The curse of Overselling

We all have been victims of aggressive overselling. For example, many organizations attempt to sell products or services that we do not require or are deficient in quality. Another form of insidious overselling is making tall claims to engage you in a conversation. Then, as you start talking and spending efforts, you are dismayed. There is a chasm between promise and delivery. And you are left with a feeling of being betrayed.?

Overselling seems to be the norm with Finance and Fintech organizations in particular. I have two incidents to narrate- One happened a few years back. A popular Finance organization (Bajaj Finance) courted me for loans and aggressively pursued me. Initially, I was cold but, over time, allowed myself to be convinced. Finally, I decided to take up on their offer- submitted various documents, and spent considerable time and effort. Unfortunately, after a month of due diligence, I was met with absolute silence. Despite multiple communications, there was no response, and ultimately, I had to stop my correspondence altogether.

Recently a well-funded fintech company Karbon approached us with an offer of attractive products and services. On paper, the proposal looked very interesting. So we set up a demo with one of the stakeholders of Karbon. Surprisingly we were pursued by many other executives from the same organization. Despite letting them know that we were in touch with one of their employees, the email blitzkrieg did not stop.?

The demo was underwhelming, and there was a yawning gap between what was mentioned in the mail and what was committed in the conversation. Sales executives continued to pursue me aggressively. Finally, I had to send the following mail to one of them-

"Hi XXXX, I have a recommendation for you. There is an absolute lack of synergy between your actual offerings, sales pitch and campaigns. Do not offer what you cannot deliver, and do not oversell. That is - be prudent in ensuring that a prospect is not bombarded by umpteen sales executives from the same organization. I have been carpet-bombed by at least four streams of aggressive communication. We contacted one of them and found to our dismay, that what you offer and what you advertise are poles apart. I replied to one of your employees, but instead of an apology, I was met by silence. I don't need to send this mail. Like millions of others, I can choose to be quiet, but I chose to reply in the faint hope that you/your organization will introspect and correct your course. I wish you all the best. Regards Ravi"

Why am I writing this article? Many organizations have gone beserk with their sales and marketing strategy. Unfortunately, being aggressive in sales can be counterproductive. Values and compassion have to underpin your sales strategy. Some of the critical fundamentals are:

1. Do not mindlessly send emails with your product and service offerings. Is it the right customer? Would they need our service? What service can I offer? What product will benefit them??
2. Even if you cannot get all the information in the initial market intelligence survey, have an initial conversation to understand the customer and tailor-make your offerings.
3. Do not promise what you cannot deliver. Do not sell what is not available.
4. Have an information system internally that tracks conversations with your customers or prospects. Ensure that multiple individuals are not talking to the same individual. Pursuing different departments and opportunities might still be ok(especially with large enterprises).
5. Communicate with the client even if you cannot offer the product. Silence is the worst kind of treatment that you can mete out to a prospect. Remember, the same customer may be your target customer, but the bitter experience will be forever etched in his memory. An upset customer can jeopardize your best campaign in the future.

Effective selling can enhance your brand image and earn more committed customers. Earning trust by being honest is far more critical than just making a sale.?