Monday, September 2, 2013

Being Better is Overrated

Explaining your differences as ‘better’ than others seems logical. However, it’s not always effective. For instance, if someone asks you why s/he should do business with you as opposed to the firm across the street – you begin to give them the ‘betters.’ You may not say it by using the word ‘better,’ but it sounds like you will have:
  • Better communication
  • Better customer service
  • Better products

The problem with inferring ‘better’ is that the consumer doesn’t believe it. We don’t believe that something will actually be better! Imagine going to the grocery store and heading down the laundry detergent aisle. If you see a jug of Tide detergent with a big “NEW AND IMPROVED” on it – do you immediately buy it because you are sure that now, finally, your clothes will get cleaner? No, of course not! We don’t actually believe it will be that much better. And, it’s risky buying a different laundry detergent (certainly not as risky as switching financial advisors).

What we need is to be different. If we can, we need to share what is truly unique about what we do – not compare ourselves to others. So, what is unique about you? I would say there is one thing unique about your firm and it’s the people inside. These people can’t be found somewhere else. And, 80 percent of the reason someone chooses your firm is because of you – not your products. In fact, they may not even know specifically which products they want until long after they say yes to doing business with you. Are you talking about what’s most unique about your firm?