Written by: Amanda Romano Whether you call it a USP (unique selling proposition) or a UVP (unique value proposition) we’re talking about the same thing. Essentially, what USP and UVP means is how do you differentiate yourself from others that offer the same service or product? In a world full of competitors if you can’t pinpoint what makes your business unique your sales efforts will fall flat. So, can you identify your USP? With a little bit of soul searching you can! Related: Crisis Communications for Financial Advisors Follow the below steps to help you out:
1. COMPETITIVE LANDSCAPE
Do your
research– take a look at the competitive landscape and understand how they differentiate themselves to better position yourself and your business for success by defining how your services are different and better. Ask yourself: what do they do well, what do they do poorly and where are the gaps? After asking yourself these questions you can have a better framework for the “U” in USP or what makes you and your financial planning business unique.
2. TARGET MARKET
Ask yourself – do you really know who your target market is? We’re talking about more than just age, income and gender. What is it that keeps them up at night and how does your service or product help solve their pain points? Put yourself in their shoes and take off your advisor hat for just a minute. What do your customers really want from your product or service? If you haven’t already developed your target market you need to, like yesterday.
3. BENEFITS
The key here is to be brutally honest with yourself and evaluate what features sets your practice apart from your competition. Not only that, but how does it benefit your target market? Ask yourself: what is it specifically about my practice that makes my clients want to work with me over my competition and even refer their family, friends and colleagues? If you’re not sure go straight to the source. Ask your clients, hold a focus group or send out a survey.
4. WRITE IT DOWN!
Now that you know your industry, your customers and your true benefits distill it all down to one or two sentences. I know – easier said then done, huh? Think about what will motivate prospective clients. It’s not flowery advertising speak or financial jargon, it’s powerful impact and emotion. The more you learn about your clients you’ll notice your USP will grow and evolve overtime with your business and that’s okay.
