One of the biggest challenges advisers face at the moment is, how they can effectively articulate the value they deliver and being able to identify exactly what they should be doing for their clients. This goes hand in hand with the struggle they are facing when it comes to deciding how they should be charging their clients.
We genuinely believe there is tremendous opportunity for advisers who understand and obsessively promote the value they deliver on a consistent basis. Here are some tips to help you more effectively position and demonstrate your value and increase your ability to attract and retain more ideal profitable clients.
Understand what ‘value’ really means
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“‘Value‟ is what your clients are buying, price is just what they pay”
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VALUE can be defined as:
- The outcomes or benefits experienced by a client
- How those outcomes are achieved/delivered
- The ‘what’s-in-it-for-me’ from the clients point of view
- Focusing on “solving a problem” or making the client feel good
As an Adviser, you have the power to influence the client’s perception of value. A simple way to do this is to focus on the outcomes a client will receive as a result of their relationship with you and remember to answer the “what’s in it for me” from the clients point of view.
Build your “value story‟
We hear the word “Client Value Proposition (CVP)” bandied around all the time yet so few of us really understand what it means or use it to effectively address clients’ objections, queries or concerns. A value story is more than a client value proposition.
“A value story provides the content for all your conversations with your clients focusing on the value they receive through their relationship with your business”
A strong Value Story addresses the following for clients:
- what they are getting for the fee they are paying?
- why they are paying you?
- why should they be dealing with you?
- why they should stay with you?
- why they would refer others to you?
Embed a “value focus” across your entire business
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“It‟s not what you do that is important, it‟s how you make your clients feel”
[/tweet_box]Ensure the client is the focus of everything you do!
- Focus on the outcomes they receive
- Answer “what‟s in it for me” from the clients pointof view
- Build your engagement process around the desiredclient experience
- Practice your value message through role plays and scripting the “ideal” responses
- Communicate your value story with your business partners and referral sources
- Communicate in second person narrative using “YOU” and your “YOUR”
- Plan and document activities and initiatives that ensure the client experiences valued outcomes – all the time.
If you would like any additional information, or would like to discuss how we could support your business, please get in touch.
