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Current news and trending topics for sales and financial industry professionals


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Take the 60 Second Value Proposition Challenge! Do Your Clients See Your Value?

ParatickTEST YOURSELF!  In 60 seconds, or less, can you state your value proposition without hesitation and awkward silence? Try it! Take your 60 seconds now… I’ll wait.

How did you do? Would your team members succeed at this test or better yet, how about your clients? A value proposition is a promise of value to be delivered and a belief from your clients that they will receive value. Creating a value proposition is part of a solid business strategy.

After a most recent coaching session with one of my advisor clients, the question of currency came to mind.  Not the dollars and cents kind — the ‘client-centric’ kind. My client said something to the effect; “we may not be a council member team or have been doing this the longest, but our clients trust and love us”.  That is priceless currency! This firm has clearly and successfully created a value proposition centered around their clients.

Your value proposition should clearly communicate the benefits your clients and potential clients will receive by doing business with your firm. Describing the features of your products along with their capabilities will not sell. Place focus on demonstrating how your firm will provide a solution to your clients needs, wants and values. A value proposition is essential in showing the world what value you can bring to their lives and create awareness… “that your clients know your services are right for them.”

Steps To Create a Value Proposition

 1.      Get To Know Your Client Reverse roles and become your client. Think from their perspective by identifying who they are, what they need, what improvements they are looking for and what challenges they need to resolve.

 2.      Promote Your Products & Services A value proposition cannot be a vague description of the products and services you offer. Clearly show your clients the benefits they will receive by solving their challenges or improving their current situation. Achieve this by including actual charts and percentages to visually engage your clients.

3.      Identify Your Competitors – You will need to dig deep on this one. Don’t stop at just knowing the names of your competitors. Continue to borrow the mind of your client and research what your competition offers or does to create value. Completing a SWOT Analysis, strictly focusing only on your competition, can be an effective tool in determining how you can position your firm ahead of your competitor.

4.      Recognize Saying, “We Are Different” Is Not Enough Knowing that trust, excellent client service and knowledge will not differentiate your firm is the first place to start. While these are excellent traits, clients expect them. Delve further and answer these questions from your client’s perspective.

  • Why should I buy this product?
  • How will it solve challenges I have?

Be specific in your answers by utilizing graphs and factual numbers to illustrate the benefits. You should also answer why your products and services are better than the competition and what your client values most about your firm.

Now that you have completed the above steps, highlight your answers and craft your value proposition.

Your value proposition should not be lengthy but provide enough information to show why a prospective client should do business with you. The trick is being able to articulate your value in 60 seconds or less by highlighting the benefits and how you will solve the needs of your market. Without a strong value proposition, people will search for something better.

Don’t forget to share the 60 second value proposition challenge with your team! If you haven’t already looked at our article on creating a unique value proposition, please do so now – this will provide you with further insight for your value proposition creation.

Question: What challenges or success have you experienced in creating a value proposition?

Let us know! We want to hear from you!

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:


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Create Added Value In Your Investment Model

Designing a methodology for managing your client investments is essential for a clear representation of financial performance and aides in effective decision-making.  It is a generally accepted principle that a portfolio is designed according to the investor’s risk tolerance, time frame, and investment objectives.

Create Value Within Your Investment Model

“All good to great companies begin on the path to greatness

 by confronting the brutal facts of their current reality.”

Jim Collins, Good to Great

 Your goal is to create a weighted investment model (one or many) and implement a consistent investment strategy.  Focus on actions that will provide unique added value for your clients.  Position your firm to support the highest value-to-value exchange.

Evaluate your current investment model(s) with a focus on determining if they are creating added value.  Employing a one-to-many investment strategy creates the leverage necessary to optimize your resources and elevate your delivery of services to clients.

Consider the following services (not all inclusive) while evaluating your model(s) and how you will deliver added value for your clients with each service.

  • Risk Tolerance
  • Asset Allocation
  • Manager Research
  • Portfolio Monitoring
  • Rebalancing
  • Performance Reporting

While you are ultimately responsible for due diligence and oversight of your clients’ assets, you may want to consider outsourcing services that are invisible to your clients such as manager research, monitoring, portfolio construction, performance reporting and re-balancing to a third party who specializes in these services.  Other obvious outsourcing options or strategic alliances, such as CPAS, attorneys, and insurance agents will provide you the weight to focus on your firm’s unique added value and help clients with the steps they need to take.

Communication With Clients

Look at your value proposition through the eyes of your clients and prospects.  You must be able to answer the question, “Why should a client invest their money with you, versus allocating their funds in some other way?”

When implemented effectively, your investment model should be viewed by your clients as a proactive model with enhanced services and communication.  Implementation will require that you have direct systems and procedures in place to provide each service.

Advisors are required to make full and fair disclosures about fees.  Consider the appropriate fee level for your services and investment model.  You may want to implement a tiered fee structure that differentiates the service levels within your client segmentation process.

Your investment model(s) will allow you to sharpen your focus on the unique needs of each of your clients. Understanding that each of your clients has unique needs will ensure efficient client service delivery.

Ironstone can assist you in developing appropriate investment models and collaborate with you to develop solutions that are parallel to achieving the strategic goals of your firm.

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

You won’t want to miss our next in the series:  Business Development-Client Appreciation


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Learn How To Create A Unique Value Proposition For Your Firm

Learn How To Create A Unique Value Proposition For Your Firm. 

Do you have a defined clear answer that inspires questions?  If you can describe to someone in a sentence or two what your business does and why it is valuable, you probably have a strong unique value proposition. 

Branding and Value Propositions create a distinct fingerprint that sets your practice apart.  Ensure your firms brand uniqueness while effectively meeting client needs and creating the value promised.  You need to think about the value you offer to clients by determining;

What are their needs and how will you satisfy those needs?

Position yourself as someone who understands where your clients and prospects are coming from, where they are going, and what they need along the journey to reach their destination.  Some examples:

  • Ease nervousness during market volatility
  • Relieve their major concerns about retirement
  • Ensure their legacy will live on for the next generation

A value proposition cannot be a vague description of the products and services that you offer.  YOU need to tell them the results they will get from you.

To help you- here are a few guidelines to follow while creating your value proposition

  • Create Interest
  • Differentiate yourself from your competitors (You will not be able to accomplish this based on products alone.)
  • Focus on your client’s point of view

Keep in mind that your value proposition should identify solutions to meet the needs that your clients are facing.

How does your brand fit in with your value proposition?  If your brand position is successful, overtime, your brand logo will symbolize your value. 

Many firms do not convey their message in a clear and concise manner.  Ironstone will help you make sure you are not in that situation.  

We want to hear from you!  What is YOUR unique value proposition?

 

 

Follow us as we explore each of Ironstone’s Fundamental 4™! 

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

 

You won’t want to miss our next in the series:  Operational Effectiveness-Time Management