. And guess what - these two earned the most fees for the firm by a huge margin.

My soon to be released book deals with this exact issue - it’s only the quality of the customer/client, not the quantity that matters.

Customer relationship marketing apparently depends on who you talk to

Paul Watkins — Fri, 28 Feb 2003 03:50:07 +0000

An interesting way to do business. I had to phone my insurance company regarding my partner’s handbag, which was stolen out of my car. The first claims person at the call centre DECLINED some items, as I couldn’t offer proof of purchase - which he said was “company policy”.

So I hung up thinking that I was not going to get the items replaced. A few minutes later I phoned back to offer a new perspective and got someone else. Without having to offer any new argument, they agreed to pay - with no proof of purchase!!

This shows a lack of clear guidelines and/or company policies, which is a disaster. Had I not phoned back I would probably have changed insurance companies, but now I am very pleased - however I have told friends about this who will now have the idea that if they don’t get what they want the first time they should just hang up and call back!

Nail a bit of wood on and double the price

Paul Watkins — Fri, 07 Feb 2003 19:44:18 +0000

Here’s an idea for a budding entrepreneur. How come bedside clock radios are so ugly!! They are seen every day by at least one person in the house - in all their cheap black plastic glory.

Why can’t they be a piece of furniture? A well designed wood-clad piece or perhaps painted ceramic or polished metal or even glass. The dumb part is that by adding a $5 décor surround to a $30 clock radio, the price could easily be $60 and the punters would pay!

Business planning South Park style

Paul Watkins — Tue, 21 Jan 2003 03:28:24 +0000

I rarely watch TV, but every now and again something appeals - like South Park. Last night I watched a re-run of the episode where Underwear Gnomes are stealing Cartman’s underwear. The boys follow the gnomes to the Cave of the Underwear Gnomes where they challenge them. The Gnomes reply “Phase 1 - steal lots of underwear. Phase 2 - Do stuff. Phase 3 - Makes lots of money!”

They didn’t know what “stuff’ they had to do, but had a clear objective in mind of making a non-defined “lots of money”. This is the story of most small businesses really.

A very bad set of invitations

Paul Watkins — Sat, 18 Jan 2003 00:33:31 +0000

Last time I said how you could try too hard to sell something. A firm recently phoned me called to ask if I would like to go to a seminar to learn about saving tax. I was curious so said yes. I was then faxed the information two minutes later and then emailed the same information 30 minutes later. The day before the event I was phoned again!!

I was starting to get annoyed. I then missed the seminar due to being out of town anyway. Two weeks later I got a new phone call asking if I would like to attend another since I missed the first. I said maybe and the fax and email quickly followed.

I think they are overdoing it. They have now lost me.

A small scare can be very motivational

Paul Watkins — Mon, 16 Dec 2002 20:02:41 +0000

I was at a party last weekend chatting to a friend about choosing real estate agents. Now trying to convince someone that they MUST have something (which often backfire s as the harder you try, the less credibility it has) how about sowing a seed of doubt in their mind and walking away. The impact can be huge.

So I could have said “My real estate agent was the best you can get. She looked after me so well, so professional - you should use her yourself since you’re going to sell” This is boring cliché-ridden stuff that lacks credibility.

Instead, I said “Cripes I hope you’re careful about choosing the right person. I did my homework and only a handful made the grade” Then I walked away. They called me the next day to ask who she was!! I love this stuff.

CRM is a two way street

Paul Watkins — Tue, 26 Nov 2002 02:01:43 +0000

I recommended a financial planner to a friend a few weeks ago and then forgot about it. Last week I got a thank you card in the mail from the financial planner along with a list of things to choose from as a thank you gift, which was to be faxed back. The choice was from a bottle of red wine, a bottle of white wine, a garden centre voucher, a book voucher or two movie tickets.

I asked the family for their preference and we chose the movie tickets. I faxed the form back and the tickets duly arrived.

The good part of this system from my point of view is that I got to choice my own gift. From the financial planner’s point of view he got me physically involved in the thank you, he had me responding to him, I involved others in the decision and he got to send me two things.

And it didn’t cost any more than it would have anyway.