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.”
The second part of your OMP states the benefit of what you do and why your target should do business with you. Dont confuse the benefit statement with a description of how you do what you do.
The “how” is important, but it doesnt belong in the OMP. Remember, the purpose of the OMP is to attract and engage prospects and compel them to want to learn more about what you do and how you do it.
The second phrase of the OMP begins with, “What I do is.”
The above examples of OMPs might be completed as follows:
“What I do is help doctors make proper decisions that will ensure their lifestyle long after their prime earning years are over.”
“What I do is help small business owners enjoy the financial success they have worked so hard for.”
“What I do is help divorced women take control of their finances and create a safe and secure financial future.”
A good way to ensure the second part of your OMP is strong is to write it out, say it and then ask, “So what?” For example, take the statement, “What I do is help doctors make smart investment choices.”
Give it the “So what?” test and you might come up with a more compelling statement, such as: “So they can have enough money to do everything theyve ever dreamed of in their retirement years.”
The second part of the OMP answers the most important question in any prospects mind: “Whats in it for me?” All prospects need the answer to this question before they will become your client. How will you and your services make them feel better, more secure, happier and more confident? How will you help them experience more freedom or whatever it is theyre looking for?
Your OMP should follow the above guidelines and structure even if the exact phrases seem limiting and contrived at first. After working within these limitations for a while, you will develop thought patterns that will enable you to become more creative. The key here is to avoid discarding the structure too soon.
OMP is a powerful way to attract the attention of your ideal high-net-worth clients and to let them know you can solve their problems. Take advantage of this effective technique in your quest for high-net-worth success.
is president of The Business Institute, Manhattan Beach, Calif. He can be reached at [email protected].
Reproduced from National Underwriter Edition, December 30, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.