Trending
The number one question we hear from advisors is: “How can I differentiate my business so I stand out from others, given that the industry continues to become commoditised?”
When I hear that question, I ask them what are they’re spending their time and money on to acquire new high-net-worth clients.
These are the things they share with me on their “marketing list”:
Rebranding their website
Waiting for SEO to “work”
Connecting with more people on LinkedIn
Having coffee meetings to meet new people
Spending money on online ads that are ineffective
Creating “partnerships” with centres-of-influence, hoping referrals will magically appear
Building social media campaigns to “get out there”
Posting articles and comments on LinkedIn to be “seen”
__________ (fill in the blank)
Are you doing any of the above?
If after doing any or all of the above and if you’re still “chasing” new opportunities, then you’ve been commoditised.
Here’s the problem…
Most advisors think they have to market themselves and their businesses to get new clients.
They believe that:
Marketing + Sales Conversations = New Clients
But that is “cart-before-the-horse” thinking.
What I explain to them in detail is they’re missing one big piece of the formula they need before they should do any marketing at all, and that is...
POSITIONING.
This is the formula they are missing:
Positioning + Marketing + Sales Conversations = New Clients
Virtually all the marketing activities I listed above are exactly what other advisors are doing as well.
Never follow the crowd.
The first step is to STOP all the marketing you’re investing your time and resources on that is not working – until you have total clarity on how to become a “category-of-one” Trusted Authority in your space.
To help explain what I mean by Trusted Authority, let me ask you this...
Where do you think you sit in regards to a potential client’s perception of you?
One of many (worst)
Better than others (slightly better than worst)
Your potential client says “he or she is the only advisor for me” (Trusted Authority status – where you must be)
This is a valuable exercise to think about because contrary to what you’ve been told, your potential clients are not comparing you to other advisors based on how competent or credible you seem.
They’re actually ranking you based on how much authority you project.
What does projecting authority mean?
It means that by the time your potential client has a conversation with you, they’ve ALREADY formed the perception of you as the best choice for them – a profoundly different starting point than if they came to you with the perception of you being one of many.
Being perceived as simply one of many will force you to rely on your selling skills to prove that you’re different, that you’re trustworthy, and that your solutions offer tremendous value etc... which won’t differentiate you at all because other advisors would be doing exactly the same things.
The main problem to get to grips with is that doing more marketing activity, of the kind that your peers are doing, will not position you as an authority in your market.
It will position you right next to them, as a potentially viable option, one of many.
To attract more high-quality clients, consistently and predictably to your business, you can’t afford to be thought of in that way.
If you’re ready to position yourself as a Trusted Authority and stop blending in with the crowd, order your complimentary books and consultation below.
Related: Your Credibility Isn’t What Prospects Care About
Get Ari’s 6 best-selling books for FREE here and you’ll also receive a Complimentary Sales and Lead Generation Consultation (value $995.00). Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net-worth new client acquisition expert for financial advisors. His latest books "Are You Chasing Ghosts", "Trusted Authority" and "Trust In A Split Second" have become instant best-sellers among financial advisors worldwide, get your free books here.