Infusing purpose throughout your organisation
To truly comply with consumer duty and become a more successful brand, the first thing firms need to do is ensure their brand’s foundations are purpose-driven — and that this purpose is reflected throughout the company’s culture.
If you haven’t seen it before, get inspired by watching Simon Sinek’s YouTube chat on the Golden Circle and the power of ‘why’ – it’s eye-opening! Essentially, his mantra is that business leaders must start with ‘why’ — they should know how their product solves their customers’ issues by clearly articulating their purpose and defining how they live that purpose.
Transforming purpose into action
By integrating consumer duty standards into the core of your company, you can emphasise the importance of generating positive outcomes for customers at every opportunity. Putting customers at the heart of everything you do should already be a priority — embedding it within your company’s purpose will solidify this mindset among employees over time.
For example, your purpose might be to help clients get more out of life in retirement. Your vision could be to inspire 50,000 conversations that help people make more informed choices about how they can finance their retirement. Then identify the values that align with this and set business goals and targets that reflect these – for instance, you can create an internal incentive program that rewards good customer outcomes, such as receiving positive reviews on platforms like Trustpilot.
Measuring progress and building authentic relationships
It’s crucial to measure your progress toward achieving your purpose. Establish proof points that not only serve as reasons to believe new clients but also check the compliance box for regulators. For example:
- Allocate 50% of your monthly meetings to stories about how you’ve made customers happy. This will motivate and inspire your team.
- Dedicate 10% of your business time to focus on how you can help customers achieve your vision, even if it doesn’t immediately lead to income. Do it because it’s the right thing to do. Be proud of these actions. For example, in equity release advice, instead of treating it as a one-off transaction, stay in touch with clients to see how they are faring.
- Consider hiring someone whose sole responsibility is to track and change structures to enhance the customer experience.
- Create a clear purpose, believe in it, and strive to do good and be good. This will enable you to be passionate and authentic, which fosters effective communication and motivates people.
Remember, authenticity is key. Just as you wouldn’t want a relationship built solely on someone’s self-interest, you should build relationships with your clients based on genuine care, like authentic friendships. Ask yourself how you can be a good friend to your clients.
Consumer duty and purpose: Final word
Aligning new standards with your brand’s purpose and strategy is the key to successfully implementing consumer duty. By embracing purpose and authenticity, you can forge meaningful connections with your clients and create an environment that fosters positive outcomes. Remember, it’s not just about compliance; it’s about nurturing relationships built on genuine care and mutual success. Let your purpose guide you on this journey toward exemplary customer service and you’ll likely find your brand and business will thrive as a result.