The way that Value Propositions are typically created often do not work. Why is that, you ask? Because most of them don’t convey anything memorable or valuable when you use them, and most are not about what the OTHER person actually cares about.
I have been concerned about this for years and as a firm, we have focused on improving this for the advisors we work with. The problem has been defined by a study done by Pershing and multiple articles written on the topic.
My 20-year-old daughter was recently reading an article in the Wall Street Journal that was making a case for the introverted entrepreneur. She looked over at me and said, “Mom, this article is about you.”
“Me? I’m not an introvert,” I said to her somewhat dismissively. And then after a few minutes I said, “Wait, do you really think I’m an introvert?”
My daughter said,
Perception actually can become reality. Thus, there is something very powerful about psychological placebos that we may want to take into account personally and professionally.
If I hear, for instance, that a new restaurant in town is terrible – would that alter my opinion of the restaurant after I ate there myself? If I tell you that you look great in that suit – do you actually look better than you did before?
Are you doing what you told your clients and prospective clients you would do? If you are, this may be the reason clients don’t refer you as much as they should. To put it simply, you’re not getting the referrals you deserve because you are doing exactly what you promised you would do. And although there is nothing wrong with that, it is not unique or exciting, and it may not cause people to talk about you or your company.
Do you promote your business? Do you promote yourself? The problem in most service based businesses, and especially financial services, if you don’t share your story and why you are an excellent choice, no one will.
Even those who truly value your services and are incredibly appreciative of what you have done will not sing your praises in ways you likely deserve. In other words, for the most part, no one is out promoting you.
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