Three Steps to Build a Practice Less Ordinary
“Slavishly following conventional norms will often lead to disappointment.”- John Maynard Keynes
The ordinary is often an adversary when servicing clients. Building a clientele the way everyone else has can lead to uninspiring outcomes, and limit the growth of your practice. Cold calling, letter writing and hosting rubber chicken seminars are the conventional marketing mechanisms that don’t offer much of an opportunity to stand out. How are you gaining introductions?
Here are three steps that you could use to build a practice less ordinary:
Get Clarity on Your Why
What drives, motivates and supports your resiliency? A great and personal story about the “why” of your business is what moves people. Having a clear why can help distinguish your practice and ensure you stay focused on you and your team’s long-term goals.
One time, I asked an advisor why he got started in the business and he struggled. After a few moments, he began reminiscing story about working in his father’s flower business before deciding to become an advisor. He drew parallels to the lessons he learned from his father and how he has applied them to his business. He was actually moved to tears and realized that was the first time he ever thought of why he got into the business in the first place, and how that experience helped him serve his clients better. I would say that if he can get that story down (sans the tears) and relay that to every client/prospect that he is working with, it is far more powerful than the generic story about an advisor’s process that is told by everyone else.
Set a Unique Business Tranche
Out of the clarity from your why, your niche or unique business tranche (UBT) can be developed. Do you work closely with the teachers in your community and want to help them build a better future? Are you a proud and retired marine who loves working with those still in active service? Do you have a talent for facilitating intergenerational wealth conversations within your network?
I once coached an advisor that really aspired to grow his business with clients that have experienced a tragedy or traumatic event. Why? He felt compelled to help others that had experienced something traumatic, because he could identify with them after living the horror of almost losing his daughter in a plane crash, where fortunately she survived. His why and his passion allowed him to help others financially and emotionally.
Become a Subject Matter Expert
Becoming a subject matter expert in a defined area can further solidify your value with your clients. Plan on bringing customized, overwhelming value and delight to members of your tranche through your refined focus. Become recognized within your unique business tranche by:
- Researching websites, newsletters and other materials from industry experts to stay on top of current events, legislation, industry issues and concerns
- Develop opportunities to identify and meet UBT prospects within their preferred environment
- Show gratitude and exceed expectations with a personalized gift or action that is both unique and emotionally engaging
Overall, rather than doing more of the same, a distinctive approach to your marketing through a niche can lead to more personalized servicing and as a consequence, heightened satisfaction from your clients.
To start taking the road less traveled, visit our Janus Henderson Labs Professional Development Programs. Our resources include educational content, step-by-step planning tools, and one-on-one consulting from practice management specialists.
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