Product “Storytelling:” A New Focus on Differentiation
Today’s competitive environment is defined by a mind-boggling array of products and services, and prospects and intermediaries who are on information overload and are themselves struggling to manage their workloads.
If you are trying to increase your firm’s sales in this environment, you will need what many firms have begun to create for themselves, a clear, compelling, competitive product “story.”
The purpose of your “story” is to set you apart from your competition, to enable you to get–and keep–the attention of your prospects and clients long after you’ve left the room. It’s also a great way to leverage voice and email, as each message and communication can become an opportunity to affirm your “story.”
Ideally, this will help everyone in your distribution “chain” retell your product story easily, allowing intermediaries to sell effectively, and investors to avoid the trap of focusing only on performance, rather than on your long term strategy.
Creating your product “story” requires understanding where you fit in your competitive landscape, getting a handle on the most important elements of your product, and combining these key pieces to create a unique selling story for your entire firm and client base to use.
Once you’ve developed your story, you’ll be able to incorporate it into all of your firm’s communications, including sales, marketing and client service. Training your staff to tell the story effectively is an excellent way to cement the effort you’ve made to clearly set your firm apart.