Too often, advisors cannot successfully separate themselves from the pack. It results in fewer leads, fewer conversions of the leads they do get, and ultimately slow growth. Those that can effectively differentiate themselves will be much better at generating new business.

C. Richard Weylman, chairman of Weylman Consulting Group, presented at the 2014 Financial Advisor Retirement Symposium, which had more than 500 attendees, on the topic of clarifying the value you deliver.

Key Questions To Ask

Weylman started out by making it clear advisors have lots of competition for not just prospects, but also each advisor’s existing client base. Clients are at a greater risk of leaving if the value delivered to them is not clear. If the information provided is ubiquitous, it does not do much good.

Advisors need to be able to answer the question, “Why should I buy from you?” Weylman drove this home by stating that there has been a power shift. He added, “The power has gone from the buyer to the seller.”

He had the attendees write down their answer to the above question and then challenged them to ask themselves:

• Does it capture attention?
• Does it clarify your value?
• Does it clarify the value prospects will receive from you?
• It is possible that someone just like you wrote down the same thing?
• Does it position you distinctly from all others?

Clients will say, “We look for a promise of outcome,” shared Weylman. He went on to say, “A features or attributes orientation does not connect with the mind or emotions of the prospect or client.”

Why Do Clients Buy From You?

Weylman guessed that advisors wrote down their value as things like, “We deliver excellent service,” and “We take a conservative approach of investing.” Although those are good things, they might not differentiate a business, since many competitors are saying the exact same thing.

It can also be an issue that advisors go into too much detail about what they do. Weylman (and Deena Katz, chairman of Evensky & Katz and at associate professor at Texas Tech, in an earlier session) gave an example of a watch. Do most people want to know about how a watch works? No. They just want to know what time it is and that the watch works.

Weylman again asked the attendees to think about what they can accomplish and what their clients can do through them. For prospects, what would be the benefit of them moving their business to work with you?

Work On Developing The Main Message

“A features and attributes process doesn’t work,” said Weylman.

He gave success stories of FedEx’s research of its best clients. By not asking the CEOs, but instead asking the employees in the shipping department, the company learned that the customers used FedEx because the boss said it had to be there overnight. As a result, instead of a slogan that said something like, “Our guys are on time,” a better tagline was created: “When you absolutely, positively need it there overnight!” With that message, the company beat DHL off the shores, added Weylman.

Domino’s Pizza’s past message was also used as a best-case example. Instead of “We have quick delivery,” a more successful campaign was created: “Delivered in 30 minutes or less.”

A store manager at Target asked customers leaving her store for a month, “Why do you shop here?” That research helped lead to the slogan: “Expect more. Pay less.”

For in-the-industry examples, Weylman said CFPs should use messaging like: “We organized all your assets in a tax-efficient way.” Retirement specialists should use: “Helping you achieve the retirement you deserve.”

Final Marketing Message Advice

Weylman asked the attendees, “How are you positioning yourself in the market?” He believes nobody wants to buy a retirement plan. He further explained, “People want an outcome, not a selling proposition.”

If the messaging is not on point, clients are more at risk of leaving. Weylman clarified, “Marketing and selling features, attributes and generic benefits invites competitive comparison.” On the other hand, a promise of outcome retains clients and motivates prospects to take action because of their perception of value.

As a takeaway, Weylman encouraged the attendees to do their own research by asking their best clients, “Why do you do business with me? Why is that important to you?” Then advisors can say, “What my clients say I do for them is …”

Mike Byrnes is a national speaker and owner of Byrnes Consulting LLC. Read more at ByrnesConsulting.com and follow @ByrnesConsultin.