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A by-product of the current crisis is that it’s caused me to consider more carefully about what I’m communicating and how I’m doing it. Let me share my thinking with you.
Is this communication necessary?
You’ve been told countless times how important it is to communicate with your clients, especially in bear markets. Few question the wisdom of this advice, but I have my doubts.
Before you hit “send” on another generic e-mail expressing your views on Covid-19 and its impact, ask yourself this question: Is this communication necessary? In many instances, I suspect it isn’t.
Many of the communications I’ve reviewed add little value. All of us have access to the Internet. There’s little about Covid-19 we can’t find out with a few keystrokes.
The financial ramifications of this virus are complex. Nevertheless, those with modest research skills can quickly learn about the history of bear markets, the average length of recovery and related issues.
That doesn’t mean you shouldn’t communicate with your clients. But generic communications should be avoided.
Why?
A client with a Ph.D in statistics has different issues than a widow who never wrote a check. It makes no sense to send them both the same communication.
A different approach
I just finished the bibliography for my new book (to be published in October), Ask: How to Relate to Anyone. It has about 450 references, mostly to peer-reviewed studies. Here’s my takeaway from reading those studies and many more.
Change the way you communicate.
Instead of conveying your views, your data, your observations and your words of comfort, follow this golden rule of communicating: Ask questions.
Here are some examples:
How are you doing?
Is there anything we can do to help?
Do you have any questions we can answer?
Is it helpful for us to communicate with you or would you rather be the one to initiate communications with us?
I know several firms that have adopted this approach. They tell me they were amazed at the responses they received. Most of them started with this phrase: Thanks for asking…
A wife whose husband is on a ventilator might not want to be distracted by receiving an e-mail from her investment advisor. A widower, confined to a small apartment in a large city, might welcome a call from you.
You won’t know unless you ask.
When you do, you’ll find out exactly how you can be helpful.
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I'm working on a new self-help book for the general public. It's called:
Ask
How to Relate to Anyone
Ask will be published in mid-2020. For more information, click here.
Schedule a call with Dan here
Customize your communications
Make every communication special. Generic communications convey a lack of caring – or worse.
There’s a big difference between saying, please stay safe (which would win a cliché award) and, I know Bill is recovering from surgery so this must be a very anxiety-provoking time for you.
When you implement those changes, here’s the most startling reaction you’ll get (based on feedback from my clients):
Not everyone wants to hear from you.
Many of those who do just want to talk – not about their portfolios or anything specific. They are comforted by knowing someone cares.
That’s effective communication.
For more information about marketing and branding opportunities with Dan’s upcoming book, Ask: How to Relate to Anyone, click here.
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