Seven Essential Strategies to Get More Profitable Clients – Part 4

This is the fourth in a series of blogs that offer a complete plan to get a steady flow of profitable clients and freedom to work the way you want.

Strategy #4 Position yourself as the go-to financial expert

Positioning is creating a certain perception of yourself in the minds of your target market—your tribe. It’s what you want your potential clients to think about you. It’s their impression of you. You want your people to see you as the best person for solving their financial problems. You want them to know that you are the perfect fit.

Prospects subconsciously rank you and your competitors from high to low. They compare your position with your competitors. It’s all in their minds. Those who have been interviewed by you and talked at length about their pet subject (themselves) are inclined to view you as an interested, caring advisor. A survey by U.S. Trust found 95% of wealthy investors rank trustworthiness as most important. They also tend to see advisors who charge a fee for their service as more trustworthy than advisors who are paid by commission. So how you label yourself is important.

How do you want potential clients to see you? Don’t go inside your head and make something up. Use the research you did in Strategy #3. What did you discover was your target market’s most urgent desire? What do they want from an advisor?

The answer to those questions is different for every niche.

Senior executives at Gotham Enterprises who are preparing to retire, want secure investments, help in deciding their options and deferred compensation. They want guidance to transition from corporate life to retired life.

Busy plastic surgeons at Gotham General Hospital want growth, relief from doing it themselves, and assurance their finances are being handled by a pro. They want to concentrate on their practice, their family and having fun.

Armed with your target market research, you can craft your marketing message, a.k.a. Unique Benefit Statement. Don’t worry about being unique. Focus on your benefits, the benefits your people said they want.

Based on your research, write your value proposition. Start your message by saying, “I help,” then enter your target market. Then offer a strong promise of benefits that matches their most urgent need. Make a promise to solve a pressing problem or satisfy a real yearning.

Use the sound bites you discovered during your research, something you know they’ll believe and that will intrigue them. Here are some examples:

  •  “I help senior executives at Gotham Enterprises make the best use of their options and deferred compensation, and plan a secure and rewarding retirement.
  •  “I help senior executives of Gotham Enterprises avoid costly financial mistakes and prepare for a worry-free retirement.”
  •   “I provide professional assistance to plastic surgeons at Gotham General Hospital. I relieve them of the burden and worry of their portfolio and help them maximize their investments.”
  •   “I help widows with large estates invest and plan for now and the future.”

After you complete your value statement, write a detailed description of your ideal client. Imagine a specific person. Give him/her a name, age, marital status, children, income, occupation, hobbies, investable assets etc.

You will use your description when writing your marketing material. Pretend you’re talking to that person. It will make your material more real and engaging.

Be sure to walk your talk. If you are promising a happy and secure retirement, then your investment strategies should be conservative and not aggressive. Bring your promise and your activities in line. Set your minimum account sizes to match your target market. If you’re targeting the very wealthy, your account size needs to be high, maybe a million. Wealthy investors value advisors who have high minimums. If you’re targeting middle-income market, set your minimums accordingly.

Now that you’ve positioned yourself, you can also brand yourself with your marketing message. Your compelling value statement is the core of your messaging, the way you communicate with your market. Create letterheads, a logo, position papers and website with messages that support your position.

And that’s how you Position yourself as the go-to financial expert to stand head and shoulders above the competition.

Your partner in success,

Stan Mann

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