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The number one question I 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 how they’re spending their time and money to acquire new high-net-worth clients. Things on their marketing list that they share with me include:
- 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 centers-of-influence, hoping referrals will magically appear;
- Building social media campaigns to get out there; and
- Posting articles and comments on LinkedIn to be seen; and
- Doing anything else to bring potential clients your way.
Are you doing any of the above? If, after doing any or all of the above, you’re still chasing new opportunities, then you’ve been commoditized. The problem is that most advisors think they have to market themselves and their businesses to get new clients. They believe that marketing + sales conversations = new clients.
However, that is cart-before-the-horse thinking. I explain to them that they’re missing a big piece of the formula that they need before they should do any marketing at all, which 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, if you’re investing your time and resources in marketing that is not working, stop — 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, consider where 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.
When you project authority, 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. This is 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. This won’t differentiate you because other advisors would be doing exactly the same things.
The main problem to contend with is that doing more marketing activity — the same 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 No. 1 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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