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How to differentiate your business in 2024 – part 2

15 February 2024 Myra Knoesen

In part one of this article, Ari Galper, a guest contributor on Advisor Perspectives said, “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.

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

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

Are you a trusted authority?

“The first step is to stop all the marketing you are investing your time and resources on that is not working - until you have total clarity on how to become a “category-of-one” trusted authority in your space,” he said.

To explain what he means by trusted authority he poses a question...

Where do you think you sit regarding a potential client’s perception of you?

  1. One of many (worst);
  2. Better than others (slightly better than worst); or
  3. Your potential client says, “he or she is the only adviser for me” (trusted authority status - where you must be).

“This is a valuable exercise to think about because contrary to what you’ve been told, your potential clients are not comparing you to other advisers based on how competent or credible you seem. They are actually ranking you based on how much authority you project,” he added.

What does projecting authority mean?

According to Galper, it means that by the time your potential client has a face-to-face sales conversation with you, they’ve already formed the perception of you as the best choice for them - a profoundly different starting point than if they come to you with the perception of you being one of many.

“Being perceived as simply one of many will force you to rely on your selling skills to prove that you’re different, that you’re trustworthy, and that your solutions offer tremendous value etc... which won’t differentiate you at all because other advisers would be doing the same things,” said Galper.

“The main problem to get to grips with is that doing more marketing activity, of the kind that your peers are doing, will not position you as an authority in your market. It will position you right next to them, as a potentially viable option, one of many,” he continued.

“To attract more high-quality clients, consistently and predictably to your business, you can’t afford to be thought of in that way. Engage in activities that position you as a trusted authority,” he concluded.

 

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