Many advisers find nailing their value proposition a hard thing to do. Part of it is because they don’t always start in the right place, choosing to focus on the services they offer instead of the specific problems they solve for clients and the impact that has on their lives.
Stewart Bell is Founder & Business Coach at Audere Coaching & Consulting. The opinions and statements are deemed to be those of the author, and do not represent the view of Robeco.
Part of it is due to the fact that finding something unique about the way you deliver your advice is, admittedly, not an easy thing when you’re close to what you do. Meanwhile, the get-rich-quick crowd, spruiking property or the latest investment fad as the path to untold millions in a matter of months, seem to get cut through with ease. I had a conversation with an adviser to that effect during the week. She lamented the spruikers, at the same time wondering why her message of “getting the right advice to begin with” wasn’t getting cut through.
There are two issues at work here. I’d like to share with you how to overcome them. The first ties into a golden rule of marketing. People aren’t necessarily interested in what you think they need until you’ve shown you can add value to what they want. The slowest form of client attraction looks like you, armed with a bunch of educational materials aimed at creating financial literacy, to clients who don't agree they need it. You’ll talk about the importance of estate planning in a SMSF strategy, or how many clients leave themselves exposed by not regularly reviewing the appropriateness of their cover. You may be right, but the problem is this; few people wake up in the morning wanting a lecture on the finer points of financial management.
A minority of people is seeking financial advice. That’s a bigger problem to solve, one that perhaps robo-advice will help with. However, if your marketing strategy is predicated on “education” you’re going to need a lot of time and deep pockets. Most advice firms have neither.
Your second option may be the simpler of the two. The reality, if we’re honest, is that most advice firms’ marketing isn’t inspiring.
Many market the way they sell, assuming that the promise of asking great questions, listening intently and providing solutions based on that sales approach will appeal. It comes across as a weak proposition. Once you’ve seen enough of it, it will put you to sleep faster than a gin cocktail and a Xanax.
The approach at the top of your funnel needs to be different. You need to make a statement to attract attention.
So, if you don’t have an idea what your compelling proposition might be, approach it from a different angle. Start by looking at what everyone else is saying. These are all the things you’re not going to say. After all, if your aim is to stand out from the digital noise that is modern online marketing, there’s no point in singing the same lines. Now we know what not to say, you have four basic options.
Stewart Bell is Founder & Business Coach at Audere Coaching & Consulting. The opinions and statements are deemed to be those of the author, and do not represent the view of Robeco.
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