SOHO Marketing -- Using Positioning To Attract Ideal Clients

Using Positioning To Attract Ideal Clients
by Steve Moeller, President, American Business Visions

It seems like a simple question, but the way you answer "What do you do?" could substantially add to or take away from your business.

For instance, suppose you're at a convention for dentists. You're having lunch, and the gentleman sitting next to you asks what you do. You could say, "I sell stocks, bonds, mutual funds, and asset management services." Chances are, your companion would see you as a product pusher and change the subject. On the other hand, if you were to say, "I help affluent dentists become wealthy dentists," he might want to know more.

Unfortunately, when most advisors describe what they do, they focus on the process, not the payoffs. They say, "I'm a stockbroker" or "I am a financial advisor." This closes their listener's minds.

But if you focus on the payoffs, and are ready with a strong verbal benefits statement, you can open minds. Make it fun to use as a conversation opener. That way, you can pique the interest of your ideal clients so that they ask you for more information.

Of course, not every prospect is right for your practice, and an additional advantage of a verbal benefits statement is that it can help you distinguish the qualified from unqualified.

For example, one advisor I work with specializes in restricted stock. He was attending a high-level event with his wife and wanted to prospect without seeming aggressive. After some thought, we came up with a plan. When people asked him "What do you do?" he answered, "I help successful entrepreneurs reposition their assets without incurring fines or hassles from the SEC." It was a bit long, but positioned him perfectly.

When the advisor returned from the event he said, "Most people shook their heads and said, 'That sounds confusing.'" However one man said, "Oh, you mean like restricted stock?" Bingo. The advisor immediately knew he had a qualified prospect.

What kind of self-description should you provide if someone asks? If you're talking with someone who has a rollover but is still in the workforce, you might say something like, "I help working people make smart decisions about their money so they can make work optional." According to my research, almost 90% of all employed people would like to quit, so this can be pretty compelling.

Positioning is an evolutionary process. It comes from a lot of soul searching and interviews with your existing clients as well as discussions with other advisors. But the benefits are many. Not only does a great verbal benefits statement help you attract more ideal clients, but it gives you and your company clarity about what you're up to. Sometimes a verbal benefits statement can become a self-fulfilling prophecy.

Writing an Effective Verbal Benefits Statement
So how do you get started? First, write out the results that people achieve by using your product or service. Don't focus on the product of service itself; just tell them how they will benefit. Think in terms of your clients' needs, wants and desires. What do they want that you provide the solution to? Write down twenty results. Then write the following statement and fill in the blanks with some of the different options:

"I am kind of a financial navigator, I help ------ (successful, retired) people make smart choices about their money so they can ------ (have more fun, play more golf, spend more time with their family.

When you narrow it down to a few, run them by your favorite clients and watch and listen to how they respond. If falls flat, you'll know. When you start hearing "oohs" and "ahs," you know you've found it.

Sample Verbal Benefits Statements
Here are some other sample verbal benefits statements to get you started:

"I help business owners make smart choices about their retirement plans so they can minimize administrative and regulatory headaches."
"I help affluent dentists become wealthy dentists."
"I help investors achieve peace of mind and avoid costly mistakes with their money."

Guidelines to an Effective Verbal Benefits Statement
Here are some guidelines for creating an effective verbal benefits statement:

Offer a strong promise of benefits to your targeted prospects,
Differentiate you and your company from your competition,
Relate to something already in your prospects' and clients' minds,
Solve a problem for them,
Be short, simple and concise,
Be believable and intriguing.

If you can develop a verbal benefits statement that meets all six of these criteria and is well-received by your favorite clients, you'll be well prepared the next time someone asks, "What do you do?"

This article is excerpted from Moeller’s Effort-Less Marketing book. Steve Moeller is one of North America’s foremost experts on marketing financial services to the wealthy. Over the last decade, Steve has studied and researched the best strategies for building a super profitable financial services business. He is a highly sought-after financial services industry speaker and management consultant. He is the author of Effort-Less Marketing and other learning tools and coaching programs. To find out more about his coaching programs, learning tools or to find out how to hire Steve to speak at your meetings, call 800-678-1701 or e-mail bizviz@businessvisions.com. For a free subscription to Steve Moeller’s Client-Centered Advisor e-mail editor@businessvisions.com.

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