AIA have announced a new campaign running from 5 March - 31 May which will give new clients one month's premium free on qualifying policies. This off is on top of the AIA Vitality Fitbit campaign and Multi-Benefit Discounts already available. Click here for terms and conditions.
Marketing is declarative while sales is interrogative.
That means I have to stand up and say something. There's the courage to do that and the content of what is said.
What we have to say, why it is important - my experience is that the better these things are, the less I have to worry about the courage. In fact, when I find something interesting or exciting enough, I can't keep away from the keyboard, or the whiteboard, and just have to share it in the meeting. The excitement and the energy take care of the whole process.
But then when someone is interested enough to pay attention, the change of gear is needed. I need to be curious about them. Why are they interested? What is the point of connection between what they are trying to achieve and what I am trying to achieve? What would they like to do next? And so on.
Thanks to Fred Dodds for the first line of this piece.
Talking with an adviser the other day I was told why they like to offer travel insurance advice - even though they make no money from doing so. What they do is maintain a one page guide to travel insurance, and on the back, provide a comparison of the major travel insurer's policies, including the key sub-limits and exclusions. They update it quarterly and mail it out. Apparently its a hit. The reasons they give are:
- Their best clients travel overseas every year, so they are always interested, and grateful for the input into the decision-making process
- It's added value, and completely independent because the adviser doesn't sell it, so its a great trust-builder
- It demonstrates expertise, showing the kind of thinking the adviser puts into their other work
- It reminds the client that the market is always more complicated than it first appears - underlining the need for advice
- It is a simple way to introduce wider concepts - such as excess levels, how much self-insurance one is comfortable with, and what service levels you are looking for from an insurer
Financial Advice New Zealand has launched their insurance toolbox, offering video, social media posts, and newsletter items for members.
You can take a look at the offer at this link: https://financialadvice.nz/insurance-marketing-toolbox/
If you are one of those insurance advisers that has written on the back of their card that you "specialise in all kinds of insurance" then I'm sorry, but I think you need some new business cards. You aren't specialising if you do everything.
It's easy to get caught up with the idea of being attractive to large numbers of people. There are about 2.7 million kiwis that can afford and probably need some insurance. Perhaps you feel that you don't want your business card to turn any of them away. But that isn't your big problem. Largely, these people are apathetic about insurance as recent FSC research painfully underlines. Besides, you don't need that many - you need just a few to really want to deal with you.
That's your big problem. In fact it's our big problem - the industry, insurers, advisers, group providers, HR departments, and more.
While we spend our time obsessed with being attractive to as many people as possible, we become mediocre, and fail to stand out enough to get the attention of even a few motivated souls that would see something that makes them think "that's the one, I think I'd actually like to talk to them."
Seth’s blog discusses the potential difference upbringing and perspective between an author of a piece of work and a reader. Regardless of differences, we can still learn from one another. There is business being left undone because of a lack of focus - the world has changed around us yet if we keep looking with the same eyes, the business will not get done.
Announcing special offers for consumers and marketing support for advisers nib writes:
Dedicated marketing campaigns – More healthy client conversations
We’ll help you start new conversations with prospective and current clients with campaigns that springboard off topics of concern and interest. Like our offer for new members to WIN one of thirty $500 MTA Gift Cards!
Of course, my personal answer is 'no'. In fact, I quite like buying things. When I meet an excellent sales-person, who helps me through the process, I am usually very happy. Equally, most people don't like the idea of very pushy salespeople, or those that use very obvious 'sales' approaches. None of us want a world in which it is okay to use power imbalance, coercion, lies and other manipulative or unfair techniques to get people to buy things. But those last things are rare, and almost unheard of in large, conservative, organisations that must maintain a good reputation over decades. They actively try to find and get rid of dangerous people and practices. I think there has been some news about that recently.
Reading about a union organiser, complaining that banks are relying on branch and call centre employees to follow a script to sell products like KiwiSaver, insurance, mortgage top-ups, credit cards, overdrafts and personal loans, I got the feeling that the only acceptable outcome was zero sales. Click here to read more in Rob Stock's article on Stuff.co.nz
Of course scripts and empathy statements are cheesy if used badly, and awful if used inappropriately. But don't kill sales because somebody needs a sticker on their monitor to remember to offer additional services. Given that most New Zealanders could do with saving a bit more, and having a bit more financial protection in case of a loss of income, I am happy to see more effective selling on those things. Even products that are not normally associated with good financial outcomes can be a force for good. A credit card or overdraft is cheaper and better than a payday lender - and I would rather it was sold responsibly by a well-regulated organisation than not. Even this misses a wider benefit to society. When there is a dynamic and competitive market-place for credit products the consumer wins. So, less sales activity means less competition and poorer products for all of us.
Damien Green once co-sponsored a study that found that 19 in 20 working age people did no see protecting their financial future as a priority. This is a form of ‘cognitive dissonance’, people know that they should do something but not. Green advances three reasons for this form of behaviour:
- Applying a high discount rate to distant future events
- Lack of trust
- Belief that the state will provide
To counter these, Green suggests focusing on customer experience, intermediary educators and instigators, engaging in public affairs, and developing trust. Click here to read more. All those look like intensive and engaging ways to work with the market at large, and individual customers in particular. It is a continual process, relentlessly working against a number of easy choices to defer, deny, or delegate responsibility. Lots of work.
Fidelity Life has set plans to expand the number of business managers and support staff. They have begun the expansion process by appointing new Business Managers and Business Account Manager. The expansion plan is a follow up of a new sales and support model Fidelity introduced in December last year to ensure advisers achieve better business goals and ensure better customer outcomes. The new model resulted in the development of Business Manager and Business Account Manager roles. The role of business manager has been filled by Jenn Quinn and Fidelity is expected to shortly announce the names of the other Business Manager and the Business Account Manager.