Value Propositions as they are typically created usually do not work. Why? Because they don’t convey anything memorable or valuable when you use them, and mostly equate to you speaking to yourself (about yourself). And that’s the problem – it’s not about what the OTHER person actually cares about.
The problem has been defined by a study done by Pershing and multiple articles written on the topic. The Pershing study found that “the strongest value propositions combine four distinct elements: attributes of the firm, benefits to the client, a rational argument, and an emotional component.
I would suggest that there is one more key to really having a memorable statement. It is sharing that you have worked with someone like them and thus understand their situation. Most people think that their situation is completely unique, but the advisors are all the same. This is a powerful credibility builder.
When creating what we call a Simple, Repeatable, Statement of Value (SRSV), it may seem obvious, but the key is to think about the other person. The other person needs to see him or herself in your statement and find it to be of interest to them.
Most descriptions include the things that everyone does followed by the fact that you do it for everyone. A better way may be to have a pocketful of SRSV statements that you can draw upon to engage just the person you’re talking with. Focus on the ‘who’ you work with (it helps of course if you have an idea of who they are – ask them first) and on the benefits of the work you do.
Actual Verbal SRSV statement: I’m a financial advisor and we work with individuals getting ready to retire. In fact, we’ve helped more than 60 people retire successfully from your company, Abbott Labs.
When you make it about the other person, the results are markedly better! Make it about THEM!
Thank you! Just used a value statement with a good sized prospective client yesterday and had the blind good sense to make it about them.
Taking your advice to put a pocket full together–thanks!