Hot business tip number 20: Develop a great value proposition

From

Consider a few simple questions:

  • value-prop-250

    Understand the importance of your value proposition.

    Why would a client choose you over another adviser?

  • What is it you do for them that they value and would happily pay for?
  • Why would they keeping coming back to you over the longer term?

The answers to these questions are where you will find the seeds of your ‘value proposition’. A value proposition is more than a glib tagline, it’s actually a central element of your business, and encompasses issues such as your service offering, your pricing, and your ideal target audience. It drives what you do, and helps you focus on where you add value and where you don’t.

Developing your value proposition shouldn’t be done in isolation; it should involve all members of your business in an honest appraisal of your strengths. It also needs to be consistent and integrated across the value chain; for example there is no point identifying your ideal clients as doctors or small business owners if you don’t have expertise in the types of solutions these clients typically needs.

And don’t forget the clients themselves. Establishing what they place a value on requires actual client feedback. Ask them what problems they need you to solve, and what success for them looks like.

This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

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