This morning, Dante De Gori, FPA Chief Executive, warns financial advisers are failing to connect with Australian consumers. In an article written by Daniel Paperny, [Financial Observer], Dante goes on to say that advisers use far too much jargon in the industry and need to start talking about how they can help clients save for that dream home or holiday. I couldn’t agree more. Rather than just state the obvious, though, I’d like to share some tips to help you articulate your value better. I wrote a simple blog post about this the other week but today, let me share some more steps you can work through as a business that may help guide you.
Step one – An oldie but a goodie – as a business define your client value proposition. This is not a one-sentence statement [although you should be able to extract that from the CVP], this is a comprehensive piece of the puzzle.
Step two – Train the team on how to articulate that value in various situations. This will help inform people about the value you give clients but also how you do that; through goals based advice, not product focused!
Step three – Develop your marketing communications plan. No use working on the first two if nothing gets executed and a marketing plan will do that for you.
6 Simple yet effective marketing actions that you should consider putting into that marketing plan:
1. Make sure the content on your website and marketing collateral is written in plain English. [Consider using a copywriter].
2. When you say how good you are, it can be seen as boasting, but when others [your clients] say how good you are, it has credibility. Make sure you have client testimonials that explain about the value you have added to their lives and the process you took them through to achieve that.
3. Case studies. An excellent way to show people exactly the way in which you operate and the typical outcomes you can get for your clients.
4. Communicate!!! Have a plan in place that communicates to people that you focus on them and what is important to them. Tell them that you spend time asking them questions so that you can understand what they want and develop a financial roadmap to get them there. Tell them you are with them every step of the way.
5. Tell stories about the clients you have helped. Stories worth talking about; that people will share.
6. Tell people how they can benefit from your advice so that they care enough to take an active step.
Be consistent, be committed and be confident.
Working with Financial Advisers all the time, I know that most are goal-based, it’s all about the client, however, in most cases, a marketing communications plan has not been developed, so little communication is getting out there to the wider community. I talk to clients of advisers all the time; I know how they perceive the industry. If you start to work on that list above, you will be steps ahead of the competition, and there is competition!
The marketing tips I have shared in this post are nothing new, what is perhaps new is the action you take as a business to ensure you are understood, remembered and referred for all the right reasons!