Creating a Unique Selling Proposition & Value Proposition for Financial Industry Professionals
In the financial industry, standing out above the crowd is difficult. The products you offer are similar to those your competitors provide, and guidelines dictate certain compliance processes that make the client experience feel similar across all providers.
Your competitors offer very similar products to yours. Sure, you can have a slightly better rate, promote a group of funds the local competition doesn’t offer, or have other slightly different product features – but really, in the end, what you have to give is quite similar to what your competitors offer.
If you sell clients based on a product’s features, you will lose out in most cases to those financial industry professionals who have a Unique Selling Proposition (USP) that differentiates them from the herd.
Guidelines for Financial Industry USP
What is your USP? If you answered, “Logo, color scheme, and/or products,” you are losing business.
For those in the financial industry to stand out, their USP should be an accumulation of the organization’s purpose, values, and personality.
Consumers are smart. Gaining trust takes more than just writing marketing materials or website content. Trust is built when clients see your USP reflected in every interaction, highlighting a recurring theme of how you manage your company.
How does Your USP Compare with Your Human & FinTech Competitors?
Although competition in each community is different, most local financial industry professionals lack a thoughtful USP. That means developing one can give you an advantage and help you earn more business.
While your local providers may lack funds and knowledge about how to develop a clear USP that attracts their desired target market, your FinTech competitors have deep pockets and a well-thought-out USP. There is a growing list of apps, robo advisors, AIs, and other technology luring your potential clients away from you.
How Do You Stand Out?
Identify your strengths that can contribute to an authentic USP. Do you have a great client management team that helps people feel supported? Do you have decades of experience through a variety of market conditions? Do you pride yourself on taking the time to educate clients so they gain valuable knowledge? These examples represent good USP.
While your competitors are talking about their fees, rates, and terms, you can focus the conversation on your USP. Then, for those clients looking for a financial service provider with your strengths – you will be a standout.
Basic Professional Standards of all Financial Industry Professionals (Not USPs)
There are certain base-level traits and qualities potential clients look for when choosing a financial industry professional. For example, Michael Kitces of Kitces.com points to 6 essential qualities: organization, accountability, objectivity, proactivity, education, and partnership. These are important qualities that people expect, and it is your professional duty to approach clients from that standpoint.
In today’s crowded marketplace, it takes more than just adhering to these common standards to stand out. Every professional should meet these entry-level expectations. Those providers who rely upon them as their USP will fail to stand out.
To Create a USP that Differentiates You from Your Competitors – Add Social Impact to Your Brand
Social impact campaigns and Corporate Social Responsibility (CSR) programs have seen massive growth over the last few decades – from $120 million in 1990 to $20 billion in 2018.
Why this large shift to CSR? To align with the shift in American values. Americans are the most giving in the world for the last 10 years and want to align themselves with socially responsible companies. That means having social impact creates a USP that stands out and drives clients:
Leveraging Localized Social Impact Financial Wellness Campaigns to Create Powerful USP
Although large national companies have caught on that leveraging financial wellness social impact campaigns helps acquire and retain clients, few local and regional groups have executed this type of campaign into their USP because of the cost, time, and personnel needed to do so.
Because of the challenges and capital required to integrate financial wellness CSR into a brand, taking advantage of this opportunity represents an excellent way to stand out. These campaigns are especially effective for people looking to build a dominant brand in their local communities.
