How to Make The Most of Your Value Proposition
Too few advisors know what a value proposition is or why they need one. Others understand the importance of identifying their unique value, but don’t know how to articulate it.
This is a serious mistake, because unless a prospect understands what you do and why you do it, they’ll remain unconvinced about your worth. In fact, without a strong value proposition your business won’t even get off the ground – it’s the first step in building your financial advisory practice.
Here are some tips on creating and expressing your value proposition.
Pin down what’s unique about you
Take a step back and identify what it is about your service that makes you attractive to clients. What do you believe in – what are your motives and ethics? Do you see yourself as the most caring advisor?
Are you especially good at listening to your clients so you can truly understand their goals and pain points? Do you provide an elite personalized service that no other advisor can match?
Are you the most honest and hardworking advisor around? Perhaps you’re strongly committed to educating your clients so they can make more informed decisions?
Express your value proposition in your ‘who I am’ story
Once you’ve pinned down your unique value proposition you need to find a way to effectively relay it.
A good way to communicate your value proposition is to tell your ‘who I am’ story. This shouldn’t be a long story, you’re not there to bore potential clients with the minutiae of your life. What you need to do is condense, into just a minute or two, the story of who you really are and what makes you special.
In your story talk about your background and your journey into the profession. What inspired you to become a financial advisor in the first place? Was it a true desire to help others or something else?
If so, use your story to exemplify this aspect of your personality – let your story demonstrate that what sets you apart is being the most caring advisor. Tell prospects that what you do every day is representative of these values.
Speak with conviction to enthuse prospects and create empathy. If they can relate to what you are saying, prospects will start to trust you and that trust is the first step in building a relationship with you.
So, if you haven’t done so, write your personal story down without delay. Then practice it until you can relate it confidently every time you meet with a new prospect.
Create an elevator pitch that refers to your unique value
When you meet with people, whether at a formal event or in a social setting, see this as an opportunity to relate your value proposition.
You might want to have an elevator speech as well. Have your elevator pitch at the ready. Make it concise. Distil into a sentence or two what you do, who you are and why someone should be interested in working with you.
Make it no more than 30 seconds long. Use it to define your target market and illustrate how you help those people.
A value proposition is a compelling reason why people should choose you over the competition. It explains the results people can expect when working with you. An elevator speech simply tells people what you do. You might use the elevator speech in a social setting when someone asks, “What do you do?”
You use the value proposition when you want to differentiate yourself from the competition. You might use your value proposition to tell people, for example, that you work with affluent families and make their financial pain go away. Or prevent wealthy people from being poor. Or that you help people save for retirement in the most tax-efficient way.
Make sure your value proposition resonates with clients
Connect your value to your potential client’s problem. If you are chatting to someone approaching retirement (and this demographic is particularly suitable for you), talk about how you help pre-retirees look forward to enjoying a financially stable retirement.
Defining your unique value proposition and learning how to relate it will elevate your brand and differentiate you from the competition.
Tell people who you are, what you do, and why they should hire you. Find your unique value proposition, say it over and over, and stick with it.
Join the full-day workshop on Nov 22 to build your value proposition, the six most important stories your clients need to hear, and more.
An extensive 8-week follow up program and a group dinner with Don Connelly is included in the price. The price goes up on Oct 18.