Overcoming Increased Competition
In today’s complex financial services industry, the ability to overcome increased competition falls directly on the advisor’s shoulders. Marketing by the firm is primarily positional in nature attempting to reassure the consumer that “the firm” is stable, exceptional and here to stay. Understandable and appropriate in today’s marketplace – appropriate because in actuality individuals give their assets to other individuals to manage. Simply, people buy people.
That said, competition is everywhere, from every sector of financial services and beyond. Thus, to overcome the competition as an advisor you must know more about your prospects and clients than ever before. Not just so they will feel like they know and trust you, but to demonstrate that you understand their passions, values and decision making processes. Simply put, to thwart the competition today requires developing a true transparent relationship with your clients.
In the case of prospects, a unique value proposition that sets you apart from all others. A value proposition that you don’t create but one that is created from client interviews that ask the question, “What would you say are the 3 key things we do for you?” Followed by, “How would you describe that which you feel you receive from us.” This line of questioning allows you to find the emotional connection they have with you, when identified gives you the basis for a compelling UVP for others.
If you would like a client survey for this process, please CLICK HERE TO OBTAIN IT.
The greatest competition you face, candidly, is believing you can continue to market yourself to prospects and serve clients using pre-2008 models. Nothing could be further from the truth.