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Too few advisors understand ‘the value’ of a value proposition - or how to go about creating one. But unless you identify and express your value to clients you won’t achieve success in this industry.
Because, unless prospects understand what you do and why you do it, they won’t be convinced about your worth.
In fact, without a strong value proposition, your business won’t even get out of the starting blocks - it’s the first step in building a practice.
In this post, we’ll look at the steps you need to take when creating and communicating your unique value proposition.
1 Identify what’s different about your business
Firstly, stand back and take a look at what it is that makes your service attractive to clients? What do they see? What is it about your beliefs, motives, and ethics that strikes them most? Perhaps you’re the most caring advisor?
Or maybe you’re a good listener. Are you, unlike other advisors, really able to listen to clients so that you understand their goals and insecurities? Do you strive to provide clients with a superior personalized service that other advisors can’t?
Or are you the most trustworthy and hardworking advisor? Do you take the time to educate your clients so they can make better decisions?
2 Learn to express your value proposition
Once you’ve identified your value proposition you now need to find a way to communicate this to prospects.
So that they can understand your value proposition, tell them about yourself. You don’t need to go into the minute details about your life (you certainly don’t want to bore potential clients). Simply aim to get across, in just a minute or so, who you really are - as a person. What makes you tick - and what makes you unique?
Give prospective clients your brief backstory letting them know why you decided to enter the profession. Did something happen that inspired you to become a financial advisor? Did you see someone struggle with their finances and did this give you a desire to help others?
Demonstrate that what differentiates you is that you’re the most caring advisor - and that what you do every day exemplifies your values.
Speak with passion and enthuse prospects with empathy. Once prospects start to relate to what you are saying they will begin to trust you. And as we all know - trust is the backbone of a relationship.
If you haven’t yet done so write down your personal story. Then practice it over and over until you can convey it with confidence, every time you’re in that first meeting with a prospect.
3 Use an elevator pitch to communicate your unique value
When you’re at a formal event or social gathering make sure you use this as an opportunity to relate your value proposition.
Be prepared with your elevator pitch at the ready. An elevator pitch should be short and to the point and should distill into a sentence what you do, who you are, and why you’re worth hiring.
Make it no more than 10 seconds in length - and in it aim to get across who your target market is - and how you help those people.
Don’t simply say you’re a ‘financial advisor’. People often won’t understand what this entails. Instead, reveal that you work with wealthy families and make sure they never have to worry about taxes. Or that you prevent your clients from being poor. Or that you help people get their kids through college without having to take out a loan.
Keep your value proposition relevant
When you’re with potential clients make sure you understand their situation so you can connect your value to their specific problem. For example, if a potential client is approaching retirement (and this is a demographic that’s particularly suitable for your practice) discuss how you love helping pre-retirees look forward to a comfortable retirement.
Once you’ve defined your unique value proposition and learned how to relate it you will elevate your brand and start to stand out from the competition.
Tell people ‘who’ you are, ‘what’ you do, and why you would be their perfect advisor.
Once prospects leave your office you can create added value in their eyes by following up on the meeting promptly - and keeping your value and personality top of mind.