Ultimate Masterclass on Selling in India by CMO of Aditya Birla on GrowthX Inner Circle
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Jaimit Doshi is the Chief Marketing, Digital and Technology Officer in Aditya Birla Sun Life Insurance[2].He is responsible for driving marketing, digital and technology initiatives[2]. He is also a product marketer at one of India’s fastest-growing financial infrastructure companies[3]. On LinkedIn, he is described as a person with a full of enthusiasm and curious mind to learn[1]. He is active on Twitter and describes himself as a father, husband, holiday cook, and history buff[4].
Citations:
[1] https://in.linkedin.com/in/jaimit
[2] https://lifeinsurance.adityabirlacapital.com/about-us/key-persons/jaimit-doshi
[4] https://twitter.com/jaimitd?lang=en
TLDR:
The key idea of the video is that understanding and connecting with customers, providing a positive sales experience, and embracing change and innovation are crucial for successful sales and business growth.
Key Insights
The Power of Meaningful Work and Continuous Learning
💡 Building your product and advertising based on the real problems and insights of one person who beautifully summarizes everybody’s problems can lead to valuable product ideas and insights.
🌟 Infusing meaning in life comes from continuously learning and creating positive impact, whether it’s within your team or for your consumers.
🌟 “If you’re not doing new things, then you’re soon going to become irrelevant.”
🤔 “There are three types of people: those who make their own mistakes and don’t learn from it, those who make their mistakes and learn from it, and those who see someone else make a mistake and learn from it.”
💪 “I want to work hard at work worth doing.” - The speaker emphasizes the importance of finding meaningful work and being motivated to put in the effort to make a positive impact.
📣 “Your job is to create good content, not good advertising.”
📚 Brands should focus on creating organic and engaging content that tells stories within the broader context of consumer insights, as content is now more important than traditional advertising.
Importance of Customer Engagement and Trust
💯 Enthusiasm for the product you’re selling is essential, as it transfers to the customer and helps them see the value it can add to their life.
💡 The key to a successful conversation is not just asking questions, but genuinely listening and engaging in a 45-minute to one-hour conversation where the other person feels heard and valued.
🤝 Building trust and providing a positive sales experience, rather than relying on discounts and offers, can lead to customer loyalty and word-of-mouth recommendations.
💡 “If you step in that room, you have to add value. Whether you sell or not, whether you work or not, have you added value the moment you stepped in?” - It’s important to focus on providing value to clients and customers, regardless of the outcome, as it can lead to long-term success and satisfaction.
📈 Digital tools can significantly improve productivity and sales performance when integrated into a sales channel, allowing for better prospecting, servicing, and connecting with consumers.
💡 “I see sales as an outcome so I often said input Matrix versus outcome… Look at those numbers find out your input problems and if you have good input output is an outcome.”
Shifting Perspectives on Sales and Insurance
📚 “Insurance is not about death. Insurance is about living.”
💼 Many students from lower economic backgrounds may aspire to become data operators or work in operations jobs, but it is important to encourage them to dream bigger and consider sales jobs as well, challenging the belief that sales requires strong English communication skills.
💰 Insurance is not just about death, it’s about living and providing peace of mind and a guarantee for the future.
🎥 Creating a digital film that tells a story about an insurance agent who prioritizes her clients over her own family can evoke emotions and make a strong impact on the audience.
Long Summary
00:00 📚 McDonald’s makes more money from selling Coke than burgers, emphasizing the importance of understanding what consumers are buying; teaching marketing to students from lower economic backgrounds and challenging stereotypes is crucial; understanding price premium and where people are willing to pay more is key in selling.
1.1 McDonald’s makes more money from selling Coke than from selling burgers, and the speaker emphasizes that what you are selling may be different from what the consumer is buying, using insurance as an example.
1.2 The speaker discusses their love for teaching and how they were inspired by a teacher who encouraged them to think and dream, leading them to strive to be like that teacher and carry chocolates to inspire and reward their own students.
1.3 The speaker discusses teaching marketing to students from a lower economic background, emphasizing the importance of challenging societal stereotypes and encouraging them to consider sales jobs.
1.4 McDonald’s is not primarily a burger business, but rather a highly profitable Coke selling machine, which highlights the importance of understanding what consumers are buying versus what a company is making money from.
1.5 The speaker discusses the example of a chai seller in Bombay who sells chai for a 60% premium price compared to other sellers, highlighting the concept of price premium and its impact on gross margin.1.6 Understanding where and how people are willing to pay a premium is crucial in selling, as seen in examples like Nike shoes, Zahara, big shops, and Starbucks.
18:45 📝 Understanding the customer’s needs, showing empathy, and having enthusiasm are key to successful sales, but many fail to implement these principles in their interactions with customers.
