Formulas for Success: What do you know? As competition heats up for new business, how do you see the future? On a recent trip to Dubai to visit Pershing customers, I took the time to explore the souks in search of gifts to take home. In the middle of specialized bazaars for gold, spices and perfumes, vendors hawked including pashmina, carpets, and silver. Three things I noticed when I stopped at every little shop: How much did each store looked like the others, how long they were willing to negotiate the price, how likely their products position themselves as superior, without any control of the claim . Many financial professionals do the same. As a counselor I wrote, “It is clear that the use of Global Asset management fee or price is not unique, nor the band council can say some variation of this. Even the benefit of the trustee may be removed by Congress. What can we do to our company apart from the rest of the market? “confused confused MessagesClearly financial services organizations challenges to strike a position that sounds very different to potential customers. Take a look at the public position of some examples at the beginning of March 2010. The website of Charles Schwab & Co. tells people to get advice, Schwab as a “disciplined approach based on facts, proven investment process principles, tailored to your situation and goals, advice on the premium at no extra cost.” Merrill Lynch, the largest brokerage firm in the traditional exchange says customers have the financial advisers as a result of a “one-to-one relationships rely on trust, financial advice tailored to your needs, research-class world of ideas and resources Bank of America and Merrill Lynch. “One of the major banks, JPMorgan Chase, said:” JP Morgan offers investors and the family of an active and world-class platform for wealth management business through our Private Banking, Private Wealth Management and Asset Management teams … We promote long-term customer relationships by delivering customized solutions designed for individual investors and families to help their financial goals. “from the websites of some of the country’s largest independent RIA, the language is something like this: “Everything we do is driven by our clients’ financial objectives. We provide strategies, personal wealth and investment management programs tailored to the individual objectives of each client.” We can continue the comparison by looking at the fund companies , mutual insurance companies with financial planning, trust companies and virtually all independent financial advisory business services. Using a broker EyeDiscount Gimlet, representatives of warehouses, banks and independent advisers have different ways to capture economic benefit for themselves while taking advantage of their unique advantages. Single price per transaction and other charges on, but outside that, we need to analyze their e-mail with a critical eye. Schwab intricacies of the opinion that the emphasis on low prices, breadth of services offered by JP Morgan and Merrill Lynch research and understanding. Even as an independent consultant is looking to appear more tailored and individualized, the same message others sensitive to the objectives of each client, using proven and disciplined approach, with relevant experience and close everything. So what do you really know? differentiate experience credentials, ethics and discipline is true, or only one threshold in the business of financial advice? Some independent consultants are probably reading this beginning to feel their blood pressure growing on the above equations, but the point is that the message is vague. The language used on websites is repeated in the collateral materials and in conversations with prospects. prospects and customers find it difficult to discern a difference. In an attempt to appeal to new customers, all consulting firms must answer three fundamental questions: What are you doing? Who do you serve? What makes you single? No adverse differentiation, but not condescending. It is common practice in advising companies to characterize their rivals as less competent, less restrictive, and does not work in the best interest of the client. If bazaar merchants used this tactic with me, I began to wonder whether anyone in the whole bazaar was a credible source for the items I wanted. Despite their attempts to position themselves as superior, it only decreased perception by giving me a discount to a transaction off before even a strong interest in their product! This does not mean that comparisons with others in your industry are not appropriate. If you demonstrate qualities such as stability in retaining customers and staff, the history of our company, performance, satisfaction and other indicators of superiority, then by all means do. But the comparisons should be reflected in the profit or benefit to the customer, not only as a way to destroy your opponent. As advisers say that their credentials, methodology and ethics are superior to all others without validation or authentication, customers are wondering who they trust. A very common response when asked advisers for their competition, I did not. “Apart from stretching credulity, this position also shows a lack of awareness of the total market for asset management, financial planning or risk management solutions. If there is a credible, ethical and talented consultant for the entire market, so why not a doctor all customers? Companies that focus on the fact that their competitors not to compel prospects to do business with them do. Your position should not be what you are not, but who you are and why it is a benefit for the customer . The challenge is how to create your own brand to increase without cutting someone else? If you “go negative”, how to think about your ethics and professionalism and how he will prove you really are superior? A the key strategic differentiator and strategic DifferentiatorYour is not just marketing. So what do you single? your business decisions through a consistent customer experience from the moment a prospect is identified for delivery of your recommendations and implementation of individual plans . Different types of customers with different needs and backgrounds you value in very different ways. For example, trustees of a 401 (k) plans have different expectations of a retired high net worth in terms of the value of how you relate and respond. Winners lottery for the planning and investment than those of entrepreneurs. Widows and divorced women have a totally different perspective than that of a young worker of high technology. It is clear that our communities are filled with possibilities that the proper positioning of your company is not always easy. You can not connect directly to each segment when your language is generic. To be effective in creating a strategic differentiator, the market must eventually recognize something. That something could be low cost to your company, or a consultant with expertise in a niche, or technical superiority in areas such as long-term care, concentrated positions, or retirement planning. You can be regarded as an innovator or the best team of trained professionals and skilled in your market. Ask your current Customers: If your company and one of their friends or in a center influence describe how they go beyond the fact that you are trustworthy? Think about the best way for your customer, not to define in terms of net worth of assets or investment universe, but in terms of characteristics such as life cycle stage, location, personal interests, profession, will bring together key psychology and behavior. Then a message of differentiation that allows them to believe that your business advice they build.