One of the hardest things for many advisory firms to accomplish is finding a way to differentiate themselves from their competition. For some, being different can happen naturally. One way is to have a specialty area that is unique to you. This might be a niche audience like business owners or airline pilots. These clients are also great sources for referrals. If you are lucky enough to have an ideal client that is unique to you, it’s important to reflect that in your marketing and branding on all channels.
“Marketing” is what you say, “branding” is what they hear.
For most advisors, their top clients work with them because they connect in some way. It’s not because of your “custom, client-centric, planning first” messaging. Everybody says that. Apple’s “Think Different” campaign, paying homage to “The Crazy Ones,” is a great example of using branding to differentiate themselves and build customer loyalty. You’ll notice that there is no mention of products in this ad, the focus is on the inferred brilliance of their unique customers.
So how can advisory firms leverage their unique value proposition to stop being viewed as only a commodity and start being viewed as a unique brand?
What is your “whitespace?”
To develop your unique value proposition, you need to identify your “whitespace.” Whitespace refers to a business process to uncover new opportunities in a crowded playing field. For example, a lot of advisor messaging focuses on high-net-worth individuals or baby boomers at or near retirement. These are not effective whitespaces because they’re too general. Better examples might be women entrepreneurs, LGBT families or retirees starting a small business.
Make your clients the focus of your brand messaging.
Once your whitespace is identified, focus your brand messaging on your clients. Instead of saying “we are fiduciaries creating customized financial plans,” you might say “we help business owners like you become work optional.” Now you are speaking to your audience instead of at them.
At Quantum, we help you identify and develop your whitespace then align your marketing and branding to help engage and attract that strategic audience segment to grow your business. To start a conversation about your brand, reach out to your Quantum consultant at 800.440.1088.
Matthew has extensive experience working various roles in the marketing, media and design space. From web development and graphic design, to email design and strategic marketing, Matthew’s knowledge elevates the sophisticated offerings of Quantum’s creative team. Read More