How to Elevate Your Brand and Justify Your Fees
If you provide above average service, you deserve to charge above average fees. Don’t underestimate yourself. Make sure you get paid your worth by focusing on creating a business brand and style that clearly communicates your value.
Price is never the only consideration
Apple doesn’t have to justify its high prices; people buy Apple products because they perceive the brand to have an innate value irrespective of price. Similarly, when Mercedes raise their prices, they don’t run out of clients. The brand is seen to be of impeccable quality and therefore worth every penny.
You need to make your name such a strong brand that people are willing to pay a premium for you. If you can work out how to get across that your service is impeccable, you will earn more than other advisors. Here’s how to go about achieving that status:
Make it clear what you add to your clients’ lives
Clients and prospects need to understand what you contribute – and the more they know about what you do for them, the more important you’ll become in their eyes.
Your innate value is not a reflection of the products you use but on you personally. It’s about outstanding service. People drink at Starbucks because they get the ‘Starbucks experience’. They don’t go there for the coffee. They go there because it makes them feel special.
Make sure you get across how valuable you are so that prospects and clients can see that you are great value for money. Tell people what you do for them. Communicate to prospects that you are there to simplify their financial lives and make certain that they reach their goals.
Don’t talk about products and portfolios. Focus on giving prospects a clear idea of why they need you in their life. Get them to understand that their objectives are your objectives and that you will stop at nothing to ensure they get the comfortable retirement they dream of without going into debt. Reiterate to prospects that ‘retirements only get postponed because of poor decision-making – not because of fees.’
Tell them the Springfield story
To articulate why people should work with you despite your higher fees, tell them the Springfield story. It describes a traveler asking at the ticket booth for a ticket to Springfield. When the ticket seller asks, ‘Which Springfield?’ (because of course there are lots of places called Springfield), the traveler replies ‘Which is the cheapest?’
The takeaway is: If he buys the cheapest ticket, the traveler could end up miles from his actual destination. He should only choose the cheapest ticket to Springfield if that’s really where he wants to go.
The same logic applies to financial advice. In selecting the cheapest advisor, a prospect may fail to reach their financial objectives. When it comes to something as important as financial advice (and a way to guarantee that dream retirement) only the best will do. And the best financial advice comes at a price.
Believe in yourself
Aside from the family doctor you are one of the most important people in your clients’ lives. You are the person who will safeguard their financial futures. Keep in mind that you are an expert at what you do, and never apologize for charging what you are worth. If you do, you’ll diminish your brand and start on the wrong foot with clients in any case.
When someone leaves your office thinking that your fees are too high, you haven’t articulated your value to them. Your fees reflect what you feel you are worth. If you believe you are worth high fees, never consider dropping them.
Communicate your worth and present your brand effectively and prospects will be keen to work with you and pay you what you deserve. When prospects can’t see the value in what you offer, move on.