2.1 There are amazing pockets of premium around you, and it is important to understand what the person is buying and what you are fundamentally selling, as well as learn from both the Bangalore and Bombay models in order to deliver a better experience for consumers.
2.2 Advertising in Bangalore lacks the ability to build affinity and love for products, often resorting to discounts and sales instead of focusing on connecting with consumers.
2.3 Sales is about having empathy for the consumer, understanding their needs, and focusing on stock turnover ratio to generate more profit with less capital and space.
2.4 Understanding the customer’s needs, showing empathy, and having enthusiasm for the product are key to successful sales and building trust with customers.
2.5 People often talk about the importance of empathy and enthusiasm in selling, but fail to actually implement it in their interactions with customers, and conducting research involves more than just asking rating scale questions.
2.6 The speaker discusses the different batting skills of Steve Smith, Virat Kohli, and Sachin Tendulkar in various cricket scenarios.
42:07 📝 Understand and connect with individuals by having conversations, listening to their needs, and creating products that resonate with them, while also focusing on quantitative measures and gaining better insights through asking the right questions.
3.1 Don’t ask questions, have conversations and make the other person feel heard in order to build a connection and make them like you.
3.2 Understanding the individual’s relationship with money and their specific needs and goals is crucial in effectively selling a product or service.
3.3 People in the stock broking business want to make money, but most of them don’t know their returns or if they have made a profit or loss, and they would have made more money by investing in a mutual fund; however, the motivation for customers comes from feeling left out and the thrill of having control over their own money, which is why understanding the consumers’ mindset through conversations is important.
3.4 Open up your world to others, understand their problems, and use that insight to create products and advertising that resonate with them, while also focusing on quantitative measures to track progress and asking the right questions to gain better insights.
3.5 Insurance products have evolved and are no longer value destructive, but it is important to understand what the consumer really needs and offer products that align with their beliefs and preferences.
3.6 Having coffee can provide unnecessary stimulation and should be avoided, as it is essentially a drug.
55:33 📈 Sell financial products honestly and provide a positive sales experience to build trust and loyalty, while maintaining discipline and ethical practices for long-term business growth.
4.1 Insurance is not about death, but about living and providing peace of mind and guarantee for the future, as it gives positive emotions and ensures that something is done for one’s family.
4.2 Sell financial products by understanding what the customer is looking for and presenting the facts honestly, while also considering the value and satisfaction the customer will receive from the product.
4.3 The speaker discusses his experience of buying a sound system and how he was convinced to purchase a different one after comparing the sound quality.4.4 Sell honestly, without relying on discounts or offers, and provide a positive sales experience to build trust and loyalty among customers, leading to long-term success in sales.
4.5 Referral is important in sales, knowing your distributors, customers, and buyers well, and adding value in every interaction leads to success and a happier life.
4.6 Maintaining discipline, ethical practices, and a clear system in sales is crucial for business growth, with no exceptions for misselling or unethical behavior, while also providing training, support, and incentives for salespeople.
01:15:16 📝 Sales progression is important for motivation and pride, staying relevant is crucial for business growth, and Aditya Birla utilizes digital tools to optimize productivity, while China’s regulatory system allows legacy companies to work in separate boxes.
5.1 Salespeople from humble backgrounds are motivated by the opportunity to stay at the Taj Hotel and feel a sense of achievement, and the speaker emphasizes the importance of making award winners feel valued and important.
5.2 Sales progression is important because it not only affects the speaker’s salary and personal life, but also has a significant impact on the salespeople’s sense of achievement and pride, as well as their families’ happiness.
5.3 Doing new things and staying relevant is crucial in business, and it is the leader’s responsibility to explore and embrace new opportunities, as not doing so can lead to irrelevance and the downfall of companies.
5.4 The speaker discusses their experience with search engine optimization and their love for the digital space.5.5 Digital processes and understanding, when combined with physical processes, can optimize and increase productivity, making digital a crucial tool for sales and business growth.
5.6 China’s regulatory system and the need for extensive technology make it easier for legacy companies like Aditya Birla to work in separate boxes rather than trying to create a super app, even though other platforms like Uber offer similar services.
01:29:53 📚 The speaker emphasizes the importance of learning from others’ mistakes, not judging people too quickly, and focusing on adding value and innovation in sales, while also prioritizing personal well-being and defining what works for oneself.
6.1 The speaker discusses the importance of learning from mistakes and emphasizes the value of being the third type of person who learns from others’ mistakes.
6.2 People are complex, and it’s important to not judge them too quickly, but rather work with them and try to reduce negative elements in your life.
6.3 Perception management is crucial in sales, and the key to success lies in having clear objectives, focusing on adding value to others’ lives, and prioritizing innovation and good practices over targets and numbers.
