Client value proposition

10 November 2010

It's essential to have a strong client value proposition (CVP). A clear CVP helps you break through the clutter and sets you apart from your competitors.
With the profusion of financial advice information available in the marketplace, it pays to ensure that your CVP is strong enough to help you cut through the clutter and be heard.   To maximise the effectiveness of your message, make sure your CVP is clear, compelling and has cut-through for your target market.  

What makes a good CVP?

Your CVP should be a succinct statement that captures attention, communicating why your ideal client is attracted to you and what you offer.  It is more than a list of your products and services.  It goes to the heart of what is really important and valuable in the relationship with your client.

Ideally every practice should have its own CVP, crafted uniquely to reflect its clients' needs.  The box below provides a few examples to give you the idea of what a CVP might include, but it is essential that you develop your own.

So how do you go about ensuring that your CVP is up to scratch?

A good starting point is to gather your team to brainstorm your business' key differentiators and areas of expertise, using a structured process to drive the discussions and allow their creativity to flow.  When we work with financial planning firms to help define their CVP we take them through these steps:

  • understand exactly what a CVP is and what it is not
  • identify the ideal target client and what they really want
  • identify what the firm does for clients and what's important to them
  • get to the heart of what's special about the offering, and
  • craft a sentence or two which clearly captures this.

We always ask our clients to keep their initial draft for a few weeks and test it out with some established clients to get their feedback and input.  We then help them finalise the wording and identify how to apply it in their communications.

The benefit of having your team involved in the process is that they can often provide insights and creative ideas that may not have occurred to you.  For example, if you are planning digital marketing and targeting a younger market, your younger staff will often have fresh ideas.  Best of all, if they have been truly involved in the process of creating the CVP, they will be better equipped to implement it into the business and deliver it to your clients.

Examples of best-practice CVPs

  1. For young professionals who need to better utilise their income, we provide easy to understand strategies that will help you meet your stated goals.
  2. For business owners who want to be financially successful, we provide clear advice and plans for the future that provides you with clarity on where you are now and what you need to do to get where you want to be.
  3. For retirees, we assist people nearing retirement to have a comfortable lifestyle, by taking charge of the day to day worry of managing your finances, which allows you to enjoy the best time of your life.

Contact Macquarie Practice Consulting to find out what makes these examples 'best practice'.

About Macquarie Practice Consulting

Macquarie Practice Consulting works with financial planners to help increase the performance of their practice. Find out more

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