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Is Your Practice a Red Sports Car or Just Another Tan Sedan?

14 Jun 2018
Is Your Practice a Red Sports Car or Just Another Tan Sedan?

Have you ever been in a crowded parking lot and mistakenly tried to unlock the wrong car? It probably happens more often than you think. Parking lots today are a sea of monochromatic sedans that look so much alike, it’s easy to mistake someone else’s car for your own.

But take a quick look around and you’ll easily spot a few eye-catching, custom sports cars in colors and styles so distinctive, they’ll never be confused with anyone else’s car.

When viewed from the perspective of today’s competitive financial services marketplace, wouldn’t it be great if your practice stood out like a fire-engine red convertible in the grocery store parking lot? But without a distinguishing unique value proposition (UVP) that separates you from the crowd, you’re in danger of being just another tan sedan.

To craft a UVP that will help your practice stand out in the crowd of competition, the Content Marketing Institute recommends answering three key questions:

How can I position my brand to create a more enthusiastic user community? 

Take an honest, critical look at your UVP. If it isn’t written from the perspective of your clients, refresh it. Don’t tell them what you have to offer. Instead, show them how they’ll benefit by choosing your practice. Your message should always be all about them — not you.

When drafting or updating your value proposition, remember: 

  • It should be revised when it is no longer relevant or when you develop a new specialty. 
  • Set aside ample time to write and revise it. Be patient. It may take multiple revisions to clearly define your position, but it’s far more important to make a powerful statement than to just get it done.
  • It can be as short as a few words or as long as two sentences. In most cases, the shorter the better.
  • Claim ownership of your UVP and use it frequently. It will become your brand.

Are there complementary brands I could align with?  

A professional alliance creates a partnership-like arrangement between you and strategic allies, such as CPAs and attorneys, who will advocate for your practice with their clients. Cooperate with these partners to determine your clients’ needs and objectives and implement appropriate investment strategies.

These partnerships can leverage the other parties’ knowledge and rapport with their clients while boosting your resources and skills to provide the best service to your clients. This creates a revolving door of referrals for both you and your alliance partners. 

To identify and foster professional alliances, start with these simple steps:

  • Identify prospects (start with professionals already working with your clients)
  • Contact and qualify the professional
  • Determine how you can solve their problems while you achieve your goals
  • Propose strategies to prospect
  • Implement solutions to their clients

How can my brand connect my passions with my customers’ passions? 

Your clients are more likely to be advocates for your practice when they know you share their passions. In your marketing materials and on your website, share your personal story and give examples of how you personally live out your brand philosophy. 

When telling your story, always portray your clients as the real heroes. You and your brand should be positioned as the trusty sidekicks who help solve their problems.

A marketing plan that sets you apart from competitors in your marketplace starts with recognizing what truly makes your practice different. From your culture to the investment strategies and unique tools you use, your firm is sure to have distinguishing characteristics that, if leveraged properly, will help you stand out and attract the right clients.

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