Before sharing the benefits of your product, first spell out what the lack of its benefits means to the buyer. Let me illustrate.
You’ve watched it in the movies, or read about it. The prosecutor has a suspect in custody. The evidence against him is air-tight. He knows it. The prosecutor knows it. But he is a piranha, and the prosecutor wants the shark. And the piranha can get him the shark but he needs to be incentivised to do so (the benefit).
So, in a intense face-to-face session, he lays out the cards.
“The document you’ve signed states that you tell us everything illegal you’ve done (in your industry) and particularly in regard to (the shark), in return for a reduced sentence. If you are untruthful, we will prosecute you. You are looking at a 15–year sentence. By the time you leave, your son, Allan, will be in university if at all he makes it there. With no father to guide him, who knows? And do you know what they do to people like you in prison…..” Likely the suspect already knows all this but the prosecutor still spells it out (the lack of benefit). He then lets it sink in for a few seconds. And then drops the bombshell, “But. If you testify against (the shark)….”
When selling, we are encouraged to share the benefits of our products (what it does) and not just its features (what it is). For instance, say I’m selling a two-door (feature) lift to a hospital, the benefit is that, “Because it opens from either side, you can enter and exit without having to turn the stretcher.” The average seller harps on this benefit; the progressive one first vividly spells out to the buyer what not having the two-door lift means.
“Based on our observation, in a life-threatening situation, it takes an average of seven minutes to wheel a patient from Casualty on the ground floor to Theatre on the rear side on left wing of the first floor.
Time is of the essence when saving a life and the hallmark of your hospital is its ability to save lives. Reducing seven minutes to two could be the difference between saving a life-or not- and an enhanced reputational image (or not).
From our statistics, you have five emergency cases every day; the chances of losing a life is compounded five-fold every day because of the time it takes to wheel a patient whose life is in your hands from casualty to theatre. Loss of life is tragic.
The more in a hospital and when you know you could have done something to prevent it. How has your experience been?”
At this point the buyer is likely to contribute to the discussion by giving an example or showing discomfort; either way he is at his most receptive moment for the benefit. “Now, with a two-door lift…”
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.