Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Advisors seek to be incomparable, or better than the competition. But this marketing tactic creates a neck-and-neck race that they can’t win. Instead of being incomparable, advisors should choose to be uncomparable.
You are certainly familiar with the commonly used word “incomparable.” Google’s dictionary defines it as “without an equal in quality or extent; matchless.”
But you are probably less familiar with the less commonly used word “uncomparable.” Though your spell check and popular dictionaries may fail to recognize the word, Vocabulary.com defines it as “such that comparison is impossible; unsuitable for comparison or lacking features that can be compared.”
What's the difference, and why is it important to you?
The difference will make or break your marketing strategy.
The easiest way to think about the difference between those two words is: “Two or more things that can’t be compared with each other are uncomparable. Something that is so good that it is beyond comparison is incomparable.” [The Grammarist]
This distinction is key as you think about the way you differentiate your business. Are you incomparable (the "best"), or are you uncomparable (so different no one can compare with you)?
Most financial advisors think they are incomparable… the best, or at least better than their competition. When I ask how their firm is different, I get the answer of how they are better than other advisors. It sounds something like, “We actually provide comprehensive financial planning,” or “We get to know our clients personally.”
That sounds great, but the "we do it better" marketing approach has problems.
A prospect can’t determine that you are better
Whether a prospective client decides to work with you or someone else, they lose any point of comparison. They can never feel absolutely certain that they have picked the "best" advisor.
You can’t maintain being better
Let’s say you are better than other advisors, maybe even the best. What will it take for the competition to surpass you? One additional service? One more meeting per year? Being the best becomes a neck-and-neck horse race. You are under the constant stress of needing to improve to stay ahead of the competition.
The movie Something About Mary demonstrated the exact problem with trying to be better. In this scene, Ted, played by Ben Stiller, picks up a hitchhiker, and they talk about the hitchhiker’s business idea:
Hitchhiker: You heard of this thing, the 8-Minute Abs?
Ted: Yeah, sure, 8-Minute Abs. Yeah, the exercise video.
Hitchhiker: Yeah, this is going to blow that right out of the water. Listen to this: 7 ... Minute ... Abs.
Ted: Right. Yes. OK, all right. I see where you’re going.
Hitchhiker: Think about it. You walk into a video store, you see 8-Minute Abs sittin’ there, there’s 7-Minute Abs right beside it. Which one are you gonna pick, man?
Ted: I would go for the 7.
Hitchhiker: Bingo, man, bingo. 7-Minute Abs. And we guarantee just as good a workout as the 8-minute folk.
Ted: You guarantee it? That’s – how do you do that?
Hitchhiker: If you’re not happy with the first 7 minutes, we’re gonna send you the extra minute free. You see? That’s it. That’s our motto. That’s where we’re comin’ from. That’s from “A” to “B.”
Ted: That’s right. That’s – that’s good. That’s good. Unless, of course, somebody comes up with 6-Minute Abs. Then you’re in trouble, huh?
When you compete on “better,” you are essentially 7-Minute Abs just waiting for 6-Minute Abs to be introduced to the market.
When you position yourself as better, you have decided to play your competitors’ game. You are saying, “We are just like them, only better (for now).”
No small business can expect to be better than everyone (i.e., the best). The better way to stand out is to be different. When you position yourself as unique, prospects can’t compare you to any other advisor. You claim leadership in your space because there is no one else to compare you to. In other words, you become uncomparable.
How do you become truly different from your competition? How do you become uncomparable?
You own a niche.
You become an expert in solving one problem for one type of client, and you build your business model to uniquely service the needs of those people.
You focus on developing and promoting your in-depth expertise with a narrow set of clients – an expertise that is not offered by other advisors. As a result, prospects seek you out because you specialize in solving problems for people just like them.
When given a choice between being incomparable and uncomparable, you want to be uncomparable. The first option keeps you in an endless race against the competition that you can never win. With the second option, you win because there's no one else to race against you. When it comes to marketing, be different. Be uncomparable.
Kristen Luke is the president of Kaleido Creative Studio, a marketing consulting firm that positions Registered Investment Advisors and their employees as experts in a niche, making them uncomparable to other advisors. Over the past 16 years, Kristen has consulted with hundreds of financial advisory firms and shared her marketing expertise via industry conferences and publications nationwide. This article is an excerpt from her upcoming book, due out in 2023.
Read more articles by Kristen Luke
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
