Why You Need to Be Different Rather than Better than Your Competition

Explaining the reasons why you’re “better” than your competition seems logical. However, it’s not always effective.

If someone asks why they should do business with you as opposed to the firm across the street, often you begin to give them your list of “betters.” You provide them with assurances that you have things like better communication, better services, better products, better affiliates that you work with, etc. The problem with inferring “better” is that the consumer doesn’t actually believe it.

Imagine going to the grocery store and heading down the laundry detergent aisle. If you see a jug of Tide detergent with a big “NEW AND IMPROVED” on it – do you immediately buy it because you are sure that now, finally, your clothes will get cleaner? No, of course not! We don’t actually believe it will be that much better. And it’s risky buying a different laundry detergent (certainly not as risky as switching financial advisors – ah, but you get the point).

What we need to be, rather than better, is different. If we can, we need to share what is truly unique about what we do – not compare ourselves to others. So, what is unique about you? I would say that there is one thing unique about your firm and it’s the people inside. The founder, lead advisor, portfolio manager, and staff make the company truly unique. And, 80% of the reason someone chooses 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 say “yes” to doing business.

Are you talking about what’s most unique about your firm?

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