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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 commoditized?”
When I hear that question, I ask them what they spend 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 ineffective online ads;
- 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”; and
- __________ (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 commoditized.
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 the one big piece of the formula they need before they should do any marketing at all: 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 that is not working – until you have total clarity on how to become a “category-of-one” trusted authority in your space.
Why being a trusted authority matters
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); or
- 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. That’s 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. And that won’t differentiate you at all, because other advisors would be doing exactly the same things.
The main problem 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 consistently and predictably attract more high-quality clients 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.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
