STARTING WITH THE ‘WHY’
March 15, 2018
When it comes to business, we often hear things like: ‘This is what we are selling’ or ‘This is how we do things.’ Companies from all over the World in all different industries talk about what they are doing and how they are doing things. While ADMIN Partners has a focus on the What and How, a majority of our attention is spent on the Why. So, the real question we want you to ask us is: Why are we in our business?
Unlike other firms, ADMIN Partners has crafted a special relationship with organizations who, in the retirement planning community, are considered ‘the small guys.’ For years, we have placed a focus on tax exempt and government markets which has led us to servicing organizations such as non-profits, churches, and those working in public education. While we still do work with large market clients, our time spent on those outside the for-profit community has provided us with a greater appreciation for the ‘why.’
Knowing who your customers are is entry level advice in the business world. What is often overlooked is paying attention to what your clients do for their business. In fact, most companies are so focused on their business needs that giving attention to another organization’s business is out of the question. ADMIN Partners refuses to think like that. For us, understanding our client’s business is essential to making sure that our services truly fit the needs that they have.
With a majority of our customers being in public education or the non-profit markets, we know that we have clients who are dedicating their time and efforts to great causes. This matters to ADMIN and we want to ensure that we are taking care of their retirement plan needs so that they can focus on their mission. Being aware of their business helps us create stronger relationships with them and that is something you can’t put a price tag on.
Ever have a salesperson come up to you and rattle off all the things you need from their business? This is one strategy that we do not stand behind. In fact, our philosophy is based on asking questions, not flooding our clients with information. Asking questions gives you a perspective on two things: what your clients are really needing from you and what knowledge they already possess in your industry. These factors are vital when it comes to developing a level of service that works for each induvial client.
The questions we approach potential clients with often tells us what expectations they have of us and what we need to bring to the table in terms of assistance. Some clients may need additional education in terms of retirement planning, while some may be familiar with the industry, but want a TPA that will help their plan grow as their organization expands.
What questions you should be asking may vary depending on the business you are in, but we wanted to share some examples that ADMIN asks our potential clients:
As we have mentioned before, ADMIN Partners takes pride in our ability to maintain a strong relationship with each one of our clients. To do this, we always make sure we take the time to check in with our existing clients. We do this for a few reasons: (1) We want to ensure that our clients are happy with the service they are getting. (2) We want to determine if their needs have changed and if so, we need to evaluate what we should modify on our side to satisfy their current needs. (3) We want to give our clients the opportunity to take the floor and be honest with their feedback.
Taking the time to stay in contact with your clients helps create meaningful relationships that extend past the lines of business formalities. It will show your clients that you are about more than just doing the work and moving on. It can also lead to one of the best forms of marketing a business can get: referrals.