How to master the know and show approach

In business, the unique service proposition is a crucial element of success: the differentiator and value add that sets a business apart from its competition.

There is no shortage of inspiration in the market but according to FAST CEO Brendan Wright, there is a new approach brokers should be taking.

Speaking at the sixth FAST Business Excellence Conference last week, Wright told delegates the key to success is taking a “know and show” approach to clients and becoming more proactive in creating a sustainable business culture. 

“Being able to clearly show that you know your clients, and fully understand their financial situation, objectives and needs is crucial,” FAST CEO Brendan Wright said.

“Brokers who can clearly demonstrate they are putting client needs first, and make that their sole purpose, will give their business an edge and a differentiation now and into the future.”

Culture provides brokers a clear opportunity to distinguish their service offering, and allow them to potentially meet a broader set of customer needs, according to Wright.

“When you are leading or managing the business quite often you feel like you have to come up with all the answers. Creating a culture that enables different thinking, knowledge and capability across the team can really help your business to differentiate and stand out in a service-lead industry,” he said.

NAB general manager for performance and operations, Nicole Devine, added that the right business culture “doesn’t just happen”; it needs sustained effort. Brokers need to be proactive about how they want the culture to look and how they’re going to build it.

“Most brokers would say they have a customer-centric culture – but how do you show it? And how often do you think about it? This is where compliance frameworks and asking the right questions to fully understand a client’s situation come in to play,” Devine said. 

Wright and Devine were joined on the conference stage by futurist Steve Sammartino; Stephen Scheeler – founder of global advisory, The Digital CEO and former Facebook CEO for Australia and New Zealand; and executive GM of NAB Broker Partnerships, Anthony Waldron.

The 2018 FAST Business Excellence Conference provided its brokers valuable insight from industry specialists, as well as the chance to participate in scenario planning workshops, facilitated by business experts.