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Written by: Erin Botsford, CFP®
Advisors, you’re not only competing with other advisors but also with DIY tools like robo-advisors, online trading platforms, and financial influencers.
That’s why it is so important to clearly define and promote your unique value proposition.
Tip #1: Reiterate Your UVP
People typically need to hear a message seven times before it sticks and they take action. However, advisors often hesitate to repeat their unique value proposition (UVP) to avoid seeming repetitive.
Since people absorb information differently (reading, listening, watching), there are many ways to share the same message across various formats. Don’t hesitate to include your UVP in newsletters, meetings, social media, videos, and other communications.
Instead of assuming clients remember everything from onboarding, continue reinforcing your UVP in creative ways.
Tip #2: Ask for Feedback
Never assume your value proposition resonates with clients. What you value may not align with them, but you won’t know unless you ask. While asking for feedback can be daunting, offering surveys or other opportunities allows clients to share their thoughts. Tailor your questions to understand if your UVP is effective or needs adjustment.
Tip #3: Get Your Team Involved
Your entire firm should clearly understand and communicate your unique value proposition to clients and prospects. Involving your team ensures alignment with your messaging and strengthens your position as a unified and distinctive competitor. Without this, your firm may not present a cohesive message or support your efforts to stand out.
Tip #4: Collect Client Success Stories
It's one thing to tell people what you do well; it's another to show them with concrete examples. "Social proof," coined by Robert Caldini in Influence (1984), refers to how people mimic others to achieve similar results.
Today, social proof is crucial in digital marketing, often seen in online reviews and testimonials. Since 2021, SEC-registered advisors can use testimonials and endorsements in marketing (with certain criteria). If you haven’t already, start collecting client success stories to showcase your UVP.
Ready to Stand Out From the Crowd?
You are an incredible asset to your clients, and you have the power to leverage your unique differentiators to supercharge your growth goals. Where I’ve seen advisors struggle, however, is effectively communicating their UVP with their audience.
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