Opinion: The power of free
There is a lot of hot air written about how all sorts of things will become free (or a lot cheaper) as many services move to the internet.
Thursday, August 27th 2009, 10:01AM
by Russell Hutchinson
Financial services looks like a sitter for such a change - but so far the successful examples are share trading and online banking - the latter was briefly free, but is now often charged for.
Outside financial services there are some remarkable examples - free email, storage, and even telephony (of a sort that frequently drops calls) is available ‘free' provided you have already paid to get online.
But seriously - adding some services free has always been a part of the service that a business wanting to operate long-term in a community employs. The local optometrist in my suburb fixes glasses for nothing, for example.
To build better client relationships, consider added value services - ie free stuff.
There is a lot of risk advice which can be free - risk management is broader than just selling insurance. Rediscover the joys of identifying risks, making suggestions as to how to avoid them, reduce them, or mitigate them if they do occur.
Of course, you need to avoid being a nag, but there are many opportunities. Almost every smoker plans to give up - tell them how much they'll save if they do.
Help clients manage small medical emergencies with the suggestion of an emergency fund. You can suggest they increase their excess once they've put it in place. Sort out their horrid, useless insurance file - with a smart summary of the cover and who to call in the event of different types of problem.
Get creative and plug into the power of free.
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