Updated: May 12, 2022
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For the month of October, I’m writing on business development, specifically how to get more clients and referrals. Everything I share here I have been sharing with clients for over 20 years.
Tuesday’s blog ran a little long. I’ll try to be more succinct today. To recap Blog 201, we have covered:
Narrowing your focus.
Persona vs. person.
There will be an upcoming blog dedicated to the subject of social media, and a live stream event on October 21st for members of www.seriousshift.com, which is free to join. You should sign up. It’s good for your business and your soul.
Here we go …
1. People rarely buy what they need. They buy what they want.
What do the very best brands in the world all have in common? People buy into them. There is something beyond the product or service that has value – an idea, or an identity. Our emotions trigger us to take action.
Needs are driven by logic, and wants are driven by emotion. Financial advisors waste a lot of time trying to convince people who need financial independence (everyone) to want it.
What are you asking your clients to buy into? What is the consequence of being your client? Financial independence? Nope, that’s the promise. I’m talking about the client and how their association with you transforms them.
2. Forget about the stuff, focus on the stories you tell.
The very best brands in the world all have one thing in common, which is that their clients buy into them, not from them. When you sell stuff, you sell features and benefits. And when you sell features and benefits, you compete on price. Right?
Imagine that you quit today and never looked back. What would your clients miss about you? Would the other advisors in your office be able to help them with investments? Yes. So what would your clients miss?
Whatever your answer is, it’s the only value you actually bring them today.
What is the story you’re telling about THE CLIENT that they hear and say “YES! I want to be part of that story.” Is your story “I empower people to make the best decisions possible concerning their financial planning …?” You and everyone else, and you’re talking about the STUFF again.
3. What are you competing for?
Portfolios? No wonder you’re frustrated! You are competing for people’s attention, time and finally, ‘money’ and you are not in competition with other advisors, you are in competition with NETFLIX.
Think about it. Every potential client can get whatever it is you sell, anywhere, all the time, right? People never care about ordinary things. Most people don’t want to try to create remarkable things, so they compromise. “I’ll not try so hard, but I won’t ask you for as much.”
Instead, compete for people’s attention. Make them stop and look. Have you ever walked by a bank branch and felt compelled to walk in and talk to someone? Me neither. Banks sell stuff. There are banks everywhere and there is no urgency to ever go in. They’ll wait, there is nothing to miss.
That question I asked earlier – if you quit right now, what would your clients miss about you? – I’d like you to think about that between now and next Tuesday.
We’ll start here next week.
Once again, join us in our community at www.seriousshift.com. We are not for everyone, but we might be for you.