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How to differentiate your business in 2024 – part 1

01 February 2024 Myra Knoesen

According to Ari Galper, a guest contributor on Advisor Perspectives, the number one question he hears from advisers is: “How can I differentiate my business so I stand out from other advisers, given that the industry continues to become commoditised?”

When he hears that question, he asks them what they are spending their time and money on to acquire new high-net worth clients, and these are the answers they share with him on their “marketing list”:

  • Rebranding their website;
  • Waiting for SEO to “work”;
  • Connecting with more people on LinkedIn;
  • Having coffee meetings to meet new people;
  • Spending money on online ads that are ineffective;
  • Creating “partnerships” with centres-of-influence, hoping referrals will magically appear;
  • Building social media campaigns to “get out there”; and
  • Posting articles and comments on LinkedIn to be “seen”.

One big piece of the formula

“Are you doing any of the above? If after doing any or all the above and if you’re still “chasing” new opportunities, then you’ve been commoditised,” he stated.

Here’s the problem, according to Galper...

“Most advisers think they have to market themselves and their businesses to get new clients. They believe that: marketing + sales conversations = new clients. But that is “cart-before-the-horse” thinking. I explain to them in detail that they are missing one big piece of the formula before they should do any marketing at all,” stated Galper.

Positioning

“This is the formula they are missing: positioning + marketing + sales conversations = new clients,” he said.

“The marketing activities I listed above are exactly what other advisers are doing as well. Never follow the crowd,” he added.

In part two of the article, Galper shares clarity on how to become a “category-of-one” trusted authority in your space.

 

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