What's My Value Proposition
- 1. What’s My Value Proposition? MLC Business Consulting
- 2. Today’s Session • What is a client value proposition? • Developing your client value proposition • Delivering value to your clients 2
- 3. Do you feel you could confidently tell the person next to you the value you provide to clients in a clear and concise way that represents your offer accurately? 3
- 4. Today’s Session • What is a client value proposition? • Developing your client value proposition • Delivering value to your clients 4
- 5. Client Value Proposition CVP Clear articulation of value Delivery of outcomes Outcomes the client experiences Service, image & relationships when dealing with your business that determine value 5
- 6. Future of Advice Importance of CVP • Removal of commissions, volume based payments and % based fees on geared investments • Statutory fiduciary duty for financial advisers requiring them to act in the best interests of their clients • Flexible payment options with a requirement for clients to agree to the fees and annually renew (by opting in) to continued services 6
- 7. Today’s Session • What is a client value proposition? • Developing your client value proposition • Delivering value to your clients 7
- 8. Your Value Story • Framework for client Clear articulation of value conversations • “What’s in it for me?” message • What your referrers say Outcomes the client experiences • Converts prospects to clients when dealing with your business • Reason that clients pay you • Reason that clients stay with you 8
- 9. The Business Operating Model Vision & Strategy Target Clients Client Value Business Business Advice and Service Development Operations Process People & HR Suppliers & Partners 9
- 10. What makes your business unique? Getting started • Yourself • Existing clients • Your team • Market research 10
- 11. Value is in the eye of the beholder Who is your target client? 11
- 12. People want to fulfil a dream & feel good 12
- 13. People want to fulfil a dream & feel good 13
- 14. or… solve a problem to remove an irritant 14
- 15. Intangibles outcomes are often the most powerful! Trust Understanding Control 15
- 16. Quick Exercise! Your Strengths Transfer Mechanism Typical Results Good Listener Coaching Trust & Rapport 16
- 17. Targeting a specific client group Example - Retirees Navigation during a key Retired watershed moment Professional and ethical guidance: • Education on living on capital Comfort, security, • Coaching and reassurance about market fluctuations = trust & peace of mind • Consistent cash flow to live how you want to live • Security of income for lifestyle 17
- 18. Client Value Map Example Value Service Image Relationship Holistic Advice Offer Genuine interest in our Partner approach • Clear picture of financial clients Maximise Trusted adviser future Professional opportunities Flexible depending on • Solve your specific problems Ethical client need • Risk strategies Knowledgeable Pro-active and focussed • Superannuation & retirement Caring on capitalising on Empowerment strategies opportunities • Investment strategies Pro-active Objectivity & guidance Service Partnership Approachable Experience & • Pro-active contact Experienced perspective Informed decisions • Education for positive $ behaviour Resourceful Focused on building the Objective future • Guidance at key moments • Navigation through change Comfort, security, • Reviews to stay on-track trust & peace of mind 18
- 19. Articulating your value Example “We provide pro-active advice to ensure that our clients make the most of their opportunities. Our team is committed to providing a level of service and education that empowers our clients to make informed decisions that build their future. We work with our clients to identify issues related to life style, personal circumstances and changing financial impacts to then take action in terms of positive changes to their financial context. Our clients want to make the most of their opportunities. The first step is to meet so that we can identify and understand personal circumstances so that we can present a number of options to help maximise opportunities, create peace of mind, solve specific issues or navigate through change.” 19
- 20. Today’s Session • What is a client value proposition? • Developing your client value proposition • Delivering value to your clients 20
- 21. Your Client Experience • Creating unshakable belief in your Delivery of outcomes value • What you do to deliver value • The way that you do it Service, image & relationships • How you engage your clients that determine value • Projecting your brand and image • Ensuring a consistent client experience 21
- 22. It’s the centre of everything you do Advice & Service Sales Delivery Service you deliver People & Client Culture Experience Image your portray Marketing Operations Relationships you hold Business Strategy 22
- 23. Planning Essentials Communication Design & Commitment & Delivery Validation Implementation 23
- 24. Key Messages • A CVP is all encompassing and highlights your point of differentiation • Clearly articulate your value by focussing on the outcome for the client – not what you do • Intangible outcomes are the most powerful influencers of purchasing decisions • Ensure delivery of outcomes and make the client experience the centre of everything you do • Plan, plan and plan again for implementation 24