Your Value Proposition
A key success factor for any business is to understand what makes you stand out from the crowd. What makes you different to other brokers? What is unique about what you do? How do you justify your fees?
Why use a value proposition?
A value proposition tells customers the main benefit of using your business over a competitor. It is a promise of value to be delivered and a belief from the customer that value will be experienced.
A well-developed value proposition will be focused and true to your business and what you can realistically stand over and deliver.
Often businesses find it hard to define themselves or outline what they specialise in. Frequently when asked what they do, advisers reply: “I’m a financial adviser.” But what does this really mean to a customer?
Your value proposition needs to be relevant to, and appeal to your chosen market segments. You want your target customers to think, “That’s what I’m looking for!” It needs to engage them and show them the value of working with you instead of any other adviser
At StepChange, we place enormous store on helping you gain this all-important picture of your business within your operating environment. We understand that you are not just product sellers but financial professionals that provide valuable benefits to customers. But do your customers realise this?
Once we help you understand what your value proposition is, we then help you to articulate and communicate how you specifically add value to your customers. We help you to communicate to your customers your professionalism and why you are the right financial adviser for them.
We recently wrote a guide for the Professional Insurance Brokers Association (PIBA) on “A Guide to Developing Business Strategy for Financial Brokers” , which includes a significant focus on developing your value proposition. A copy of this guide can be found here.