The answer to Unbiased’s fastest finger first problem?
Written by Phil Bray on 05/04/18
In almost every conversation I have with an adviser or planner about Unbiased, the same issue crops up; Concierge / Matched enquiries and how to win them.
Unfortunately for many, the dreaded game of fastest finger first is proving to be a turn off, masking the undoubted benefits of Unbiased behind the frustration of having to react within seconds to win an enquiry.
I’ve seen it first-hand too.
Halfway through a video call with a financial planner last week his email alert heralded an incoming enquiry. He immediately logged in to Unbiased only to find the enquiry had already been purchased. He couldn’t have possibly reacted any quicker, yet someone beat him to it.
This is a story repeated by almost every adviser and planner I speak to.
I’m worried that the fastest finger first problem is creating resentment towards Unbiased, hiding the fact that it should produce a steady stream of new enquiries.
So, what’s the answer?
There are a few possibilities.
Personally, I’d like to see Unbiased head back to basics and revert to being only a directory. Let’s be realistic though, I don’t believe that’s going to happen. And, it’s their prerogative to develop the platform in whatever way they deem to be appropriate.
Therefore, we need to find another way of solving the problem.
We’ve thought about this long and hard, and now believe advisers and planners should focus on the consumers who search the directory and prefer to select a firm to contact themselves. That means building a compelling profile to maximise:
- The click-thru rate from search results to profiles; our research shows the average is around 3.5%, but we’ve seen it as high as 9%. It’s not difficult either as there’s only four things you can control here; the image used, the 20-word description, your Response Rating and the discounts you offer.
- The percentage of consumers getting in touch having viewed your profile
This change of mindset, focusing on maximising enquiries from directory searches has two key benefits:
- Switching your focus from winning Concierge / Matched enquiries will hopefully reduce your frustration levels. If you win one see it as the icing on the cake
- Enquiries from people who have chosen to contact your firm after searching the directory will naturally be more engaged; after all, they actively chose to contact you rather than be matched by an algorithm to someone they have no affinity with
Looking at Unbiased in this more pragmatic way should help to reduce frustration levels and help see it for what it should be; an excellent way of matching advisers and planners with potential clients.
A step further?
You could go further and turn off Concierge / Matched enquiries completely. Effectively turning Unbiased, for you anyway, back in to a directory. While this is possible, we aren’t sure we’d recommend doing so, after all, you might get lucky and win a matched enquiry.
Of course, for this course of action to be effective you need to take steps to maximise your click-thru rate and the number of people choosing to contact you over others. The good news is that we can help.
Firstly, you can click here to download and work through our free checklist.
Secondly, if you lack the time or inclination to give your profile the necessary attention, we can do it for you. We charge a fixed fee for analysing and rebuilding your profile, then training you on how to get the best from it.
If you would like to know more, please click here to drop us an email.