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The number one question I hear from advisors is: “How can I differentiate my business so I stand out from other advisors, given that the industry continues to become commoditized?”.
When I hear that question, I ask them what they are spending their time and money on to acquire new high-net worth clients. These are the answers 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 centers-of-influence, hoping referrals will magically appear
- Building social media campaigns to “get out there”
- Posting articles and comments on LinkedIn to be “seen”
Are you doing any of the above? If after doing any or all 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.
I explain to them in detail that they are missing one big piece of the formula 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
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 are 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 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 are 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 face-to-face sales 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 come 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.
Engage in activities that position you as a trusted authority.
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, “Trusted Authority” 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 Australian 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.
Read more articles by Ari Galper
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
