A well crafted value proposition can make an immediate impression on prospective clients.
“A value proposition allows prospective clients to see an advisor’s services through the eyes of his or her satisfied clients,” says Terrie Wheeler, president of MarketYourAdvisoryPractice.com in St. Paul, Minn. “By having a strong value proposition, advisors are positioning themselves as unique and different.”
Remember: a value proposition, which demonstrates your value to members of your target market, is different from a mission statement, which focuses on a business or individual, says Kevin Toney, marketing coach with Primetime Promotions in Winnipeg.
Yesterday’s BYB Daily article highlighted the importance of involving your current clients in the process of crafting your value proposition. Here are four tips to help you to get the most from the statement:
> Get to the point
Keep your value proposition short and clear to get your message across.
The value proposition should be 90 words or less, Toney says.
“It’s quality vs. quantity in terms of the words,” Wheeler says. “Your value proposition should be simple and easy to read and easy to convey when you’re meeting with someone.”
> Use it everywhere
Get the most from the value proposition by including it in all your communications.
Implement your value proposition in your marketing materials, says Toney says. It should be prominent on any brochures, the homepage of your website, even on your business card, if possible.
When meeting with a prospective client for the first time, Toney says, use your value proposition as the starting point in the conversation on how you can work with him or her.
> Stay current
Keep your value proposition relevant by making sure it’s always up to date.
A well-crafted value proposition should have a shelf life of about three to five years, Wheeler says. Changing the statement too often might give the impression that you are trying to be too tactical, or are following fads instead of genuinely trying to help clients.
To make sure your value proposition remains relevant, Toney suggests sending clients a short survey about your services once a year.
> Know your audience
Make your value proposition suitable for all audiences by tweaking it to fit the audience.
The best value statements should change slightly to suit the person you are talking to, Wheeler says, whether that person is a referral, a centre of influence or a large group.
“The concept of what makes you unique does not change,” Wheeler says. “How you deliver it has to change depending on your audience.”
For example, if you are talking with a referral, the value proposition should emphasize how you can help that person, and should not include industry jargon. If you are talking to a COI, on the other hand, it may be acceptable to use some industry terminology in order to get your message across.