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9 hacks to attracting, retaining wealthy customers

Here are nine strategies for attracting and building stronger relationships with high net worth customers.

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Some important tips for companies in view of customer Service Week 2019, Polarization: How to attract the right customers, while keeping the ‘’wrong’’ ones out, 9 hacks to attracting and retaining wealthy customers

Wouldn’t it be nice to make over your business so that you are attracting wealthy clients who willingly pay your fees, refer you to other wealthy clients and sing your praises to friends and associates? Here are nine strategies for attracting and building stronger relationships with high net worth customers.

Be an absolute expert at what you do

The wealthy don’t want to waste money on inexperience.  Certifications and credentials are a plus.  Be an expert at travel.  An expert at financial planning and investment management. An expert at saving clients’ money through tax planning. An expert in selling luxury homes. An expert in the latest ways to present home design. An expert in wine knowledge.  An expert in the latest dental procedures.  Own your expertise and don’t be afraid to say it.

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Some important tips for companies in view of customer Service Week 2019, Polarization: How to attract the right customers, while keeping the ‘’wrong’’ ones out

Listen more. Talk Less.

Perhaps the quickest way to turn off customers is talking too much or talking when you should be listening. When listening, try to understand what lies beneath the customer’s surface request. The more you demonstrate that you understand your customer’s unexpressed and eventual needs, the more you will be seen as a trusted advisor. If you want to attract wealthy clients, you have to polish your communication skills and eliminate the ambiguities that characterize most marketers’ conversations. The rich do not have all time to listen or read through your brochures. They want a summary of what you can offer. It is hence important that you can package your introduction letters into a summative form and mention all the important things in the first paragraph.

Offer a money-back guarantee

Contrary to the popular view that the wealthy are spendthrifts, they are not, at least most of them aren’t. They could not have reached where they are if they are not frugal with their money. If you are looking for an opportunity to con, this might not be the right crowd to approach. Most wealthy people are very keen on where every of their coin is headed and before they buy into your idea, they must have a guarantee that it is worthwhile. They want assurances that you offer the best product or service for the money.  They don’t want to be taken advantage of. Most will not take advantage of the money-back guarantee but will need to feel assurance from the offer.

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Go where they are

Cold calls, direct mail, and online marketing are all proven ways to build a phenomenal book of business. But when it comes to high network customers, these marketing methods may not work so well. After all, high net worth investors aren’t farmed. They are hunted. That is why you have to go where they are. As you go to more events and meet more people, you will begin to see the key players. Attend all the balls, charity events and corporate dinners that you can and muster the courage to chat with those present. This is one way of gaining acceptance and credibility in these circles. To get rich clients, networking is the key.

[READ MORE: This simple advice could help solve your investment challenges)

Focus on your referral process

Finding wealthy customers on your own is difficult, but once you’ve found a few, you have a gateway to quality introductions. This is because wealthy individuals tend to hang out with other wealthy individuals. They live in the same communities, vacation in similar venues, and attend similar social events. Every happy client you have is a gold mine of future business. A referral from these individuals will be worth more because their peers will look to them for advice. With this level of clientele, you should make referrals a big deal. Thank your referring clients and be willing to spend more (both time and money) to show them that you appreciate them.

Think “Quality”

Wealthy customers demand quality. This means you should be developing a brand that is well-designed and highly-positioned. Start thinking about different high-quality brands and how you can immediately (both consciously and unconsciously) tell the difference. Your prospects can tell the difference just like you can so invest in quality marketing materials to attract them.  Speaking of quality, it is worth mentioning that wealthy clients are willing to pay for the greatest value.

Be willing to play the long game

You will not attract wealthy customers overnight. The tips all take time but the effort and money invested will be more than repaid once you get one or two clients. In 1970, Dr Banfield wanted to find out how and why some people became financially independent over the course of their working lifetimes. He found that family background, education, intelligence, connections, and so on didn’t matter nearly as much as one thing: “Long time perspective.” That’s what Dr Banfield called the attitude that was the single largest determinant of success. The people who became the most successful in life were the people who took the future into consideration while planning and making decisions.

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Be willing to spend more to attract quality clients

Wealthy clients didn’t become wealthy by taking short cuts in business. Know the value of being open to market and advertise where you will reach quality clients.  You may need to invest time and money in branding, marketing, materials, events, reports, technology, and lastly your personal image. You have to look the part, both personally and professionally. Dress immaculately to rub off that insecure and deprived look. Everything that can add to your confidence should be embraced.

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Must-have customer service skills that every business needs

Be willing to do the work

There is no easy answer. There is no magic bullet.  If you want to play with the big boys, you must be willing to do the work. There is work to do. If a successful business was easy to achieve, everyone would be in business for themselves.

[READ ALSO: Simple tips to help you choose a side business in 2020)

Bottom line

Interestingly, dealing with high net worth clients is the same as dealing with any other customer. Everyone–including you and your team members–deserves respect and attention.

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Business

LIRS further extends deadline for filing annual tax returns by one month

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair

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LIRS further extends deadline for filing annual return by one month

The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.

This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.

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In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:

“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.  

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”

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(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)

He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.

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Business

Where to invest in May

Post-COVID-19 lockdown, Nigerians need to send their money on the right errands in May 2019, if they will not be caught napping the expected recession.  

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Money

This May, post-COVID-19 lockdown, Nigerians need to send their money on the right errands, if they don’t want to be caught napping during the anticipated recession.

