21 Apr Don't sell Unit Trust, just show me how to buy…
Yes ! There’s a whole lot of difference between selling a products or services and buying the very same product & services. Why do we frequent our favorite kedai makan ? Is it due to the taste of food, the ambience, the pretty waitress or the friendly makcik tukang masak (owner) or is it that we sometimes feel more comfortable and get used to certain way of doing things that we don’t think of trying food at another restaurant ?
Honestly, which matters most – PRICE or VALUE ?
If price matters, then why the mamak restaurant thrives and remain properous despite stiff competition from other mamak stalls or kedai at every corner of the shop lots ? Not to mention the price, we cringe when paying the bill. Not to mention, despite the “cleanliness” and typical same menu, not to mention the “handome” waiters – we still eat & enjoy the company of mamak food. Innovation ? Almost same way of doing business since 10 years ago – mental calculation, mostly still without air-condition and marginal improvement in their menu.
Someone ought to write an MBA papaer, using the success formula of mamak kedai in Malaysia – I am sure there’s plenty to learn.
Back to our unit trust business. Yes, the business is thriving and definitely growing since I joined 8 years ago. And the business process and cycle is faster and more efficient. Despite the marginally lower fees (consultants earn) the growing volume and smarter & savvy ways of conducting business makes the unit trust business a lucrative one. Mana dapat buat business dengan RM250 start-up cost ? Even a simple burger stall demands outlay of RM5,000 or more at inception not to mention the late or odd hours of business.
So how does a unit trust consultant “show how to buy” unit trust products vs “sell the unit trust products”? I’ve seen many, many, many unit trust consultants “hard sell” unit trust funds by shoving and bombarding investors with facts and features (including facts & features of themselves – ha ha ha). Overwhelming the investor and sometimes confusing them over which fact or which figures should they buy from.
So, how do we show investors “how to buy (invest)” ?
Simple, show investors the benefit & value (not the features) of investing. How does investors gain invaluable experience and pleasure from investing ? Confused ? A benefit is the promise of value created by features.
Features (fact) – BMW cars are expensive.
Benefit (the promise) – performance cars with high safety standards.
Value – prestige, pleasure, safer, reliable.
Thus, in summary FEATURES are generally the facts & figures. While BENEFIT appeals to NEEDs – more money, easy transaction, cheap and affordable, flexibility, reasonably “low” risk, best fund managers, capable unit trust consultant.
And VALUE relates to how an investor would FEEL once they have invested or have an investment plan in place (appeals to WANTs) – peace of mind, feel safer, feel on track to future financial freedom, prestige & satisfaction, ego enhancement, pleasure, perceived wealth, better managed funds.
I also noticed that sometimes the unit trust consultants would sell via offering a fact/feature of the unit trust fund, and leaves it to the prospect investor to guess and conclude the benefit & value. If the investor can “see” the benefits & value, that’s when the deal is done !
That’s why many unit trust consultants just bombard and pour all facts & figures then leave it to the prospect investor to conclude how the investment will benefit him/her. Not that many invostors are smart enough to gauge what’s good for them, that’s why they need “consultants” not “CONsultants” ok ?
So, the next time, during your sales presentation when you are oh so eager to state a “fact, figure, feature” of the unit trust funds or the unit trust company; do remember to add “benefit” and “value”. Learn to use NLP and touch the 5 senses (maybe 6) – sight, hear, taste, smell and touch of the prospect investor. Learn to speak in this manner and stimulate the NEED and ease their buying experience.
Happy Trying !
P/S : Saturday 23 April 2011 @ Cheras PMB – come attend at 10am – 12pm
1. Unleash your Inner Strength & Energy “How to build & boost confidence & value”
2. JumpStart NOW !
3. Business Preview (recruitment)