AGENDA
FINANCIAL HEALTH
BY RAJ SHAH, DIRECTOR AND PRINCIPAL OF BLUE WEALTH CAPITAL The financial planner on the power of a positive testimonial
DON’T JUST TAKE OUR WORD FOR IT… Why are newspapers and TV broadcasts filled with disaster, corruption and incompetence? When you read the news, sometimes it can feel like the only things reported are terrible, depressing events – even more so lately with the global pandemic. It isn’t that these are the only things that happen. Perhaps journalists are drawn to reporting bad news because sudden disaster and scandal are more compelling? Maybe we, the readers or the viewers, have trained journalists to focus on these things? The psychologists’ term for our collective hunger for, and capacity to remember, bad news is ‘negativity bias’. A couple of weeks ago, I’d had a particularly challenging week, on top of the seemingly never-ending doom and gloom thrown at us all by the media.
unLTDBUSINESS.COM
Out of the blue, I received a testimonial from one of my newer clients which stopped me in my tracks. It said: 'Just want to say I'm so grateful I have you, and that A's money is safeguarded through such a trusted person as yourself. I hear of so many people experiencing trauma over their pensions, some invested all their money in one place with worthless growth, deceit by non-credible people etc. A trustworthy financial advisor is priceless (as it states in the book you gifted), assuring its long-term health. Money makes me anxious, it always has, so I say, ‘thank you’ Raj.' My mood and confidence were totally transformed. This got me thinking about how good it would be if the media were to focus on more positive stories. Perhaps I could make a change in my own small
part of the world and to the people around me who I see and interact with on a regular basis? Receiving that testimonial lifted my spirits so perhaps I could do something similar for someone else, while boosting their income at the same time? Let’s face it, many businesses will have taken a financial battering over the last three or four months and could use some positive focus now. In fact, according to one study, (on bigcommerce.com) the regular use of testimonials was proven to generate roughly 62 per cent more revenue, not only from every customer but from every time they visited a brand: “You're giving an opportunity to let regular customers become brand advocates, which does more in terms of building trust, credibility, and emotion than
you could ever do on your own.” So, my question to fellow business owners is how are you going ensure your customers know how good you are and perhaps how you have helped your existing customers throughout lockdown? There’s no harm in asking for a testimonial from a supplier you continued to pay during lockdown – and who could you, in turn, do a testimonial for? And don’t forget to share your testimonials. They are fantastic for both your business and your own confidence. Raj Shah is founder of Blue Wealth capital and has been shortlisted for Financial Planner of the Year and Investment Adviser of the Year. www.bluewealthcapital.com
17
