During a recent Twitter Q&A session sponsored by NACVA, Rod Burkert (Burkert Valuation Advisors) and Mel Abraham, a valuation and entrepreneur expert, fielded questions about growing a valuation practice during today’s tough times.
Good advice: One Tweet asked about how valuation professionals can counter a marketplace that sees what they do as a commodity. “Clients aren't asking us for a report—they want us to solve a problem,” says Burkert. “We have to show them the value we bring to the table.” Abraham agrees. “The report is the commodity; our real product is trust,” he says.
During a conversation about specializing and finding a niche in valuation, a Tweet popped up: “Why do you think that’s so important?” Abraham points out that a generalist is not perceived as an expert or an authority. “You can’t be everything to everyone. Make a choice,” he advises. “Nobody goes to a generalist to get their problem solved,” says Burkert. “People seek out specialists. Why should appraisers be any different?”
Many valuation experts are “old school” and are used to traditional advertising. Any advice for them with today’s newfangled marketing technology? “You can't use yesterday's tools in today's market and expect to have a profitable practice tomorrow,” says Burkert, who points out that 80% of clients looking for experts start with an online search. “If you're not comfortable with websites, blogging, or social media, find a virtual assistant who can help you.”
More advice: Burkert and Abraham will conduct a webinar, Today’s Leading Edge Tools For Practice Growth, on June 14. Don’t be left behind!
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