Would you like to increase client retention, improve your brand loyalty, and drive business growth for your fund administration service?
A compelling value proposition can make it happen.
It’s no secret that fund administration is a competitive field. Potential clients are looking for a host of qualities, including scalability, expertise, efficiency and transparency. And if they can’t get it from you, they can certainly get it from someone else.
A good value proposition answers the question “Why should a client choose us?” It sets your service apart from the competition and highlights the unique benefits your firm offers.
Here’s how to create a value proposition that will help you stand out in a crowd.
Understand Your Target Market
The first step to creating a fantastic value proposition is understanding the people you’re going to pitch it to. Fund administrators serve a wide range of clients, including (but definitely not limited to) hedge funds, private equity funds, investment funds and mutual funds. And each has its own set of challenges, needs and expectations.
For example, mutual funds may focus more on compliance and scalability, while hedge funds might prioritize agility and custom reporting.
The best way to get to know your target market is to talk to them. Engage in conversation with your current and potential clients to figure out exactly what they’re looking for. You should also do a deep dive into current industry trends to see what the competition is and (perhaps more importantly) is not doing.
Figure Out What Makes You Unique
Now that you understand your target audience, it’s time to identify what sets your firm apart. The more crowded the market, the harder that is.
Fund administrators can find a competitive edge with factors like technology, experience, pricing and the quality of their service.
Make a point to focus on things that are both relevant and unique. Have you developed any sort of proprietary technology? Is your team made up of seasoned professionals with decades worth of industry knowledge?
Anything that differentiates your firm from the competition is fair game as long as it aligns your unique strengths with the specific pain points of your target market.
Craft Your Value Proposition
Once you have a clear understanding of your target market as well as a firm grasp on what sets you apart from other fund administrators, it’s time to craft a clear, concise, and client-focused value proposition statement.
Most value propositions aren’t longer than a sentence or two, so it needs to be as specific and impactful as possible.
An example: “Specializing in investment funds, our firm delivers precise, innovative administration with advanced technology and expert compliance, allowing fund managers to focus on maximizing returns while we manage the complexities.”
Communicate Your Value Proposition
Crafting your value proposition is only half the battle. You still need to communicate it.
Highlight your value proposition statement everywhere possible, from your website to your social media profiles to your client presentations and pitch deck.
Consider creating blog posts, infographics, videos or webinars around your value proposition, effectively demonstrating that you can put your money where your mouth is.
When meeting with clients, make sure you’re tailoring your value proposition to the people in the room with you at that moment. Personalization matters more than you think! Demonstrating how your unique value directly addresses the client’s challenges will make your proposition more compelling.
What Value Does Your Firm Bring to the Table?
Fund administrators looking to stand out in a competitive market need a winning value proposition. By understanding your target market, knowing what makes your firm unique, and finding a way to consistently communicate it, you’re showing current and potential clients that you’re their best bet!
Do you need help crafting or communicating a value proposition that will get you plenty of attention? Let Mischa Communications prove our worth! It couldn’t be easier to get started.