Jean Henri Fabre was a French entomologist and author in the 1840s. He was known, among other things, the experiment was conducted with Processionary caterpillar. This type of insect is known for his instinctual nature in which each track follows the one in front of him, blindly believing that procession going in the right direction. Fabre tested this natural instinct to encourage the leader of the procession to the edge of a round patio pot. Of course, the procession continues to follow the follower around the pot for seven days, while the caterpillars died from exhaustion and hunger.
I liken Fabre experiment in the financial services industry. As Processionary Caterpillar we participate in the game, "follow the follower." Perhaps difficult to regulate the nature of our industry stifles our creativity and entrepreneurial spirit. Sometimes I think many of us in the industry to develop a permanent "tic" of being told repeatedly that compliance can not do this marketing program or that one so we resigned ourselves after a follower, someone who supposedly has all understand and are willing to take the "risk". Well, they really figured it all out?
We obviously have rules and regulations must be followed, but that still gives us a large bandwidth in which to promote our company. As the late author and legendary radio commentator Earl Nightingale used to say: "You do not have to compete, just create it." I believe Earl is a compelling message. Do not worry about what the competition is doing, begin to create your value proposition. To begin, ask yourself these questions:
What is my "why?" for being in this business? - People will buy your "why I am in the business," before you buy your "what I offer."
Develop your value proposition. This may include elements of the response to question # 1, but more importantly, it is your opinion of what you differ from the rest of the field. Clients and prospects should go to a meeting duly impressed with a great understanding of who you are and what you do, and if someone is stopped on the street and asked what to do, they should be able to tell them firmly in a few sentences.
Be a "thinker" and "executor." - It is great to dream but as the legendary management guru Peter Drucker once said, "Plans are good intentions unless they immediately degenerate into hard work." Put your plan on paper and get the job executing it.
The question things as they are. Sometimes the difference between you and the so-called "expert" has a few more marketing dollars than they have. Always ask the question: "What if?" What if you tried the same approach in a different way or something else altogether?
Borrow and improve. I do not feel that you have to invent the next iPad. Take an existing idea and make it better. It still gets out of the parade!
Be thoughtful that you followed. Did he, she, they, taking you to where you want to end up or you just hoping? Think, create, do it! This way you free up the parade and bring your business in the direction that you decide where to get it is not someone else. Step out of the procession. It might save your work and your life!
Mark Hoaglin is a specialist investment programs to build sales and increase the production of financial advisers.
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