Selling Pensions to Sole Proprietors or Other Small Business Owners-Odunze Reginald C

Leo Burnet said “ Don’t tell me how good you make it, tell me how good it makes when I use it” Le Boeuf (1987;23) stated that customers will exchange their hard earned money for only  two reasons, and they are as follows:

Good feelings

Solutions to problems.

Continuing Le Boeuf  (op cited) stated that the success or failure of any business depends on how many it rewards with two things stated above and how well it does it” and as Francis  Rodgers , a former Vice President of Marketing for IBM put it ”The secret is to understand the customers problems and provide solutions so as to help that customer be profitable and feel good about the transactions”   Feeling good about a transaction brings out the best in the customer and makes him to be physical and emotional satisfied.

In marketing pensions to sole proprietors or small business owners, there should be a definite mindset, the mindset of an average Nigeria is to have something immediately or the next few years and not when she or she dies or retire, that has been the major reason, they shy away from insurance.

Therefore in achieving an adequate sales and marketing to sole proprietor of small scale businesses as regards to pensions is to develop products or services that can aptly capture the desire and aspirations of these types of customers.

Once products and services are developed that will meet their mindset, they will definitely key in to it and that will generate the necessary revenue.  Although developing and implementing such products or services needs the input of the regulatory body as the pension administration is much regulated.

The idea of pension has created a negative impacts on the minds and mentality of most Nigeria, as majority feels that these are pools of fund susceptible to corruption, embezzlement and other vices, therefore it becomes increasingly difficult to market these services to owners of small businesses who are less than the required industry bench mark .

Therefore what they need is a  developed product that will cater for their needs and by so doing a large of fund is being created that will have a multiplier effect on the economy and until we do that marketing pension to small and medium scale business owners will always be a herculean task

 Odunze Reginald C is the Lead Consultant, Chareg Consulting, Lagos