If you were like me, you grew up knowing only one kind of milk. It was called milk – there was no confusion about what you were going to get. The money was put in the outside laundry that night, and as if by magic, the next morning there would be milk waiting to be put into the fridge.
When competition is low, as it was with milk back then, the need to be different or stand out isn’t much of a priority for business. Business owners don’t need to work that hard to attract and keep buyers.
But over time, others in the market see a business opportunity, and would like some of that market share from that one milk brand that everyone buys. Twenty years on and we are spolied for choice in the milk marketplace.
A search of Woollies online today reveals there over 150 items you’d recognise as milk – everything from fresh full cream, heart smart milk, skinny milk, milk from the Manning Valley and Riverina regions, flavoured milk and Tetra packed long life milk. They’ve even figured out to make milk out of soy and almonds! There really is milk for everyone.
So what can financial advisers learn from the milk industry?
The financial advice market place is becoming like the modern milk market place. Sure there are established big brands, and they’ll always try and be everything to everybody. But opportunities abound for small and medium sized players if you go looking for them.
Like milk producers, you need to have a very clear idea about who your target audience is and what you are providing to them. It should be very clear to the prospective client that your advice service is the one they need.
So what will your advice offer look like this year? Take some time to think about that as a part of your business and marketing plan.
Checkout Service 7 as a part of your business planning this year.