I really liked this image when i saw it in my twitter feed.. funny but kinda real. Enjoy.
Quick back story:
After getting all of my investing and retirement accounts in order a couple of my friends (one of them is a agent and the others father is an agent) suggested that I get Life insurance I told them I already have term insurance and so does my wife. They both told me that term is not good and I should get Whole Life Insurance. I asked them about the benefits of whole life and this is where the marketing of FEAR came out. Here are some of the key phrases they both used:
– You might die broke
– Your taxes might be at 50% when you retire
– The world economy is so volatile you dont know when things will be stable
– The market (stock, financial markets) never returns anyone any real money
– You might die right after your term expires
– You need protection, term is not protection.
Since I am a marketer by trade, you have to know that these tactics do not work anymore. 10 years ago, maybe. Right now there is so much information available to the common person that they can do their own research and look things up in an instant. You should not market on fear since that does not do really well with anyone that has some sort of financial education in this case.
Only market on the benefits of the product. That’s it. If someone doesn’t think the benefits relate to them at all or do not find anything useful in the product, then I would repeat the benefits or come at it on a different angle. Marketing is about bringing value to the consumer not fear. Needless to say, I did not buy whole life.
I will try to keep this as short as possible. I wanted to see if I needed a new roof after Sandy, luckily Power HRG (based in Melville, NY) was door knocking trying to solicit business. They knocked on my door and I made an appt for someone to come that night.
They came about 30 mins early which I didnt mind, sat down and asked me some questions about my house. I told them everything, the guy then showed me videos, educating me on how roofers work. I really liked being educated. He took me outside and measured the roof himself. I also told him I am thinking of replacing some windows as well. He went back into his car and got some window products to show me and make me realize why they have the best windows in the world. By the way, he was in my house for 4 hours. I gave hints that I was busy but he still did his thing.
Here comes the (marketing) scam. He basically created the estimates for the roof and windows separately and then told me his First Time Visit price. If I sign up and do my roof right now it will cost me 15k, if he has to come back it will cost 17k. You gotta be kidding me!! I mean really, 2k more for calling you back to sign up. Of course this was a MAJOR turn off. He then told me his UPS analogy and how if UPS has to come to the house several times to get a package signed it costs the company a lot of money, so if he had to do the same it costs money. Sounded like a bunch of BS to me. I mean, how am I suppose to compare prices with anyone else? Talk about high pressure sales in your own house.
Now as a marketer I know the whole shtick but the analogy does not make sense to me since I am the buyer. If I order something and UPS ships it, if they have to come to my house several times, I do not care since I am the buyer. It costs the same to me either way! UPS is showing their exceptional customer service and commitment to getting the goods delivered. After that I thought I am not doing business with Power HRG, I just didn’t like their attitude towards potential customers. It wasn’t the sales guys fault, he was just doing what he was trained to do, but the training he received was disappointing.
Moral: Get your marketing story right and give exceptional customer service because that is what will take your from good to great!