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06/12/2011
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Session three:How to create a succinct & compelling value proposition to grow your business & increase
recurring revenue
Abbie Tanner
A Business Innovation
IFP BEST PRACTICE WORKSHOP
A VALUE PROPOSITION THAT PAYS
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SEND YOUR
NEGATIVETHOUGHTSTHOUGHTS
PACKING• “I’ve heard this before”
• “That won’t work in my business”
• “I don’t have enough time”
• “I’m not creative”
ARE YOU A FARMER?
OR DO YOU EAT WHAT YOU KILL?
POSITIONING YOUR BUSINESS IN A POST RDR WORLD
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“The management process responsible for identifying, anticipating and satisfying
customer requirements.profitably.”
Selling concerns itself with the tricks“Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly
“p g g y
integrated effort to discover, create, arouse, and satisfy customer needs.
Theodore C. LevittProfessor of Marketing, Harvard Business School ”
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PEOPLE DON’T PLAN TO FAIL, THEY FAIL TO PLAN
“Developing a value proposition is based on a review and analysis of the benefits, costs and value that an organisation can deliver to its customers, prospective customers, and other constituent groups within and outside the organisation.”
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“Developing your value proposition is based on a reviewand analysis of the benefits, costs and value that your business can deliver to clients, prospects and professional introducers. It’s also a tool that will help to you attract, engage and retain quality employees.”
Segment Segment your Clients
Work with Professional
The Marketing Innovation Engine™
your Clients your Clients & Services
Business & Marketing Planning
Establish Establish an Online Presence
on an Communicate
on an Ongoing Basis
Host Events Host Events for Clients & Partners
Professional Connections
CLIENT VALUECLIENT VALUEPROPOSITIONPROPOSITION
Use Client Stories &
Testimonials
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Segment Segment your Clients
Work with Professional
The Marketing Innovation Engine™
your Clients your Clients & Services
Business & Marketing Planning
Establish Establish an Online Presence
on an Communicate
on an Ongoing Basis
Host Events Host Events for Clients & Partners
Professional Connections
CLIENT VALUECLIENT VALUEPROPOSITIONPROPOSITION
Use Client Stories &
Testimonials
WHY SHOULD I PAY
WHY SHOULD I
FOR YOUR ADVICE?
WHY SHOULD I
REFER MY CLIENTS?
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WHY DO YOU NEED A VALUE PROPOSITION?
• Staff are engaged and delivering a consistent message. It raises the professionalism of your firm and helps to build your brand.
• Clients know exactly what they’re getting in terms of value, benefits and costs. They understand your business and service offering, making them more likely to refer.
• Professional connections immediately see the benefits of working in partnership with you to deliver integrated advice to their clients.
• Revenue is more predictable, your business is more profitableand ultimately more saleable.
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GET YOUR BAGS IN20 MINUTES GUARANTEED($20 IF YOU HAVE TO WAIT)
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FRIENDLINESSCLEANLINESSCLEANLINESSCONSISTENCYCONVENIENCE.
THE EXPERIENCE OF DRINKING COFFEE IN A STARBUCKS STORE
NOT ABOUT COFFEE
A STARBUCKS STORE
Atmosphere
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RE‐LAUNCHING YOURVALUE PROPOSITION(LESSONS FROM STARBUCKS):
R d i d• Re‐design your core product • Re‐connect with customers• Continue innovating• Admit mistakes and move on• Small touches make a difference
THE VALUE COMPASS
x
DELIVERINGVALUE
VALUE
Exceeding Value
Not Delivering on Value
x
Source: NABO
PRICE
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WHO YOU ARE
WHAT MAKES YOUWHAT MAKES YOU DIFFERENT?
WHY SHOULD I CARE?
EXAMPLE: PFC THAMES VALLEY
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EXAMPLE: FORTITUDE FINANCIAL PLANNING
EXAMPLE: CLARKSON WAYMAN BALL
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EXAMPLE: CLARKSON WAYMAN BALL
ACTIVE IN THE COMMUNITY
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CASE STUDIES & TESTIMONIALS
TEAM BASED APPROACH
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HOMEPAGE FEED
Since launching our new value proposition we haven’t been able to
h b i f h!“ process the business fast enough! Every client we’ve presented our new offering to has subscribed to one of our new service categories. ”
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WRITING YOUR VALUE PROPOSITION
A value proposition should be around 10 to 15 words in length and feature as many adjectives as possible.
