What I Learnt from Paying $60 for a Haircut.
For those of you that know me or have seen my LinkedIn profile photo, you could call me crazy for paying $60 for a haircut and beard trim. It occurred to me, as I reclined back in the barber’s chair of the hipster establishment, that similarities exist as to why some businesses chose to use brokers over the direct market insurers. Its service and expertise.
What makes you change the style of your hair? Friends, family recommending it? They may contribute to that decision, but what will make you take that leap is most likely the confidence you have in that barber/hairdresser. They may recommend something that is unique to you or have tried out on others before. We see the same practice in the insurance industry. Same as insurance recommendations. A broker’s function is to understand their client and source the product that best suits their needs. Not just pointing at a chart and saying chose between 1-10.
What makes me walk past two other barbers within 100 metres of each other and wait while 16 other people are ahead of me in a queue? Confidence in the establishment. Quality service and a feeling that you matter is the difference when it comes to having clients happy and engaged. Clients need reassurance that when something goes wrong, that they can count on you to help them out.
Finally the cost. Yes, I could buy a set of clippers and do the task myself. What if I miss a spot? Same as the broker. Knowledge and expertise on products is what brokers do best. Yes, it will cost me a little more than doing it myself, but knowing an expert is handling it is a great feeling.
Written by Kris Flowers.