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(1). An unofficial procedure that a small, smug subset of employees deems better than those of their peers.
“Well, as a best practice, my team always sends each of our clients a personalized holiday card and a little tin of cookies. Our client retention rate is 0.1% better than the firm average, so it’s clearly worth it.”
(1). A term used to describe a pitch by a struggling business unit to try to explain to the firm’s sales force why they should be marketing their product or service (see value add, nice-to-have). Value Propositions often appear desperate, but are useful in providing members of the business unit with bullet points for their resumes, which likely will need to be updated shortly.
“So, let me get this straight. Your firm’s value proposition is that you’re the ‘Pluto’ of the marketing world and you’re making a comeback?”
(1). When you sit down with a broker one-on-one to go through their book to see if there are any business opportunities … for you.
“So, it was a good trip … attended the weekly office meeting … did a little hand-to-hand combat with some of the advisors … identified one or two opportunities they’re going to think about considering possibly exploring further.”
