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Thursday, January 9, 2014

A New Year’s Business Resolution: BE MORE NIMBLE!

Did you see that 60 Minutes report on Amazon’s plans to use drones to deliver customer orders? This is a just one example of how mega-companies like Amazon continue their quest to steal market share from their competitors.

The same thing is happening in the financial services industry, both online and off, the big insurance companies, Broker/Dealers and FMO’s are using their vast resources to attract new prospects and steal your best clients.

Because of this, you need to become more nimble in how you compete, both from a price, customer service and marketing standpoint. This includes identifying true points of difference and showcasing these points in marketing and branding, and delivering personalized experiences to your prospects and clients alike.

So now you’re asking yourself, HOW DO I BECOME MORE NIMBLE?

The answer is: Conduct an audit on how you do business. Ask yourself a series of questions, like: How do I prospect for new clients? How do we communicate to our clients on a regular basis? What does our company website say about our firm and does it truly reflect our core business values and does it help separate us from our competitors? How does my staff answer the phone and do I have written policies on how to respond to client calls, letters and emails?

Look for ways to simplify, streamline, update, clarify and improve each process – with a special focus on prospecting. The key to reaching your goals (and being more nimble) is making sure you have a written and funded plan to generate a consistent flow of new prospects. Sales cure almost all business ills, so don’t be afraid to test new (and time-tested) prospecting methods.

This exercise can be a challenge because most of us have become very set in our ways and, lets be honest, change can be scary. But keep this in mind, becoming more nimble in your business is nothing more than challenging yourself and your staff to always strive for excellence and improvement.

As I close this post, I’m reminded about a “life-law” that was shared with me by one of the most successful financial advisors in the country – Sid Friedman. I hired him to speak at a national sales meeting when I was working at Lafayette Life Insurance Company. He opened his speech with this statement: “If it is to be, it’s up to me.” I think that statement really ties into the importance of being more NIMBLE in your business and marketing practices.

In today’s fast-paced and highly competitive industry you can’t afford to be passive. 


Bob Wilgus is the Director of Corporate Communications and Social Community Manager for RME360. You can reach him at: