What do you stand for?
In other words, what is your mission and value proposition, and why does it matter?
When I decided to write on this topic, the first thing I did was Google "financial advisor" in the county that I live.
I was horrified.
Of the top ten sites as listed on Google, not one of them clearly defined their mission and value proposition. What's even worse is that they were all so generic and white washed that they looked like a big hunk of cotton candy.
Remember Marketing 101: you need to repel to attract.
Repel everyone except the people that you specifically want to speak to in order to make your words more important to your target market.
If you want to dominate a certain niche you need to come across as THE go to expert in your market.
A mission statement that tries to speak to everyone attracts no one. It creates no identification of expertise and no differentiator. It will not attract a prospect to read past the six seconds that our attention deficit disorder culture allots in order to peak our curiosity enough to read on. It is a lost opportunity.
In contrast to the cotton candy, I Googled the website of some of the most iconic and successful brands like, Intel, Uber, FedEx, Campbell's Soup, etc. and they all have a very similar pattern. They have a big bold proclamation followed up by a two to five-part explanation of customer value. For example, Uber: Get there Your day belongs to you 1. Easiest way around, 2. Anywhere, anytime, 3. Low-cost to luxury
Uber has brilliantly told us exactly what they do and the three benefits that they provide, and they did it in very few words (remember my ADD comment—the fewer words the better).
Difference Between Mission and Value Statements
It is important to understand the difference between a mission statement and a value proposition. Your mission statement should define “what” your company is and does. Your value proposition defines the reason “why” a client would utilize your services. Let's take a closer look at some of the critical components of each.
Your mission statement should explain
· What you do
· What make makes you unique
· Your target audience
Your value proposition should identify clear, measurable and demonstrable benefits consumers get when buying a product or service. It should convince consumers that this product or service is better than others on the .
In the case of Procter and Gamble, they say "Making your day better—in small but meaningful ways. We see big potential in life’s little moments. Brushing teeth. Washing hair. Showering. Shaving. Caring for the baby. Cleaning the house. Doing the dishes, and the laundry. We make the products that help make these moments a little easier."
They clearly describe their mission as making your life better, and they back it up with how they benefit the consumer, by taking your daily chores and making them easier.
Almost all successful brands take this approach. They tell you what they do and how it benefits you the consumer. My question is why are so few financial advisors trying to emulate such a successful and proven model?
· Learn from the techniques used by big business to scale and achieve massive and sustainable growth.
· Start treating your financial advisory practice like a business.
· Make sure that when you present your offering to the world you have clearly articulated what you offer, the uniqueness of your offering and the value that your clients receive from consuming your services.
· Don't end up looking like just another hunk of cotton candy.