What if your steps are ALREADY reasonable?
Today, a question for you. What if your current marketing and distribution arrangements are in fact delivering the right clients to you?
There’s so much focus on ‘building’ reasonable steps, that I feel like we’ve all forgotten to ask the question, what if our current steps are in fact reasonable?!?
And if that’s the case, then you don’t need to change what you’re doing. Rather, you need to codify what you have in place, and make sure it’s working.
Are your current marketing and distribution arrangements delivering your product to the right clients?
The first step is to understand where you are. If you knew the characteristics of the consumers who are currently buying your product, then you’ll know what (if anything) you need to change.
A quick way to do this is to run your customer base through Wattletree. In just 2 weeks we can deliver you a comprehensive report that shows you who is acquiring your products.
By doing this, you’ll know if you need to make changes. If not, you can codify what’s already in place. If you do need to make changes, you can do that before October 5. (Well, hopefully before then, time is seriously running out).
What happens post 5 Oct?
Obviously, you need to keep on top of what’s happening. And that’s where Wattletree really comes into it’s own. Each quarter, you’ll get a report showing the characteristics of your new customers from the last 3 months.
This not only allows you to breath a sigh of relief that all is good (hopefully!) but also shows you if things are starting to go sideways in any particular customer characteristic or distributor channel.
Because the absolute last thing you need is to have a review trigger on your hands. It’s still unclear as to the ramifications, but worst case, you have to immediately close your product until you’ve been through a review process. And we all know how utterly painful it is to close a product, let alone with no notice and ASIC breathing down your neck…
So what is an issuer or distributor to do?
Sign up to Wattletree of course! But aside from that, it’s definitely worth considering if your current marketing and distribution is working effectively. You might just be able to take the whole ‘ask more questions at signup’ off the table completely.
If there’s a burning DDO question that no-one seems to have a good answer to, or you just need to understand how Wattletree works in more detail, please get in touch. I invite you to shoot through your Q’s using the below form or alternatively you can call me on 0417 970 818. There’s no such thing as a silly question*
*OK, we all know that’s rubbish but you know what I mean!