In case you missed my last post: The 5 KPIs I track for my work and life. Considering I have an MBA with a concentration in Finance, a CPA license, and a CVA designation, I have never felt like I was much of a numbers guy. But when it comes to my valuation practice, my coaching business, AND my quality of life, I do believe in monitoring numbers that matter. So I track five KPIs on a monthly basis that tell me how these things are going.
On to this week: Many BVFLS practitioners are pulled in many directions. Because they say they provide so many services—offering so many benefits and solving so many problems—they end up juggling too many promises. The most successful practitioners are not jugglers. They are focused on keeping one strong over-arching promise. What’s yours?
Your marketing—i.e., the activity that creates awareness—should reflect your laser focus on that over-arching promise. You do that by being clear on the one thing you do best … the one problem you solve and, the one promise you make, regardless of how many services you offer.
When offering too many services holds us back
A coaching client was having trouble explaining to her leads and prospects the various valuation services she offered (and implying she was an expert in all of them). She wasn’t landing clients.
She asked me: How specific do I need to be in articulating the services I offer, the problems I solve, and the promises I make?
If you offer multiple services, that can help you create features- and benefits-driven content, which allows you to spread your net wide and address the problems of a diverse audience. This will create visibility and credibility and steer opportunities your way. This is marketing.
But when it comes to interacting 1:1 with a prospect, you need to distill it down a bit. You don’t want to overwhelm that person by communicating all of the services you offer when s/he only needs one specific service to solve one specific problem. This is selling.
Identify your umbrella promise
One way to get around all of the potential confusion is to identify your “umbrella” promise, i.e., that one over-arching promise that covers all of your services. I admit I have an easier time of this than most practitioners because I am pretty niched.
For example, the promise I make in my valuation practice is to help individuals, businesses, and attorneys determine or resolve questions of value. I do this by solving the problem of estimating the fair market value of a business or interest for tax purposes for manufacturers and distributors.
In my coaching program, the promise I make is to help BVFLS practitioners get more time/money/freedom from the work they are already doing. The problem I solve is that I work with BVFLS practitioners who want to grow faster and smarter.
In both cases, I have established my ideal client/target market … the specific problem I solve … and the umbrella promise I make.
The benefit of a specific promise
One clear and simple promise allows you to market your services in a way that is relevant to more of your target markets. By describing your umbrella promise in succinct terms, you are able to appeal to a larger market.
Then, when you connect with a prospect, you ask questions that help you get more specific about their unique problem. You will then understand which stream of a general problem they are swimming in. Then, you can unpack your promise and create a specific solution for them.
And once you start selling a solution based on the prospect’s specific problem, there’s no need to mention all the other services you offer and the problems you solve.
PS – Whenever you are ready, here are 4 ways I can help you build/grow your BVFLS practice:
1. Join Practice Development ROUNDTABLE
It’s a new Facebook community for BVFLS professionals who are collaborating on how to turn the practices they have into the practices they want.
2. Download this Find Your Niche infographic
The riches are in the niches, as they say. But what’s missing is a process that can help you identify your niche. This infographic is the missing process.
3. Take a free Practice Self-Assessment
I have 10 quick questions, and your answers will help you get a sense of how well your practice is working for you.