There is nothing worse than feeling like you’ve been baited and switched…

Most of us don’t ever mean to bait and switch someone but we do it unknowingly. We do it by not having extremely buttoned up processes. We do it by not being almost perfect after the sale is made.

You aren’t ONLY competing against the other advisors in your space, you are competing against every other business your clientele works with. You are competing against Mercedes, Chick-fil-a, Amazon, Apple, & Disney. Their expectations are that you will provide as good of an experience that they get everywhere else.

It doesn’t matter how great of a salesperson you are, if people aren’t thrilled with your experience, they will end up leaving you or quietly not giving you the best reviews or ever send you a referral.

I’m going to pick on the election we just had this week:

Arizona is a beautiful state and one of the best states to retire to. It has beautiful weather most of the year, incredible golf courses, it has everything from deserts, to mountains to large lakes  to play on. If I moved there recently, I would feel like I got bait and switched in this election.

This isn’t a political comment but a business process one… If they can’t do the simplest task of counting ballots like every other state efficiently, how can I trust that they do anything else well?

When the rest of the country has been done counting for days, they were only halfway done.

I understand there are reasons, or should I say excuses (you might remember how I feel about those), but to the end consumers, they just care about results and feeling like they didn’t get bait and switched when they bought the product.

No offense to my friends in AZ! 😉

This is what your clients think after they’ve become a client and the experience isn’t what they are used to getting with Mercedes or the quickness of Amazon.

So this week I’m thinking through how our processes and experience is buttoned up to the caliber of Chick-fil-a…not like Arizona. I encourage you to do the same.

Make it a great week!

Cory

Here are your Quick Hits:

Retired? Here Are 3 Things You Need to Get Right.

• Great article to use in drips this week
• “Spending down money in retirement is trickier than accumulating it while working. Retirees don’t know how investment portfolios will perform during retirement, how long they will be drawing money from them, or what sort of health they will be in.”
• “Even if retirees are successfully managing their portfolio, it may be worthwhile to have a financial advisor review the portfolio.”

12 Lessons on Money and More From Warren Buffett and Charlie Munger

• I always love articles like this where we can get into the minds of the best investors in the world.
• “Buffett, has consistently heaped praise on index funds as the best way for most investors to gain exposure to the stock market. Buffett showed that intellectually you can embrace both active and passive investing—it’s not either/or.”
• “He’s called this the birth lottery. It’s a good reminder to all of us the role luck has played in our lives. If you’re reading this, chances are you’ve been pretty darn lucky. I know I have.”

How bad will the recession be? – Best Twitter Thread I’ve read in a while

• After analyzing revenue data from 27.2k companies: it’s worse than we thought.
  • – B2B getting hit hardest since ’08
  • – Consumer $$ tanking
• What should you do?
  • – 6 ways to not lose in recessions
  • – 4 ways companies win in them
• Massively increase leads
  • Whoever holds on to the most users at the end of this wins.
  • Full stop.
  • We talked about saving customers above, but now is the time to acquire as many accounts as possible.
  • Implement freemium.
  • Make more free.
• Love this quote: “Fundamentals are rarely in vogue, but they’re never wrong. Recessions just make you snap back to them.”

What A Divided Congress Means For The Markets

• “If the U.S. enters a recession in 2023, a divided Congress will struggle to pass a fiscal stimulus bill, which will leave the Federal Reserve as the main institution responsible for setting economic policy in the country,”
• “the potential for a coming divide—even within the GOP itself—could lead to politically induced market volatility into 2023.”