Start Communicating with Your Customers

During periods like this, with a lock down in force and more to come, you should not lose contact with your customers. It is very important to maintain the lines of communication.

The whole population is apprehensive. What will the future be? Some are worried about their jobs. Some are worried about their business. Some are worried about their lives. Some are worried about the loss of their life’s savings lost in the share market collapse. Some are worried about how long the virus will disrupt life and income. All are worried about something or the other. Communicate with all your customers, find out about their worries and apprehensions and talk to them about it. Here are a few tips on how to go about it.

Authentic Information on the virus

You should provide them with authentic information about the virus. You should take the lead in ensuring that fake news does not get the customer and his family more worried and anxious. This is not very difficult. Google search for “fake news on corona” and you get a whole list. Share it with your customers.

How to cope with the share market losses

For those customers who have invested in the share market, either directly or through mutual funds/ULIPs, provide them with expert views as published in newspapers, media, and internet, on what is likely to happen to the share market in the near future. If you can, provide them with an analysis of when and how they can recover their loses. Read When do you earn money on ULIPs or mutual funds? to get tips on this.

Life after the virus

Communicate with your customers on how long the current virus led crisis will affect business and the economy. Read Corona will change the way life insurance business is conducted to get tips on this. The immediate impact is likely to be for a few months, but most people earning money will probably face problems for at least a year or two.

Overcome objections to life insurance

For those customers who had shown a lack of faith in life insurance talk to them to them and explain the importance and relevance of life insurance for a tension-free life in a virus filled world.

Overcome objections to low risk investments

To all customers explain why low risk investments are the key to long term financial planning. The current market situation is a live example of high risk investments having turned sour. The share market has already fallen more than 30 % and is likely to fall some more. Look out for a few articles on this aspect from me in future.

Sell the concept of low risk pension plans

Communicate with your customers why pension plans should always be defined benefit (or in our language guaranteed income) and not based on defined contribution, (or in our language should not be based on the share markets). Read Pension Schemes Should be Defined Benefit. Also read Pension Schemes Should not be Flexible to get more tips. Imagine if in old age one has to worry about market prices and their volatility!

Health and safety tips

Communicate with your customers on health and safety tips. If in your area, there are shortages of groceries or vegetables, and if on a certain day these are available, communicate with your customers in your area, the availability.

Use all methods of communication

There are a number of things to communicate. There are a number of ways to communicate: phone, SMS, email, WhatsApp, Instagram, Facebook, Telegram, etc. Also there are a number of video conferencing facilities available free, such as Skype, Microsft, Zoom, etc. Use these services to keep in touch with your customers.

But communicate, don’t cut yourself away from customers

The need of the hour is that your customers are expecting you to keep in touch. Do so. It will give them a lot of confidence to face the current situation.

Your strategy number one should be to keep communicating with your customers and build special relationships with them during this period when your customers feel the need to discuss matters with a professional. Discussing the various aspects of the risk of the corona virus and the its impact on their life, gives you the opportunity to help them learn a way to fight the risks. Remember,

We Sell Risks Not Returns