If you made it to this point after a title like that one, the Weber-Fechner Law is actually a very interesting concept that can be applied to any business!
The Weber-Fechner Law looks at the relationship between some physical stimulus and the impact that stimulus has on the receiver. For example:
There are two bags of flour and one weighs three ounces more than the other one. If someone is trying to figure out which bag is heavier it would be much easier to try and decide if one weighed 1 pound as opposed to one weighing 20 pounds.
Relating that to a business, the question then becomes one of how easy it is for a company or law practice to make the “proverbial splash” that gets them noticed by potential or current clients.
In other words what can corporate leaders do to not only excite current clients but to turn the heads of prospects as well?
Any of us involved in the exercise of strategic planning knows and understands this quandary well. What may seem to be a great product innovation, service enhancement or marketing idea to us may be seen as incrementally insignificant by those we are trying to reach.
So what to do? If the firm in question is involved in an area that can be considered to be commodity in nature, the task can be somewhat more daunting than if a firm is in an industry that has constant innovation and the company in question is on the forefront.
Of course that doesn’t mean that we don’t continually push to be noticed as our industry’s leader because if that isn’t a goal then there may be a larger strategic problem.
Some ideas and thoughts!
- If possible explore product niches in your area of expertise that may be under-serviced.
- Always over-promise and then over-deliver on those promises.
- Develop innovative ways to get yourself in front of clients and prospects. In other words try and “think outside of the box.”
- Offer thoughts on issues and topics that may have little to do with your product but that’s useful and value-added no matter what industry the reader is in.
- Become a go-to resource for your clients.
- Always remember that no matter what we do that we are all in service industry’s and that if our clients are not 100% happy and satisfied that they will typically have other sources that they can go to.
- Treat your clients in the way that you would want to be treated!
- Never stop learning or listening because the following adage will always ring true: “Every man is my teacher in that I may learn from him!”
At Hallmark Abstract Service our pledge to our clients is to deliver on 100% of what they expect from a title firm each and every time that they trust us with one of their valuable transactions.
Service, attention to detail, fast turnaround times, going the extra mile in every aspect of the transaction and reasonable pricing on non-policy related fees. These are just some of the things we focus on and that our clients have come to expect from us!
And that’s why we continue to earn their business, time and time again!
Call or email us today to set-up an appointment and we will come to your office, learn about the nuances of your practice and explain to you the way that we approach ours!
Mike Haltman, President