How to Pitch Your Value
Delivering solutions that plan sponsors want and need may be the key to your success as a financial professional; but how do you get your foot in the door? It comes down to your ability to express the value you bring to the table in today’s complicated landscape.
The 30-second elevator speech is a way to generate interest among potential clients. Once you’re beyond the initial introduction, you need to stand out with a strong value proposition. When asked, however, few advisors can articulate their value in a succinct way, according to the MassMutual Winning Combination Study published earlier in 2016. Those who can articulate their value have a competitive edge in the marketplace.
What’s the value of a value proposition?
Your unique value proposition is an essential building block for marketing your services and one of the best ways to position yourself for new and repeat business. It helps you connect with your clients, conveying who you are, who you serve, the value you bring, and what sets you apart from the competition. Essentially, your value proposition is your brand statement, explained in clear, compelling and concise terms.
How to create your value proposition
Given the potential impact of a strong value proposition, it’s worthy of your time and thought. These steps can help you create a message that packs some punch:
- Begin by reviewing your target market, the key benefits you provide, and how you deliver on your promises. Tap existing clients for descriptive words that summarize your strengths and look for common themes.
- Draft your value proposition, clearly stating your services and benefits from a client’s point of view. Keep it brief, compelling and to the point. Use simple language. Avoid using industry jargon your audience might not understand.
- Ask for feedback from people you trust and revise your message accordingly.
- Practice your delivery. Be sure you come across as sincere and conversational. An obvious sales pitch can be perceived as disingenuous.
- Repeat your value proposition at every opportunity – until it becomes a natural way to communicate what you do. This will empower and reinforce your brand as an advisor.
Tailor your value proposition to client needs.
Your standard proposition has value in social circles but you can amp up your results with clients by tailoring your message to their specific needs.
Industry research is one resource to tap for insight into client wants and needs. MassMutual’s study found that plan sponsors prefer to work with advisors who emphasize employee education, customer service and keeping plan costs low in their value proposition. Larger businesses also value advice on plan design, investment selection, fiduciary support and help with other benefits.
To tailor your message more specifically, engage in a discovery process with your clients before telling them what you have to offer. Ask about the client’s business, employee population, objectives and concerns – whether during an initial interview with a potential client or periodically with the clients you currently serve. Then use this information to shape your value proposition with the capabilities and services you can realistically provide.