What is an irresistible asset class for one client, may be boring for another! So it is wise to stick to the good, old-fashioned maxim of don’t-put-all-eggs-in-one-basket. In fact, it rings truer in today’s turbulent world of investments, says Mr K S Sashikumar in the second and final part of his article.
How do people choose? Human beings make choices; they make choices every minute of their lives. Choices are always based on avoding pain or gaining pleasure. Mr R Gopinath takes you through the decision making process of the buyer.
The need is the trigger that makes a person look for solutions to fulfil it. For instance, hunger is the need that makes a person search for food. The need for being respected puts a person on the path of searching for things that will show him in a good light to others. So, it is primarily the need that triggers the action of searching for solutions.
But once a few choices that will fulfill the need are spotted, further movement will be influenced by ‘Wants’. That is why people involved in marketing need to understand both the ‘Needs’ and the ‘Wants’ of the prospect.
Wants are mostly governed by the surroundings of the prospect like culture, group, trends and fashions
Have you come across situations where a few of your prospects readily agree to your recommendations and Life insurance policies from you immediately, but some others go on postponing their buying decisions, and yet others outright reject your recommendations? Confused or dejected by this? Don’t worry, this happens to every Life insurance agent, says Mr R Gopinath in his monthly column.
Of late I am constantly faced with questions related to one specific area from the audience, and that is “uncertainty”. The wordings of these questions are different, but they all mean the same. “Sir, what is the future of Life insurance industry in India? What will happen to us? Will the regulations kill us? One [...]
This year results will show that no company has made profits, not even
after investment. Detariffing, the economic slowdown, terrorist events and
Satyam have all taken their toll, says Mr Gaurav Garg, Managing Director and CEO of Tata AIG General Insurance Company.
