Liberty Nov 2015

Own Your Practice

Senate Group Conference: 5 November 2015

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Why are we having this discussion?

Recap on the journey so far

The business of the future

The Agile Retirement range

Agenda

TCF

Technology

Is changing

RDR Economy

Consumer

Demands

are

changing

Reforms

Own your Practice

Operational

Efficiency

Practice

Support /

Development

and

Legislation

Advice

Charging

Models

Customer

SegmentationCustomer

Value

Proposition

Practice

Financials

Personal

Marketing

Strategy

Management

InformationProduct

Strategy

Practice offering Transformation

6 x Business Transformation Workshops

1. Client Segmentation

2. CVP

3. Charging

4. Client Communication

5. Client Review

6. Transform

If you’re not

thinking

segments,

you’re not

thinking.

““

Theadore Levitt,

Author & Professor @ Harvard Business School

Segmentation in Action

First Class

12

Segment A

Business Class

60

Segment B

Economy

399

Segment C

60% of the profit comes from the 12 people at the front of the plane

Revenue vs. Service Demand

Top 20 client analysis

Developing a compelling client proposition

The fundamental problem

Client doesn’t value Client values

Client gets

Waste of resources

(time, energy, effort,

money)

Bulls Eye

Client doesn’t get Happy days!Goodbye and good

riddance!

Adapted from: Karl Albrecht, client Satisfaction Window, “The Only Thing That Matters”

Most new ideas do not depend on new

information, but on putting together old

information in a new way!

Adviser Charging:

Pricing your services profitably

Price is what you pay, value is what

you get and the value of anything

is the difference it makes… and the

sole judge of value is the person

paying for it!

Marketing Mix - Cars

Hyundai Mercedes

Product Basic, economical cars aimed

at those on a limited budget

Premium/ executive/ luxury

cars

Price Affordable, good value Expensive (but worth it)

Position Mass Market, reliable and low

cost

Quality, top end, image and

perception of success

Placement Functional Showroom

(ordinary people)

Palatial Showroom, chrome

and very smart

Marketing Mix – An advice business

My advice business

Product ??

Price ??

Position ??

Placement ??

What is the typical client journey?

Cost of acquisition

Everyday Advice

Don’t panic…be deliberate

• Don’t move too far away from high touch model

• Practice solutions will follow the economics of the market

• Focus on activities and processes which are revenue

generating

• Decide if you want to grow or maintain until exit

Become calmly obsessed with implementation

It requires attention…

Thank you