When listing out assets that should make up the ideal portfolio in May 2020, founder of Nairametrics, Ugochukwu “Ugodre” Obi-Chukwu, explained that investors should consider choice stocks in the Nigerian and foreign stock exchanges, as well as investments in money market instruments where some decent profits can be made.

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Ugodre said this during the maiden edition of the Nairametrics Monthly Investment Guide Webinar.

According to him, this will also be the time to look into Agri-Tech investments, using crowdsourcing platforms, after which you can sit back and watch your funds grow over a time span of 5 months to a year.

According to him, it is also important to invest in foreign currencies and crypto-currencies to balance one’s portfolios.

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He noted that foreign direct investments have reduced over the last couple of years due to reduced trust in Nigeria’s economic policies, and the desire of foreign investors to cash out their funds with ease. This also explains why portfolio investments grew by 38% in 2019.

He said, “Foreign investors love portfolio investments because when they put their money in, they can easily take it out as well.”

(READ MORE:   CrowdFunding: Who is qualified according to new SEC Guidelines)

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Finding the right stocks

On the stock market, he noted that quite some stocks improved in the month of April and could improve in the coming months. He listed 20 suggested shares, including six stocks which he described as COVID-19 proof.

Agritech,Errands you can send your money in May 2020  

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Dangote Sugar Refinery, May & Baker Nigeria Plc, GSK, Neimeth International Pharm, Nestle Nigeria, and Cadbury Nigeria Plc are fast-moving consumer goods companies that are expected to be resistant to pressure from the pandemic.

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He advised investors to track stocks that are liquid, have good financials and good corporate governance, in order to limit risks borne by investors. Valuation of the shares, he said, could be done by comparing stock value and earnings per share.

Working around cryptocurrency volatility 

While making a presentation on “Why Bitcoin should be in your portfolio,” Yele Badamosi, CEO of Bundle stated that foremost cryptocurrency, Bitcoin, had maintained a steady appreciation over the last decade giving investors high yields.

Although the market is highly speculative and unregulated, its high returns and high risk indicate that investors with high-risk appetites could find the market more attractive.

To avoid being on the wrong side, he advised users to consider time-based rebalancing, or tolerance rebalancing to reduce risks and rebalance one’s portfolio.

(READ MORE: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc)

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“There are reputable people in the space, but it is important to do your research, start small, and buy regularly. Be wary of get-rich-schemes and unrealistic guaranteed returns,” he advised.  cryptocurrency,Cryptocurrencies and its usage in Africa, Errands you can send your money in May 2020  

 

With applications like Bundle Africa on Google Play Store, buying cryptocurrencies is as easy as selecting the buy button and having it saved in your bundle wallet.

What to expect in Q2 2020

According to Wale, an economist, who also spoke at the webinar, the demand for crude oil will remain low as several countries and businesses are still in lockdown, even though OPEC has cut down production.

Interest rates may remain low, though, despite this, Nigerian business entrepreneurs cannot expect single-digit interest rates.

Foreign reserve and government reserves will remain under pressure in the coming months. The World Bank says that this is the worst year so far, going back to the great depression and this is what I think as well. This is probably going to be the worst economic crisis we have seen,” Wale said.

He added that with the exception of industries in the Healthcare sector, telco companies, digital technology companies, and food producers, other sectors could very well expect a big hit.

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Business

Why risk your life when you can bank with V by VFD (VBank or V)

Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.

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VFD MFB closes gap with bank customers, launches new app, Why risk your life when you can bank with V by VFD (VBank or V)

The recent lifting of the lockdown has seen Nigerians rush to the banks to execute banking transactions that they have missed in the last five weeks.

Saying that this action or mis-action contravenes the physical distancing preached by the health agencies and government, is only stating the obvious. By doing this, they endanger themselves, and other family members whom they return to after their day at the bank.
But what if it was possible to do all your banking from your phone?

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V to the rescue
V disrupted the banking industry when earlier this year, it launched a highly optimized virtual bank app that enables users to carry out all banking transactions with ease and from their phones.
Users are able to create and set up a bank account with the app within 5 minutes and start carrying out transactions immediately.
Of course it doesn’t matter if you already have an account with the traditional banks. There’s always room for pleasant disruptions, aren’t there?

What they offer
VBank was launched as Nigeria’s first fully virtual bank to close the gap which hitherto existed between established traditional banks and their customers. That means there are no barriers between the bank and its teeming customers and potential customers.
Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.

(READ MORE: VFD Group meets nutritional needs of residents of Olowogbowo community)

According to Azubike Emodi, MD/CEO, VFD Microfinance Bank, experts behind V are taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets the objectives of the customer.
The app, which is available for download on App store and google playstore allows users to monitor expenses and income, categorize budgets, and set spending limits. V is available to download by searching for “V by VFD” on App Store and Google Play store.

Why risk your life when you can bank with V by VFD (VBank or V)
What else could one ask for in a bank?
Another landmark feature of V is referral functionality (Veelage), which is also connected to monthly financial reward. It allows interested users of V to earn income and advance though the V community simply by getting account holders signed up with a unique ID and maintaining an average balance.

About this unique feature, Olukunle Salami, Business Performance Manager, VFD Group Plc would say that It is a 2-way value proposition that ensures individuals can earn consistently for several months beyond the initial referral point.

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Whoever guessed that we could earn from our bank?

 

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