Customers not consumers

The FSA likes to call them 'consumers'.  In a professional service context, we prefer to call them 'clients' as that has sounds a bit more respectable, but I guess what we really mean is 'customers'.

Whereas 'consumers' are just there to 'consume', customers are people who have made a conscious decision to deal with us.  They don't just buy products, or services, they actually buy into us.  A relationship is established - it isn't all about transactions or revenues, although hopefully they will come back time and time again for more of the same.

How do you know if you don't have a real 'customer'?

• they don't come back a second time
• rather than air their grievance when you foul up, they just go quiet
• they don't recommend friends or family to you
• for whatever reason, their expectations were significantly higher than the product or service that they actually received

As financial-planners, we do not inevitably attract and retain good customers.  Whilst we may be unimpressed by the FSA's determination to reduce everyone to the passive role of consuming, if we are not careful we may, in effect, treat our customers as if that were precisely what they are.  So, at the beginning of 2008, let's remember that:

• our customers are saints
• they tolerate our mistakes
• they risk their money, their peace of mind, even their business on the back of our advice
• they are patient when markets are rough, and they say nice things about us to other people

So, should you keep in touch?  Should you call them, send them birthday cards, remember important events or anniversaries?  Should you thank them for their support?

Damn right!