Managing client behavior

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Managing client behavior

27 JAN 2017

Posted by: Arun Nagegowda. Category : Business

Client behavior management can be one of the toughest aspects of consulting. After all, management of client expectations and behavior can affect your entire consulting business, yet most consultants have little training in it. Client behavior affects your business through
spending more hours than budgeted because of questions, challenges, unexpected meetings and calls.

Managing client behavior takes practice. But, if you make it a top priority, you’ll be rewarded with repeat business and referrals, not to mention happy clients.

The more you understand what motivates your prospects and clients, the better your chances of success when it comes to attracting and retaining them. When you begin to see things from your clients’ and prospects’ point of view you can start to influence their decisions and help them make good financial decisions.

So break out of your own mindset. Step into their shoes: Then you will be able to build strong client relationships, anticipate your client needs and manage their expectations.

Understand that clients don’t always act rationally

Embarking on an investment journey is a big decision for most clients. For many it’s their introduction to new and perplexing terminology. They’re also faced with the proposition of risk and significant financial commitment. Research indicates that the decision-making process for making these kinds of high-level purchases tends to be more strongly lodged in the emotional part of the brain rather than in the rational and logical part.

The upshot being: In order to ‘prompt’ clients into making good investment decisions you need to appeal to their emotional side

Tell stories to connect with clients

In order to influence clients’ emotional decision-making, you should tell stories, ranging from the ‘who I am’ story to the ‘I know what you’re thinking’ story. Stories and analogies will help you win clients over to your point of view. Your clients need less data put in front of them, and more reasons to trust ‘you’ as a person. By using stories, you can make yourself look like someone clients could form a relationship with.

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