Recently, Bob Garfield — editor-at-large for MediaPost — posted a column discussing the change in the quality of television as opposed to movies. It’s a terrific read about a conversation where Garfield’s daughter exclaims,
Dad, you don’t understand. TV is now better than movies.
Later, however, Garfield quotes Jeffrey Cole, director of the Center for the Digital Future at USC’s Annenberg School for Communication. In a streaming universe, Cole so eloquently observes:
There is no longer any reason to watch crap.
In other words, there is so much competition — and so many options available for clients (“viewers”) — there is just no reason for any of us to settle for less than extraordinary when we make our decisions about what we are going to invest our time in watching.
Imagine for a moment you are an executive at a television network — from a traditional one like NBC, to a cable network like A&E, or a streaming one like Netflix — and you have to decide what you will finance, create, market, and attempt to sell, both to advertisers and viewers. In this hyper-competitive marketplace… could you afford to be anything less than committed to distinction?
Which leads us to the real problem in financial services: We understand this phenomenon when it comes to our television choices. Yet, we keep doing it the way it’s always been done in our own practice.
We fail to realize these television viewers — who no longer have any reason to “watch crap” — are the SAME PEOPLE who no longer have any reason to waste their time dealing with a crappy client experience from their financial advisor!
So, it begs the question: Are the standards you are setting for your practice — and yourself — as high as the standards you set for the programs you choose to watch on television?
And… if they aren’t… what are you going to do about it? How are you going to create distinction in how you obtain and retain your clients?