Delivering a strong message about the value you offer can give your practice a competitive edge. “Show clients how you can add value to their lives,” says Prem Malik, a chartered accountant and financial advisor with Queensbury Securities Inc. in Toronto.
“Give them compelling reasons to choose you over your competitors,” says Raymond Yates, a financial advisor and senior partner at Save Right Financial Inc. in Mississauga, Ont. This can be achieved only if you understand the prospect’s expectations.
Here are some ways to position your value to clients:
> Understand what you can deliver
“Take a step back and understand your own strengths,” advises Lou D’Aversa, senior financial consultant at MD Physician Services Inc. in Toronto.
These strengths can be based on your experience, qualifications, training or natural abilities.
“People are looking for solutions,” Yates says, “and don’t care as much about products. [So, your strengths] must be about yourself and what you can do,” he says.
Once you have assessed your strengths, you should then align them with the expectations and needs of your clients.
> Articulate your value proposition
Many value propositions are broad-based statements about the services advisors offer, Malik says. But what you offer and what clients expect can be different.
“Show them the process you will use to meet their expectations,” Malik says. “[Show them ] how you work. They are more interested in knowing how you can help them to get where they want to be.”
Show clients and prospects what sets you apart from other advisors. D’Aversa says he often tells clients: “I really have no competition in what I do.” This statement immediately changes the prospect’s way of thinking and gets their attention.
“They see you as being different,” he says, “and look forward to you proving it to them.”
> Tell them about yourself
Show clients that you have the qualifications, knowledge and experience to help them achieve their goals. Yates suggests telling them about yourself: how long you’ve been in the business and how you’ve helped clients like them. “This will help them see your value and relate to you better,” he says.
“Tell them you’re more interested in building a long-term relationship,” Malik says. “Be personable. Clients want to be assured that they can go to someone they trust at any time for advice.”
> Demonstrate your value
Recommendations and referrals from clients represent endorsements of your value, Malik says. In order to get referrals, you must deliver on your promises.
Referrals enhance your value as an advisor, says Yates, who adds: “Ninety-five per cent of my new business comes from referrals, which is because I have demonstrated my value to clients.”
> Market your value
The Internet is probably the simplest way to pitch your value, says Yates. But, depending on your clients, you can also use tools such as brochures and newsletters.
“The key,” Yates says, “is to have a consistent, simple and understandable value proposition.”