Assumptions are marvelous things. They help us to filter immense amounts of data and to make faster decisions. They are marvelous, that is, unless they are wrong. And when it comes to the assumptions we make about the things our clients value we may, in fact, be very wrong….or not. The reality is most of us simply aren’t sure. I’ll start with my own assumption. The way you articulate your value is a direct reflection of what you believe your clients value. Fair enough? Recently I had an opportunity to put that assumption to the test and review the details of about 30 different businesses, all of whom had achieved very significant success. As I read through the details of their strategic visions, I was struck by something a little disturbing. With my client hat firmly on my head, I realized that, based on how these wonderful firms described what they do, I could not tell them apart. The descriptions of value that I read fell short on two points:

• The way value was described sounded eerily similar from one firm to the next
• That value seemed to focus more on the firm than being articulated through the eyes of the client

What If Clients Defined Your Value?

It got me wondering. What would value sound like if it was articulated by clients? Would we hear anything about cutting edge product, gold standard service or leading financial services companies? It put me in mind of another scenario which is far more personal (if you’ll indulge me for a moment). About four years ago I went through something that, statistically, many of the readers of this post will have experienced; I was diagnosed with thyroid cancer. (That isn’t the story, but just to fast forward, everything is absolutely fine.) If we go back 20 years, as I was setting up my first business, I sat with my insurance advisor and she told me some stories about the impact of illness on families in which the person afflicted was the primary breadwinner. That day she insured me fairly substantially and I was able to take advantage of that, many years later. So if you ask me about the value that individual delivered, I won’t talk about service or product. I will tell you that she helped me to take some time off and hang out with my (then) two year old, she eliminated the financial concern so we could focus on getting well and the things that matter most. That is the value she delivered and I think that stacks up well against someone offering gold standard service. All of this leads us to one of two conclusions:

1. We don’t try to reflect what clients value when we communicate what we do, or
2. We don’t fully understand what clients value

The former seems illogical, so I’m going with the latter.  More importantly, this is something we can fix with some creative questioning.

Ask the right questions and your clients will raise their hands and tell you what they really value. It’s that simple.

Why does it matter?

The way we understand, articulate and broadcast our value matters because today the industry is focused on touting traditional metrics that don’t set you apart. Our investor data is very clear; if you have achieved high levels of satisfaction, loyalty and trust it makes you precisely as good as everyone else. Telling your clients, or prospective clients, about your success in these areas may be validating but it won’t set you apart. Instead, I would suggest that in order to set yourself apart you need to: communicate value based on what clients value the most and build a business (your offer, your communications) around those things. So, let’s get tactical and look at exactly how we can uncover what blow our clients’ socks off and translate that into a differentiated message to the world.

2 Ways to Uncover What Clients Value

1. Invite clients to help you define great.

In order to define value, we need a deep understanding of what defines a great client experience. I would go further and say we need to understand what defines a great experience by looking beyond the walls of our industry and we need to invite clients to participate in that definition.

‍Take action: Consider asking 2-3 clients if you can add 15 minutes to your review meeting. Ask those clients the following question:

Can you tell me about your greatest client experience?

The only caveat is that they cannot say that experience is with you. Once you have nailed down the experience, start peeling back the onion to understand why. You might ask:

• Why did you think of that experience?
• How did it make you feel?
• How did you hear about the firm?
• What happened when you contacted them the first time?
• What happened during the process of using the product/service?
• What happened after (or on an on-going basis)?
• What words would you use to describe this firm?
• What were the primary touch points?

By the end of the conversation you will have a clear understanding of what drives real value and about the elements of an experience that clients really remember. Then ask yourself if or how you can match those elements of the relationship, in your own way?

2. Understand how client perceive your value

When clients talk about the value you provide they may be describing it in completely different terms than you do yourself or than a prospect might see on your website. Ask the right questions, however, and you’ll hear the words that clients use to describe the impact you have had. That is your value.

‍Take Action: Consider conducting 2-3 client interviews that focus on your business. Rather than asking about how you can improve, get creative in the questions. Ask questions that will uncover how they see the work that you do and the impact you have. You might ask:

• Why did you select me as your financial advisor?
• If someone asked you to describe how we had helped you, what would you say?
• How do you think the work we have done together will impact your financial future? What will be different?
• What was the trigger that made you decide to get financial advice/change advisors? Was there a problem you wanted to solve?

Good Questions Don’t Make Up for Lack of Action

It’s worth noting that if you do nothing with the information you gather, you will not only limit your success, but you may demonstrate that you haven’t listened. Consider the following as you think about how you can use the information.

1. Define or assess your existing client journey relative to the feedback you received from clients. Does it reflect what is most important?
2. Audit your website and other communications. Do they use the words your clients used? Do they focus on problem solving through the eyes of the client?

In a recent blog post, Marion Asnes said it well. “The thing is, listening to clients is just the beginning. Clients and prospects expect it—that’s why they’re talking to you, she said. “It’s what advisors do with what they hear that counts, and that’s where the true value proposition lies.”

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Thanks for stopping by,

Julie