Your value proposition needs to:Your value proposition needs to:
• Focus on what the client or professional connection will get (i.e. the outcome)
• Use colourful words to grab attention and achieve ‘verbal opt‐in’
• Show that you understand the needs of your target audienceaudience
• Become the core of your business, reflected in EVERYTHING you do
FOCUS ON PROCESS NOT OUTCOMES
Research indicates that many firms (93%) make this mistake.
“We provide financial consultancy services”
“Our risk assessment enables us to evaluate your attitude towards risk”
“We analyse your issues in a discovery meeting”
“We use a six step advice process”
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VALUE PROPOSITION EXAMPLES
• A poor value proposition:“We help clients plan for their retirement”
• A good value proposition:g p p“We use a proven five step process to help clients achieve their retirement lifestyle goals”
• A great value proposition:“We put you in control of your financial future. Over the last ten years, on average, 30‐60% of our clients retired earlier than they ever thought possible.”
TIME TO GET CREATIVE!!(WRITE YOUR ‘DRAFT’ VALUE PROPOSITION)
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CREATE YOUR ‘IDEAL CLIENT’ AVATAR
Image courtesy of imdb.com
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WHAT KEEPS THEM AWAKE AT NIGHT?
WHAT ARE THEY PASSIONATE ABOUT?
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SPEAK IN A LANGUAGE THEY UNDERSTAND
HANG OUT IN THE PLACES THEY ENJOY
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GET SOCIAL (USE SOCIAL MEDIA)
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IMMERSE YOURSELF IN THEIR WORLD
Insert BA image
PLACEMENT IS IMPORTANT
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• It’s not all about you• Or your investment proposition (although it is a key
component)• Get feedback from your clients• Systematise your business and processes
VALUE PROPOSITION TIPS
Systematise your business and processes• Make sure you can deliver on all promises• Get your staff on board (at all levels)• Have a launch event with clients• Undertake a Client Experience Audit• Set‐up a Client Advisory Panel• Consistently reflect your value proposition in
everything you do, everything you are and every client interaction.
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BE CONSISTENT
CREATE A HOLDING PAGE
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EXAMPLE: CLARKSON WAYMAN BALL
The feedback from the launch of our new website has been extremely positive. The site is now our most important business development tool. It
“provides us with the confidence to be able to refer people to the site.
Another added benefit was the increase in client engagement during the development phase. Our clients thoroughly enjoyed helping us to create case studies. Those that elected not to participate now regret it
”participate now regret it.
”
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THE FARMERS WILL SURVIVE
AND THRIVE
WILL YOU?
Segment Segment your Clients
Work with Professional
The Marketing Innovation Engine™
your Clients your Clients & Services
Business & Marketing Planning
Establish Establish an Online Presence
on an Communicate
on an Ongoing Basis
Host Events Host Events for Clients & Partners
Professional Connections
CLIENT VALUECLIENT VALUEPROPOSITIONPROPOSITION
Use Client Stories &
Testimonials
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www.abusinessinnovation.com
Online VIDEO
FREE WhitepaperFREE Whitepaper
BUSINESS INNOVATION ACADEMY VALUE PROPOSITION WORKSHOP: London, 2 & 3 February 2012
IN THIS TWO DAY SESSION YOU WILL LEARN:
• HOW to create your value proposition using a proven step‐by‐step process (including a workbook with examples)
• HOW to package and present your value proposition to different audiences (clients prospects professional connections)(clients, prospects, professional connections)
• HOW to create a workable action plan for launching your value proposition• HOW to avoid the 9 common value proposition mistakes• HOW successful planners have used their value proposition to transform their
business (using success stories and case studies)• HOW to use your value proposition to evolve your service offering and generate
more revenue• HOW one planner trebled his minimum case size within 12 months• AND BENEFIT from round‐table discussions and idea generation
Value Proposition (3 Days Consultancy): £3,900+VATValue Proposition (3 Days Consultancy): £3,900+VAT
2 Day Workshop: £498+VAT
IFP Discount (first 2 places): £398+VAT
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I found the Business Innovation Academy workshop extremely beneficial. It’s great to find someone who knows our business and can relate to the issues we face. Well worth attending!Brendan Reade, Signature Finance, Dublin
“”
I came away from the workshop with so many ideas on how to raise my company profile. I am very excited at the prospect of putting it
“ I came away from the workshop with so many ideas on how to raise my company profile. I am very excited at the prospect of putting it
“What a great couple of days. The presentation was excellent and has really helped me to understand the message
“all together. Well done Abbie!Sue Button, Chartwell Associates, Surrey ”excited at the prospect of putting it all together. Well done Abbie!Sue Button, Chartwell Associates, Surrey ”
understand the messageI need to give to my existing and new clients. Thanks Abbie. Giles Warren, Giles Warren Financial, Windsor ”
