Simplifying Management
Google
 

Sunday, July 20, 2008

Liars make us believe


Few days back I read a book which intrigued me a lot. It was titled "All Marketers are Liars" by Seth Godin. There was an example given in the book rather a myth which even I believed. It's known that the taste of the wine is dependent on the shape or curvature of the glass in which it is held. So whether it is s $5 wine or worth $500 it will taste great only if its in the right glass. Can you believe that? Mind you every wine expert/taster believes this. But its been proven scientifically that its a myth. People fail in blind tests but not with their eyes open. So is making the customer "Believe" in your marketing proposition, a necessary and sufficient condition of a successful sales pitch? So are we liars? The author tells that key to marketing is to tell a story that people can believe and you will sell your product.

What if the prospect doesn't know what he needs? Would it be wise to tell him that he doesn't know? Worse what if your competitor is catering to the "idea" that he needs it, rather than the need itself or rightly not needing it? But isn't it, how compelling is the story or marketing folklore you tell to your client about your previous clients? Is it the differentiating factor? How your story is more compelling than your competitor's? I have even experienced myself that many times my customers are buying products they don't need at all. So what is it they are buying? Just the story or the experience of buying it?

Marketing is about letting people know about you and a percentage will buy without needing personal interaction. Some products and services need personal selling to ensure needs are well matched. Direct personal sales is an active way of meeting needs and is suitable for specific product and service evolutions. I can agree that Marketers are Liars when their team fails to deliver what is promised by good intentioned sales and marketing people - The best marketing and sales people don't let this happen.

A successful Marketing Proposition is a good start point but having a bad sales organisation can ruin it. Here is a quote that I love and illustrates the point. "If the circus is coming to town and you paint a sign saying "Circus Coming to the Fairground Saturday," that's advertising. If you put the sign on the back of an elephant and walk it into town, that's promotion. If the elephant walks through the mayor's flower bed, that's publicity. And if you get the mayor to laugh about it, that's public relations. If the town's citizens go the circus, you show them the many entertainment booths, explain how much fun they'll have spending money at the booths, answer their questions and ultimately, they spend a lot at the circus, that's sales. - Unknown"

Tuesday, June 10, 2008

Ease in bank accounts


When we go to new city and want to apply for any service or product, mostly we worried about the documents required like address proof, ID proof etc.

Ex: When I went to Hyderabad for higher studies I wanted to apply for SB account in an Indian leading bank but due to unavailability of local address and identity proof I was unable to apply.

Same is there if you go for gas connection, sim connection etc.

Now RBI eases the process for account opening. Today If you have any permanent address proof means the address at which you usually resides and can be taken as the address as mentioned in a utility bill or any other document accepted by the bank for verification of the address of the customer and banks can also accept an identity document and a utility bill of the relative with whom the prospective customer is living along with a declaration from the relative that the said person (prospective customer) wanting to open an account is a relative and is staying with him/her. Banks can use any supplementary evidence such as a letter received through post for further verification of the address.

May be you wonder that why RBI relaxed the account opening process.

  • To avoid inconvenience to individual who is coming first time to the place.
  • Bank account helps individual to apply for other basic requirements like mobile connection, gas connection etc

Problem for Banks:

  • Proper KYC (know your customer)
  • AML (anti money laundering)
To know more about this click here ===>