6.4 Sales should be seen as an outcome, and in order to improve sales, one must focus on input and address any input problems rather than solely looking at the output.
6.5 Take care of your input, including work, health, and relationships, prioritize family and core values, focus on your health through resistance training and mindful eating, ignore health tips from influencers, and prioritize your own well-being and happiness.
6.6 Maintaining physical strength and energy throughout the day positively impacts work performance and decision-making, and the speaker finds joy in being faster and outperforming others, but it is important to define what works for oneself, especially for the younger generation who may not feel heard.
01:44:13 📺 Advertising is dead, focus on creating good content that looks like content; storytelling and authentic influencer content are key in resonating with consumers and breaking down traditional advertising structures.
7.1 Veronica’s father, Mr. Lodge, seeks help from various experts to understand a complicated computer issue in an Archie Comics post.
7.2 Speak to younger people for new ideas and innovation, as older people may resist change, and as a CEO, empower and support young employees to use their creativity and motivation to make a difference.
7.3 Advertising is dead, and the new focus should be on creating good content that looks like content and not like advertising.
7.4 A three-minute digital film was created to showcase the importance of insurance agents, specifically highlighting a female agent named Supriya who prioritizes her clients’ needs, ultimately leading to a realization by her husband of her significance in their lives.
7.5 The importance of storytelling in advertising and marketing is emphasized, as it allows for relatable and organic content that resonates with consumers and breaks down traditional advertising structures.
7.6 Influencers should be allowed to create authentic content for brands, as advertising that looks like content and is spread organically is more effective than traditional advertising formats.
02:02:56 🔑 As a leader, it is important to understand your role, create frameworks for long-term benefits, and allow the public to use and benefit from public goods, while embracing change and continuously learning from mistakes.
8.1 As a young operator starting out in your career, it is important to bring energy, take risks, and have powerful ideas, but as you mature and move up the leadership curve, it is also important to understand your role and bring the necessary energy at the leadership level.
8.2 Understanding the operations and needs of a swimming pool led to the realization that the role of public office is to establish frameworks for long-term benefits, such as providing proper facilities for swimming coaching.
8.3 Swimmers who couldn’t break through to the national level were given the opportunity to play water polo, resulting in the creation of a framework for their development, despite facing criticism and challenges along the way.
8.4 The role of leadership is primarily to create public good and allow the public to use it, as humans left to themselves will create magic when given the right environment.
8.5 Creating public goods, such as Wi-Fi and infrastructure, allows people to benefit and use them in ways that may not be initially imagined, which is important for leaders to consider when building a company.
8.6 Don’t be afraid to let go, embrace change, and continuously learn from your mistakes in order to evolve and add value to yourself and your company.
Q&A
Q1: What is the key idea emphasized in the video?
A1: The key idea of the video is that understanding and connecting with customers, providing a positive sales experience, and embracing change and innovation are crucial for successful sales and business growth. It highlights the importance of recognizing what consumers are actually buying, rather than solely focusing on what a company is selling. This understanding helps businesses identify opportunities for price premiums and maximize profits. Additionally, the video emphasizes challenging societal stereotypes by teaching marketing to students from lower economic backgrounds.
Q2: How can salespeople improve their interactions with customers?
A2: Salespeople can enhance their interactions with customers by understanding their needs, showing empathy, and demonstrating enthusiasm for the product or service being offered. It is important to move beyond simply asking rating scale questions during research and instead engage in meaningful conversations that make customers feel heard. By having conversations rather than just asking questions, salespeople can build connections with individuals and gain insights into their specific goals and preferences. This knowledge enables them to create products or services that align with customer beliefs and resonate with them on a deeper level.
Q3: What are some strategies for honest selling practices?
A3: Honesty plays a vital role in successful selling practices. Salespeople should focus on presenting facts honestly without relying solely on discounts or offers to attract customers. Providing a positive sales experience builds trust and loyalty among customers, leading to long-term success in sales. Referrals from satisfied customers also contribute significantly to business growth; therefore, it is essential for salespeople to establish strong relationships not only with buyers but also distributors and other stakeholders within their network.
Q4: How can leaders foster long-term benefits while embracing change?
A4: Leaders play a crucial role in creating frameworks for long-term benefits within organizations while adapting to change effectively. As young professionals progress in their careers, they need to bring energy, take risks, generate powerful ideas but also understand their evolving role as they move up the leadership curve. By understanding their responsibilities, leaders can establish frameworks that provide long-term benefits to the public or customers. This includes creating public goods and allowing people to use and benefit from them, ultimately fostering an environment where individuals can thrive and create magic. Leaders should also be open to embracing change, continuously learning from mistakes, and evolving themselves and their companies in order to add value.
Disclaimer
Note - This content is generated by AI, we believe it is accurate, but we don’t claim any liability of inaccuracies in the AI generated content.