Brokers know their clients and should be able to apply the results to their own client bank and see where the business opportunities really are.
The research highlighted the fact that 25% of the working population are confident they are recession proof, 65% feel they will be directly impacted, but only 17% appear exposed to the fears of redundancy or repossession.
So what does this tell you about your clients? Well, you need to be thinking how you will be able to talk to the 17% who are in dire need of support to help them avoid or deal with losing their job or home.
And for the lucky 25% that consider themselves recession proof, you should be looking for advice on issuers such as savings or buy-to-let.
BDRC’s report went on to analyse the industries that will suffer most as a consequence of consumer cutbacks.
Not surprisingly, those highlighted are restaurants, sporting events and activities, theatre and outdoor attractions.
But what does this information mean to you and your clients? What are brokers going to do to turn the data into opportunity?
Well, for a start you could look at how many of your clients are employed, directly or indirectly, in these exposed sectors.
To gain a competitive advantage and be one step ahead, use the data you have to anticipate what your clients will need.