Utilising the mere exposure affect in your advice business

The mere exposure effect, also known as the familiarity principle, is a psychological phenomenon where people develop a preference for things that they are repeatedly exposed to. This concept has been extensively studied in psychology, advertising, and marketing, and it can also be used by financial advisers to attract new clients.

The theory behind the mere exposure effect is that familiarity breeds liking. People tend to develop a sense of comfort and familiarity with things they encounter regularly, whether they are objects, people, or even brands. As they become more familiar with something, they begin to develop a positive attitude towards it, even if they had no initial preference.

This effect is especially relevant in the context of financial advice. As potential clients consider working with a financial adviser, they will likely consider several different options. In this competitive market, you need to find ways to stand out and differentiate yourself from your competitors. By leveraging the mere exposure effect, you can create a sense of familiarity and comfort with potential clients, making them more likely to choose you over other advisers.

How to utilise the mere exposure effect

One way to utilise the mere exposure effect is through consistent branding. By developing a consistent brand image across all marketing channels, you can create a sense of familiarity with potential clients. This can include the types of advice you provide and the value you can bring to a potential client’s life.

You can also leverage the mere exposure effect through regular and consistent communication with existing clients. Instead of waiting for an annual review to contact your client, you can create a sense of familiarity and comfort by regularly reaching out to them. This can include everything from monthly newsletters to social media posts and personalised videos. This approach is particularly effective in difficult economic times, where your client can see your face and hear your voice over a video explaining the market conditions and the importance of not panicking.

However, it's important to note that the mere exposure effect does have its limitations. While familiarity can lead to positive attitudes, it doesn't necessarily translate into a strong desire to work with an adviser. Ultimately, advisers still need to demonstrate their expertise and value to potential clients.

In addition to utilizing the mere exposure effect, you can also attract new clients by leveraging social proof. Social proof is the concept that people are more likely to trust and follow the actions of others. For example, if you have a large number of positive reviews on a popular review website, potential clients are more likely to trust you.

In conclusion, the mere exposure effect can be a powerful tool for looking to attract new clients. By developing a consistent brand image, regularly communicating with clients, and leveraging social proof, you can create a sense of familiarity and comfort with both potential and current clients. Making them more likely to choose you over other advisers. However, it's important to remember that familiarity alone is not enough. You still need to demonstrate your expertise and value to potential clients.