Value Proposition
Top athletes will focus on three dimensions that contribute to their success and achievement.
Question:
Can you name the three aspects? And for a bonus point describe how we do this in our world.
Answer:
MIND – BODY – GROWTH
Bonus Point – We need to work as hard on our mindset and attitude as we do on skills and knowledge. We also need to recognise the fact that our own health and well-being is an important contributor to our success and happiness, and we also need to ensure we are on a growth trajectory, always looking to develop and improve.
The client perception ladder has four levels to it, and describes the different ways in which you can be regarded by your clients.
Question:
Can you name and describe these four different stages given to each level?
Answer:
Level 1 – Commodity Supplier – Price sensitive
Level 2 – Service Provider – Products & service
Level 3 – Value Adder – You help them achieve their objectives
Level 4 – Insider – Consulted before action, a trusted extension to the family
Dr Stephen Covey described the importance of quadrant two time, in his famous book the seven habits of highly effective people.
Question:
What is Quadrant 2 time allocated to?
Answer:
Time allocated to tasks that are important and valuable but not time bound or urgent.
NEEDS ADDING
Question:
Book-ending is a tip that can have big impact on your effectiveness, what is Book-ending?
Answer:
Book-ending is a diary management tactic that can help you remain prepared and professional, and ensure actions get actioned. It simply suggests that you block half an hour preparation time prior to each meeting, and half an hour follow-up time after every meeting.
When a client raises a question, we need to get to the root of the question, concern or resistance. LAPAC is an effective tool for doing just that.
Question:
What does LAPAC stand for?
Answer:
Listen
Acknowledge
Probe
Answer
Confirm
The IDBâ„¢ model is an effective tool to explain how your advice recommendation will help the client achieve their planning goals.
Question:
What does IDB™ stand for and what should you cover at each stage?
Answer:
Included: When choosing the best solution for your client; what factors and planning considerations have you taken into account?
Description: Your description of the solution. Try to follow the CCC (Concept description – Contract terms – Cost of solution) path here.
Benefits: Talk about the benefits that your solution will provide for your client.
The IDIâ„¢ model is an effective tool when trying to find out what your client’s needs may be.
Question:
What does IDI™ stand for and what should you be asking at each stage?
Answer:
IDEALS: What would the client like the ideal situation to be; achievements, the importance and when?
DIFFERENCES: What is the difference between these ideals and the current situation; shortfalls or gaps?
IMPLICATIONS: What are the negative implications of this shortfall/gap, what does it mean to them and what are the positive implications if they achieve their ideals?
Question:
When engaging with clients in a consultative way, what are you trying to achieve during the Life Plan stage?
Answer:
The Client Life Plan is a conversational technique to help you capture soft facts about a client in terms of their short-term, medium-term, and long-term goals and plans; linked to specific topics/categories that are important to them.
Question:
In the early stages of a client interaction, what 3 things are you trying to achieve ‘buy-in’ to?
Answer:
1. Buy-in to you
2. Buy-in to your role, position, and your value proposition
3. Buy-in to the benefits and structure of your approach
Whilst working with organisations on their journey to become world class, we have developed a simple model for success.
Question:
What are the 3 elements in our success model?
Answer:
Mindset
Structure (& Process)
Skillset
Which of these has the biggest impact on success?
ANSWER – MINDSET circa 70% according to the New Zealand All Blacks.
Simon Sinek shared his ideas via a TED Talk as to how the best organisations describe themselves.
Question:
How did he suggest the most effective organisations describe themselves? …name the three stages in order.
Answer:
He believes that the most successful organisations start by describing WHY they exist, WHY they do what they do. Then HOW they do it and then WHAT they actually do.
1. WHY
2. HOW
3. WHAT
The acronym ODOâ„¢ is valuable in multiple business contexts.
Question:
What does ODO™ stand for and what are the three questions you need to ask yourself as you plan?
Answer:
Optimum Desired Outcome and the three questions you need to ask yourself are:
Deeper Dive – Bear Market Reviews
Deeper Dive – Bull Market Reviews
Deeper Dive – Client Resistance Handling
Deeper Dive – IDI-IDB Presenting Advice – Demo & Do
Deeper Dive – IDI Revealing Needs – Demo & Do
Deeper Dive – Lifeplan Coaching Pit
Deeper Dive – Our Value Proposition – Driven by Purpose
INSTRUCTIONS
In your groups (Team 1, Team 2 etc.), discuss and decide what you feel has the biggest client impact when describing our WHY – HOW – WHAT.
Why do YOU do what you do? What is your purpose?
How do you operate with your clients?
What does this purpose deliver? What value do you add?
Deeper Dive – Trusted Adviser – Mini Masterclass
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Relates to our caring and whether our focus is on yourself, or client outcomes.
What is your centre and focus? Is it you and progressing your own personal agenda or is it the other party?
Consider acting a little like Alexander the Great, be the first to lead by example and be the last to benefit. This was him demonstrating very low self-orientation which helped build great trust with his people.
This relates to our emotions and our ability to make people feel safe, even when talking about difficult topics.
Are you genuinely interested, do you care and take the time to ask, do you challenge clients when appropriate?
This relates to your actions and keeping your promises.
It can be well summarised by the biblical quote ‘do unto others as you would have them do unto you’.
No matter what we say within our organisation, as representatives of Pembroke if our words and actions do not match up, then people will start to disregard our words.
This relates to your words, credentials and honesty.
Have you set out a clear vision for what Pembroke can provide? Are you clear and easily understood at all times? Do you know your markets, your business and the opportunities your organisation supports?