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December 29, 2004 at 07:00 PM
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It takes as much effort to get a client of minimal value as it does to get a high-net-worth client. But to get the business you want, you must position yourself and your services properly.
To qualify and attract your precise target market, use a position statement in all of your communications. High-net-worth clients want to know that you understand their problems and can provide effective solutions.
For example, lets assume youre at a charity event filled with people in your particular target market, divorced and widowed women. One woman asks, “What do you do?” Most financial advisors fail to seize this opportunity to position themselves and attract a client effectively. Many answer, “Im a financial consultant” or “Im an investment advisor” or something equally vague and unimpressive.
Remember that the first rule of selling is to attract attention and engage the prospect. You want to say something that will get the response, “That sounds interesting. Tell me more.”
Heres a powerful technique you can use to position yourself in one minute or less. It will position you and your services perfectly with the high-net-worth clients you seek.
This one-minute positioning or OMP consists of two parts, and each is essential to the positioning process. The first part begins with the words, “You know how….” To complete this part, you describe your target market and the financial challenges its members might have.
Here are a few examples:
“You know how doctors spend many years in school and training and then have limited time in which they can maximize their earnings.”
“You know how small business owners must invest much of their energy into building their business and have little time to spend in properly handling their finances.”
“You know how lots of divorced women are overwhelmed with the responsibility of dealing with their finances.”
Of course you can adapt your opening to your particular high-net-worth target market. The power of this “You know how…” opening resides in two important elements of sales psychology.
First, rather than talking about yourself, you keep the focus on the prospect. In sales and marketing, it is much more important to be interested than interesting. Second, you reveal your understanding of the problems the prospect faces. Remember the adage “The prospects dont care how much you care until they know how much you care.”
