Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Practice Management > Building Your Business

Better than better

X
Your article was successfully shared with the contacts you provided.

Explaining to prospects that hiring you will mean they will get “better” service, products and solutions may seem like a logical approach. However, it’s not always effective.

For instance, if someone asks why he should do business with you as opposed to the firm across the street, you could begin by listing the “betters” that you offer:

  • Better communication
  • Better service
  • Better products
  • Better outcomes
  • Better affiliates, etc.

The problem with inferring that you’re “better” is that your prospect won’t believe you. Think of the detergent aisle at your grocery store. If you see a jug of detergent with a big “NEW AND IMPROVED” emblazoned across it, do you immediately buy it because you are sure that now, finally, your clothes will get cleaner? No, of course not! You don’t actually believe it will be that much better. And, it’s risky to suddenly start buy a different laundry detergent (not as risky as hiring a new financial advisor, but you get the point).

What we need to be is different. If we can, we need to share what is truly unique about what we do — and not compare ourselves to others. So, what is unique about you and your firm? I would say it’s the people inside. The founder, lead advisor, portfolio manager and staff make your company different. These people can’t be found anywhere else. And, 80 percent of the reason your clients choose your firm is because of you, not your products. In fact, they may not even know specifically which products they want until long after they’ve agreed to do business with you.

 Sign up for The Lead and get a new tip in your inbox every day! More tips:

Maribeth Kuzmeski is the founder of Red Zone Marketing, LLC, which consults to Fortune 500 firms on strategic marketing planning and business growth. For more information, go to www.redzonemarketing.com.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.