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While many advisors in the not so distant past did not invest the time to define their value proposition, with the ever-changing landscape of the financial services industry, most financial advisors understand today that creating a unique value proposition is truly non-negotiable.
Where financial advisors fall short, however, is that they do not take the time to review their value proposition periodically.
Ask yourself honestly, when was the last time you revisited your unique value proposition?
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You may be wondering why revisiting your value proposition is important, as well as how often you should revisit it.
You wouldn’t argue that the purpose of your business is to deliver value to your clients and prospects. Revisiting your value proposition is a healthy business habit to ensure your value proposition still rings true to your clients and prospects.
While you certainly don’t have to reinvent the wheel or spend millions of dollars revisiting your value proposition like big brand companies do, it is both a valuable and meaningful exercise.
If your business has gone through any significant changes, this is definitely a trigger to revisit your value proposition. If you are in the middle of growing your business, if there has been a major change to your overall strategy or if you have acquired or merged with another practice, revisiting your value proposition is imperative.
Other reasons to revisit your value proposition may be if you feel like your staff and team members cannot articulate what your firm stands for. If there is not a clear culture and purpose among your team members, then it is time to revisit your unique value proposition. If your staff cannot communicate your value proposition to your clients and prospects, then there is a problem.
If none of these checkpoints apply to you, then a good rule of thumb is to revisit your value proposition every few years.
If you believe it is time to revisit your unique value proposition, take some focused time to review it. Ask yourself some tough questions:
A strong value proposition is succinct, typically about 12 words or less, and summarizes what makes you unique, as well as what differentiates you from your competitors. It should evoke emotion or intangible feelings to your clients and prospects.
Whatever state your business is in right now, you don’t have to start from scratch to revisit your value proposition. Whether your firm really is going through major changes right now or if you are simply plugging away at the status quo, your business will benefit from revisiting it.
Inspiration and renewed motivation can come from revisiting your value proposition. It can also create new excitement and purpose for your business.
After you review your unique value proposition, take the time to assess it so you are confident in your review. Ask your current clients!
Client feedback and client impressions are crucial. Don’t ever lose sight of the importance of your clients’ perspectives. Tell them how important their input is and ask your top 10 to 25 clients what they value the most about working with you.
It is also worth the time to test it with your team members. Be sure they know and truly understand what your clients value about your business, what your promise is to your clients and prospects, as well as who your competitors are.
After your review of your value proposition and your assessment with your clients, you may determine that no changes are needed or just minor tweaks are needed to freshen your value proposition. If their comments align with what your value proposition states, then you are on target. If they are not, then it is time to tweak it and then test it again. If you determine that a larger revamp is needed, which might be necessary in a case where a merger or acquisition occurred, it might be wise to hire a branding agency to help you.
Regardless, the end result will be a stronger, fresher, more meaningful value proposition that communicates your tremendous value and promise to your clients and prospects. The time invested is most definitely worth the end value.
Successful financial advisors recognize not only the importance of having a unique value proposition, but the business need to revisit it. Unlocking renewed inspiration, purpose and excitement is really priceless to your team, your clients, your prospects and your business.
Remember, while having an up-to-date and strong value proposition is vital to your advisory business, you must also communicate it well to your clients and prospects to reap the countless benefits.
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