{"id":110109,"date":"2023-04-30t11:56:43","date_gmt":"2023-04-30t15:56:43","guid":{"rendered":"\/\/www.g005e.com\/?p=110109"},"modified":"2024-08-27t17:02:33","modified_gmt":"2024-08-27t21:02:33","slug":"wants-vs-needs-why-not-fill-both","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/04\/30\/wants-vs-needs-why-not-fill-both\/","title":{"rendered":"wants vs. needs: why not fill both?"},"content":{"rendered":"

\"woman<\/a>cas can help make it happen.<\/strong><\/p>\n

by hitendra patil<\/i>
\nclient accounting services: the definitive success guide<\/i><\/a><\/p>\n

what some clients feel is an absolute\u00a0need<\/strong>, other clients may feel it is not. people may\u00a0need<\/strong>\u00a0to book an uber or lyft ride, but some of them may\u00a0want<\/strong>\u00a0a premium ride.<\/p>\n

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some of your client accounting services will be the premium ride your clients will\u00a0want<\/strong>. for some clients, your premium services will be the\u00a0need<\/strong>. (you\u00a0want<\/strong>\u00a0such clients.)
\n
\nit is in your best interest to make more of your clients\u00a0need<\/strong>\u00a0your premium services. turn their wants into needs. in other words, when you provide services that help your clients make better business decisions, manage their business operations better because of better professional accounting, you are contributing to their enhanced success and growth. with more success and growth, they can see your impact and also become capable of paying you more for your premium services.<\/p>\n

i can\u2019t afford your services.<\/strong><\/p>\n

doesn\u2019t that sound familiar?<\/p>\n

i would bet that all accountants have heard this, multiple times, from their prospects. and invariably, it would have dampened their spirits.<\/p>\n

when they say, \u201ci can\u2019t afford your services,\u201d what they are really saying is, \u201ci don\u2019t understand your value to me.\u201d they are subtly telling you that you didn\u2019t do a good job of communicating your value (provided, of course, that you did your homework to figure out if it\u2019s a reasonably good fit for their needs and wants).<\/p>\n

from an accountant\u2019s perspective, such (prospects) people do not really understand the value of professional accounting itself, not necessarily that of accountants. they have pre-defined how much they will pay. and someone needs to make them understand the value of professional accounting services. that someone better be you, not your competitor.<\/p>\n

so, it is\u00a0not<\/strong>\u00a0a negative when your prospect says he\/she can\u2019t afford your services. it is a positive.<\/p>\n

it is positive because they have wants. they just do not know what the real value of fulfilling those wants is. it is\u00a0not<\/strong>\u00a0about what they will\/can pay for it. it is about what they will get \u2013 as an outcome \u2013 when they pay for fulfilling those wants. classically, they are thinking, \u201cwhat\u2019s in it for me?\u201d and they aren\u2019t able to figure that out themselves.<\/p>\n

that is a big opportunity for you.<\/p>\n

show them the life they will have when their wants are met.<\/h3>\n

have you read an old story about david ogilvy, the man credited with establishing the dominance of the advertising field in the 1950s and \u201960s? if not, here is the gist. if yes, let me refresh it for you.<\/p>\n

in late april in new york, the air was beginning to become warm, and there was a serene period before the city would face the sapping heat of the summer. one morning, while walking to his workplace, ogilvy saw a beggar with a sign around his neck.<\/p>\n

i am blind<\/p>\n

the poor man frequently held the cup up to his ear and rattled it because he was unable to tell how much money was in it by looking at the cup. the beggar didn\u2019t hear much noise most of the day. ogilvy decided to help the beggar and dropped a contribution into the cup. the beggar thanked him. ogilvy explained to him what work he does and asked for permission to modify the sign around the man\u2019s neck. the beggar consented, and ogilvy added a few words to the sign.<\/p>\n

in the evening on his way home, ogilvy was pleased to see the beggar\u2019s cup overflowing. the beggar was astounded by his success and was very curious to know what ogilvy did to the sign. he asked what words ogilvy added.<\/p>\n

it is spring and<\/p>\n

i am blind<\/p>\n

by using a principle in advertising \u2013 the \u201ccontrast principle\u201d \u2013 ogilvy was able to create empathy in the passersby, who would have otherwise simply ignored the blind man. with the new words, people passing by felt the contrast \u2013 that they can enjoy the spring colors, but the poor blind man cannot.<\/p>\n

when a prospect tells you he\/she cannot afford your services, you have an opportunity to use the contrast principle to your advantage.<\/p>\n

it is a real opportunity because the want exists. you do not need any educating\/marketing\/selling effort to convince them about it. you just need to show them the picture. they already know the \u201cbefore\u201d \u2013 you show them the \u201cafter,\u201d i.e., what can happen after your cas offering fulfills their wants. create a contrast. they will themselves recognize the value of having their wants fulfilled.<\/p>\n

and you know the impact of your services that fulfill your clients\u2019 wants. it is a measurable impact. it should not be difficult for you to create that contrast in the minds of your prospects\/clients.<\/p>\n

so, what are the wants of your clients\/prospects?<\/strong><\/p>\n

do you have clients to whom you provide advisory\/consulting services? or provide some insights when you deliver periodic financial statements? most likely, these are your \u201ca\u201d clients, and they pay you more than the average revenue you generate from each of your other \u201cb\u201d and \u201cc\u201d clients (hopefully, you don\u2019t have any \u201cd\u201d clients).<\/p>\n

if yes, think of\u00a0why<\/strong>\u00a0these \u201ca\u201d clients pay you higher fees for higher-value services. it is not about the time, effort and level of expertise that goes into producing such services. it is about which of the wants of clients such services fulfill. such clients recognize the impact of having their wants met and are willing to pay for it, happily.<\/p>\n

can you identify the wants of such clients?<\/strong><\/p>\n

here are some examples. depending upon your location, your clients and services mix, your practice niche\/s, your technology stack, etc., you might find your clients have different\/additional wants than what i describe here. but this is to get you started on the journey of finding your clients\u2019 wants (not just needs). caution: these examples below only scratch the surface. there are a lot of things that you can do to unlock the value and monetize it for your practice.<\/p>\n