Many financial firms either lack a value proposition or present it so that it’s hidden in their website or marketing materials and thus an opportunity is lost to focus on what they do best.
What is a Value Proposition?
It is a statement or collection of statements that call attention to a firm’s unique abilities AND it is presented from the client’s point of view helping them gain a benefit and/or solve a particular problem. It is often most effective when originating from a competitive advantage or unique skill that sets the firm apart.
A great value proposition answers the question “Why hire us?”
A Value Proposition is NOT:
- Tagline – a tagline or slogan is a short benefit statement and doesn’t have the strength or depth to convey a firm’s complete competitive advantage.
- Elevator speech – a 30 second commercial is used in a networking environment. It should be short, to the point, and give an example of the niche markets you serve.
- Self-described claims of great customer service
- A competitive analysis of your firm versus others in your field
“Know what your customers want most and what your company does best. Focus on where those two meet.”
Essential marketing success elements
Financial advisors are not natural marketers, which works against them in crafting their true value. However, you can’t go wrong if you focus on your clients. Here are a few pointers to help establish a strong value proposition:
- Speak to your clients’ needs – are they sophisticated investors who need a financial advisor with deep expertise in a specific area?
- Target market needs – a specific niche may require solutions that are unique. For example, divorced women often go in search of a new advisor. Having a page on your website that goes into detail about women’s challenges can go a long way towards establishing trust.
- Visual websites – you may not realize it, but images can be an important part of the value proposition because they lend an aura of promise in your branding.
“To understand the man, you must first walk a mile in his moccasin.”
North American Indian Proverb
Call attention to your Value Proposition on your website
Your website is the “new marketing brochure” and is very effective at showing value. Don’t hide your strengths in your website text or on your “about” page. Actually come out and say what you do best and say it with conviction.
Studies show that website visitors hunt for facts online and often ignore marketing hype or sales language. Eyes are attracted to numbers, specifically numerals, in web copy. Stating explicitly what makes you different will help to get your point across.
For example, stating, “Here are 5 reasons our clients work with us” and numbering the list will be far more effective than simply stating “who we are, who we work with, and what we do.”
Since online visitors scan content and search for facts, listing out your competitive advantage will not only call attention to it, it will be easier to read. A numbered list is likely to be read because the eye is drawn to it:
Not sure what makes you different or better? Ask your clients! Ask them “What problem do we solve better than other firms?” Ask why they chose you and what was the defining characteristic.
Getting clear on the value you provide your ideal clients can be one of the best ways to “sell” your services and by breaking it down into a numbered list you can make the information stand out on your website.
Here are the other mistakes in this series: