Adam Fayed, CEO of adamfayed.com, highlights the common practice of giving away free services as a way to attract clients in the financial services industry. However, he argues that this approach might not be the most effective way to conduct business, as it can lead to wasted time and resources. Drawing on principles from Robert Cialdini’s book “Influence: The Psychology of Persuasion,” Fayed suggests that clients should be willing to pay for services in order to show commitment and respect for the expertise provided.
Fayed emphasizes the importance of breaking industry norms and creating a sense of exclusivity by getting “oversubscribed.” He references Daniel Priestley’s book “Oversubscribed” to explain how businesses can reject certain clients and make their own rules to stand out in their industry. By being selective with clients and setting boundaries, companies can establish themselves as leaders in their field and attract high-quality clients who value their services.
To achieve this level of success, Fayed provides three key strategies. First, he advises businesses to distinguish between giving out free information and doing executional work for free. By demonstrating credibility through media features and client recommendations, companies can build trust without resorting to free services. Second, Fayed emphasizes the importance of transparency, including an FAQ section on the company website to address common questions and provide information upfront.
Lastly, Fayed encourages businesses to be willing to lose clients in order to focus on attracting the right fit for their services. By overcoming the fear of loss aversion and staying true to their processes, companies can maintain their integrity and attract clients who align with their values and goals. Ultimately, Fayed suggests that treating time as a valuable resource and being selective with clients can lead to long-term success and growth in the financial services industry.
Overall, Fayed’s insights offer a fresh perspective on how businesses can differentiate themselves in a competitive market by reevaluating traditional practices and focusing on quality over quantity. By embracing change and taking calculated risks, companies can position themselves as leaders in their industry and attract clients who appreciate their expertise and dedication to excellence.
