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Beware! Customers are getting knowledgeable. Better not oversell to them.

March 8, 2012 in Adding Value, Making customers win, Sales Ethics

A happy Holi to all my friends here and Women’s Day greetings to women readers.

I am going to share a real life experience which happened yesterday. And I am mentioning the name of the company since I had a similar expense from this company on another recent occasion.

My medical insurance policy was due for renewal. I had bought this policy from ICICI Lombard 2 years ago. The person who came to do the necessary paperwork came from the ICICI Securities team. Now I had purchased the original policy for about 22k. The premium notice carried the same figure. The notice also gave me the option of moving to a higher benefit plan for a higher premium. The notice did not carry any information on what benefits this higher plan carried.

So far so good. This point on, the questionable practices of ICICI surface. The ICICI Securities person informed me that she was informed by the ICICI Lombard sales person that the company has stopped accepting the earlier premiums, and that only premiums with the add on benefits were being accepted at renewal. The premium for the additional amount was around 4000.

It was only after I challenged this real hard, that the ICICI team members conceded to accept a cheque with the same premium as before. And that too, with the condition that I would know the final outcome on the morning of the last payment date of my policy.

Now these are either unfair practices from ICICI Lombard or an over zealous salesman trying to fleece an extra amount from his customer. If I pose this issue to the company, they will of course clarify that there is no such diktat from the company. They will say this because they know that if they ever accept this, I will go to IRDA with an official complaint.

This incident made me think back. Have I ever tried this stunt in my career as a sales person? I think not and I surely hope not. I am glad I have never underestimated my clients. Customers are getting more and more aware and knowledgeable. A single breach in trust can forever destroy the customer for me. So I cannot and should not dare to imagine that the customer knows nothing, and hence try to fool him. Maybe a sales COMMANDMENT here – Never Underestimate Thy Customer.

But now, the other side, and the more important side of the story, for it is a brother salesman whom I am questioning here. What made the ICICI Lombard sales person behave like he did? What were the pressures and compulsions on him? Was it the pressure of targets? Or was it the attraction of earning extra commissions? I will write about this separately. Readers are welcome to voice their reactions or comments before that.

Tags: Fair practices, Product Knowledge, Product training, sales pressures, training No Comments »

by Vishwajeet

Appreciating Your Customers

January 26, 2009 in Adding Value, Making customers win, Thinking Win Win

I came across another very interesting site today, Simply Gourmet Bistro referred by Chris Brogan in his daily posts.

The Author John showcases a very unique way of building lifelong relationships. He writes about his customers. He has a post called “Customer of the Day” each day. In every post, he writes about 1 customer, sharing something about the customer, his profession, the servies that the customer provides and also puts in a kind word or two about his past experience with the customer. At the end, he writes about what food the customer ordered. This way, in a single post, he builds a bond with that customer, creates win-win by promoting the services of his customer, and also promotes dishes in his menu. What better way to Adding Value?

Think about it. We get so many opportunities to do this every day if we so wish. Have you ever done this to your customers? If yes, write a post about it here. Share and learn.

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by Vishwajeet

Making Your customers Win and Battling a Slowdown while you do it

September 28, 2008 in Adding Value, Making customers win, Sales, Sales Ethics, Thinking Win Win

Sales training programs regularly teach us about Making Customers Win. It is all about Thinking Win – Win. But how do you really do it? I saw a wonderful example of really making your customers win.

I recently read a blog http://sacramentorealestategal.blogspot.com/

CC – Getty Images

DENVER - APRIL 02: (L-R) Prospective home buyers Lars Kalnajs and Leah Fuchs talk to real estate broker John Skrabec of Live Urban Real Estate in the yard of a home that has been reduced in price April 2, 2008 in Denver, Colorado. Denver has been hard-hit by the housing downturn, with officials estimating that as many as 11,000 properties might go into foreclosure this year.

The author is a real-estate broker called Purva Brown from Sacramento – somewhere in the United States I think. At the moment, US real-estate market is under pressure with foreclosures, the subprime crisis, falling prices and the works. Probably the worst time to be in the real estate broking business. You will see most people resorting to signs like the one on the right.

But not Purva.

Being a property broker, she is really a medium of exchange between the buyer and the seller (remember my first post on BRIDGE?). So in effect, both the buyer and the seller are her customers. Conventional wisdom would have us think, if the seller wins then the buyer looses and vice versa. So then, which of her customers does she focus on? The one which approaches her first? Or the one who is paying her the commission?

I found that she makes both of them win!!! Don’t believe me? Then check out her URL.

She has worked out a beautiful way of making both her customers win. On her blog, she often writes about “Adding Value to your real estate”. She regularly shares tips on home improvement, green homes, water conservation, landscaping tips, interiors etc. She is helping customers about finance options. She writes about ways of saving property taxes. She updates her readers (future customers) about local property legislations, property facts and much more.

Now this lady is no expert on any of these topics. So how does she offer these tips? By painstakingly researching articles and stories on the internet and elsewhere which her customers will like and benefit from. This is her homework to prepare for her business.

So how does this make both the sellers and buyers successful?

The Seller can get a better price for his home by implementing many of the tips which Purva passes on. So he is thankful to Purva and would like to consider selling his home through her since she “helped him improve the value” of his home.

The Buyer on the other hand looks at Purva as an expert, and expects that Purva will show him the homes with the best amenities, design, decor etc. So they too would like to approach her, and buy the most valuable property she recommends.

Now that’s what I call really making your customers successful and winning more business!!!

Importantly, at a time when many real estate brokers are probably morose and witless, Purva is investing in building hope, value and confidence in her customers. As the market begins to recover, she will be the first person prospects will reach out to.

You can check out Purva Brown’s blog on http://sacramentorealestategal.blogspot.com/