Today I want to talk with you about how you can create your ultimate competitive advantage.
In an industry and profession where we are compliant based, meaning we can't have websites with multiple guarantees and we can't have client testimonials on our websites etc, so the question is what are we left with?
We are left with a competitive advantage of a client experience and the client value proposition. Think about that for a moment, how do you treat your clients? How do you communicate with them? How do you celebrate them (birthdays, anniversaries etc.)? What do you do?
If you've listened to or watched any of these podcasts and shows you realize that we are in the relationship based business. I want you to think what would be the ultimate way you could serve clients? What would be the ultimate value proposition? What would be the ultimate service model?
What would be something so powerful, so not only would they not leave me, but you could charge a premium fee for and have a tremendous margin?
A commodity is the basic core of something. The basic part of our business is running money, doing financial plans, doing some reviews, and doing some touch base calls.
That is commoditized, you sound and look like everybody else. In a complaint based industry you can't have anything outside the box with marketing, testimonials or guarantees.
What you are left with is the experience.
How do you serve at the highest level that is the question I'm always asking myself. That's why I evolved from going to offices, to doing calls, then to live events and now we have groups with telepresence, online coaching masterminds, business planning conferences, and mastermind retreats. I don't just do coaching calls, why?
Because I want to have the best value proposition in the industry and I know I do based on the feedback I get from clients.
Also, you have to work hard, but for me, I don't consider this work. If you approach your business as a J-O-B, you'll never make it. You have to love your clients and you need the value proposition.
You have to sit there and articulate with a client first by saying "Look if you become a client of ours, here is what is going to happen. Number one, we're always going to operate in your best interests. Number two you're going to hear from us once a month. Number three, we're going to sit down at a minimum of twice a year and we're going to go over everything on a schedule. Number four, we're going to educate you with client events, online virtual and live. We want to make you smarter in taxes, we want to make you smarter in estate planning, and we want to make you smarter as an investor because this is a partnership."
That's how you add value - now listen to how I said it..."When you become a client this is what we are going to do for you...."
That is the way it needs to be articulated, where you're proud of how you serve and there is no question on how you get things done. You know in your guts, you're hitting it the way you need to.
That's the approach. I know some of you are saying "well that's not how I do things."
Well if you've listened to some of my previous episodes it is never too late to change. It is time for that turnaround.
We are entering a window within the next five to ten years where the greatest opportunities are about to take place to build massive businesses.
There is going to be so many baby boomers retiring, so many advisors retiring - it's once in a generation.
Please don't sit on your butt and be on the sidelines. Let's get in the game and let's be excellent!
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