Why do owners put up businesses?

To generate profit?

To positively contribute to society?

To expand their network and connect with other leaders/experts in their niche/industry?

While all of these are true to some extent, the REAL purpose behind establishing a business is usually this:

To provide solutions to prospects and customers!

A brand’s solutions can be in the form of goods or services that help customers solve their problems or live their lives more conveniently and comfortably.

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However, with hundreds of thousands of businesses looking to improve anything and everything in the world today, it’s important that you have a unique offering or selling proposition that enables your brand (in this case, financial advisory practice) to stand out.

… but the challenge doesn’t end by simply having a unique selling proposition.

Remember: You’re not the only business in town. If you don’t do anything to let your target market know about your offerings, competitors might snatch them away.

So, the next thing you have to do is…

PROMOTE your offerings/solutions!

The first step to do that?

Identify your prospects’ PAIN POINTS.

Joanna Wiebe, copywriter and creator of CopyHackers, says pain points refer to the problems and inconveniences your target audience is experiencing as customers.

(While copywriting is traditionally seen as a marketing function, financial advisors must adopt a marketer’s mindset)

These problems usually happen on a regular basis and in different scenarios.

There are 4 main types of customer pain points:

• Financial Pain Points – These are the difficulties related to money and other financial transactions.
• Process Pain Points – These are the problems that affect various processes, operations, or functions in different places such as work, school, etc.
• Productivity Pain Points – These are the issues that negatively affect a person or company’s ability to perform effectively and efficiently.
• Support Pain Points – These refer to poor services that fail to assist consumers and companies during inquiries and purchases.

As a financial advisor or anyone providing financial expertise or services to clients, it’s important that you identify and address your prospects’ pain points to turn them into clients.

Keeping this idea in mind in every single piece of interaction you have with them serves as the stepping stone that will enable you to convince your prospects to sign on as your clients.

What Should You Keep in Mind When Addressing Pain Points?

Problems require effective solutions that persuade consumers to choose a certain offering or service. In other words, the right copy can help them make the right decision.

Wiebe provides a guide for this. While this was provided with copywriters in mind, the same principles apply to financial advisors.

1. Pay attention to audience feedback. One of the best ways to identify pain points is by checking customer reviews, testimonials, social media posts, and online forums.

   This will give you an idea about some of the problems your target market is facing. Additionally, these types of feedback will provide you with a good starting point when writing your copies.

2. Understand the pain point/problem. How can you address a pain point if in the first place, you don’t understand it and its impacts on your target market’s lives?

   The answer is simple: You can’t.

   That’s why as a financial advisor, you have to make sure you understand your clients’ financial concerns and problems. Through this, you can make your copies or pitches more relatable and develop a more sincere tone to communicate with them.

3. Present a solution. Once you’re done with the first two steps, you can now promote your solution.

   Take note: Your copy should be straight-to-the-point and impactful so you can get your target market’s attention and compel them to read your entire copy.

4. Use the loss aversion technique. Wiebe once said: “Losses loom larger than gains.” To effectively use this method, focus on what people would lose or miss out on if they don’t choose your services.

   This technique not only compels your target market to choose your brand but also makes your content sound more impactful and urgent.

5. Empathize with your target market. This is similar to step #2. When writing a copy and addressing your target market’s pain points, it’s important you understand the situation consumers are in prior to purchasing a product or service.

   Being able to relate to what they’re experiencing is another great way to get their attention and let them know that you genuinely care about them and listen to their concerns.

Take note of this process from Wiebe! This will truly help you create copies that resonate with your prospects and clients.

Identifying and addressing pain points is also a great way to fulfill unmet needs and holistically communicate with them (Tenets 2 and 11 of Return Driven Strategy).

Remember: It’s important to pay attention to your prospects’ pain points and provide solutions that solve their problems.

Doing these things will help you choose the right strategy and messaging to hook and successfully convert them into clients.