12 May What IFAs can learn from Tour Operators
There is a lot to learn from tourist places like Scotland. The tour operators have mastered the art of making holidays magical and immemorial.They know how to create intangible value by creating what I describe as fillers to keep the consumer engaged.
If you are travelling 250 km to a lake, the organizers ensure they stop in 4 to 5 places in between and for every place they stop they have a story to tell and a quiz to involve the person, a local song to sing or a local poem to recite, a restaurant to eat local food etc. Even the lake is associated with an underwater monster story.
They have learnt the art of killing the time which makes the journey easy and interesting.
Other things that are done to create intangible value is to create festivals which also takes the shape of wine festival, whiskey festival, beer festival etc.
There is then whiskey tasting experiences, traditional music, history of the land. museums and so on and so forth.
Of course execution is the key.
They ensure they execute very very well with class and style.
It’s the quality of execution that alters perception. Everything looks better than what they really are. After all it is the ‘heart’ of the consumer that needs to be won.
This is something to learn for all of us including IFAs.
Our customers are meant to stay invested for long. It would be so nice if we could create fillers. Every now and then we should celebrate investing, talk about the history of investing, talk about myths of investing, talk about some events, talk about greed and fear.
Why can’t we have something like an investment festival? Hasn’t Warren Buffet done that so well with his annual share holders meet. Why not we create a festival for retail investors?
An investor will experience the power of equities only if he stays invested for 8 years but in reality they redeem a lot earlier and hence never get to experience the taste equity and are left bereft of wealth.
Shouldn’t we have a strategy of keeping them in the game so that they all emerge winners and make us winners too.