On Passion And Products

When a product is breaking new turf–say, it’s an innovative feature on an annuity–this kind of information is all the more important.

Customers and insurers naturally are reluctant to buy into new and untested initiatives, without clear financial, business and environmental reasons to do so. In the 1990s, sales of the first index annuities and the newly modernized long term care policies suffered for lack of such information. But both products started making strides once the information flow improved.

Another problem with certain declarations of passion for a product occurs when the speaker exhorts the listener to accept the statements at face value, with no critical thinking whatsoever.

This is a “just trust me” kind of appeal. The implicit message is, “since I am so emotionally committed to this [product, service or strategy], you know in your heart that I won’t steer you wrong.”

That kind of persuasion is not all bad. Who doesn’t feel comfortable buying from a trusted person who knows about a product and endorses it wholeheartedly? That puts the confidence reading on “high.”

But the key word is “trusted.” If the advocate has the consumer’s or insurer’s trust, this can be a healthy business trigger. But, going back to the first point, if the passionate entreaties lack the underpinnings of fact and information, the listener may get the willies and run. Alternatively, if the person submits to the exhortations despite vague feelings of distrust, he or she may later have regrets–and no amount of passion will hold off the ensuing lawsuit.

A final concern is that some of the passion advocates have all the earmarks of tunnel vision. They get so involved in the product, strategy, business line or whatever that they neglect other aspects of the business–customers, employees, vendors, to name a few. “Silo” thinking, workaholism and high stress aren’t far behind. The variable product industry saw a lot of this in the overheated late 1990s, and when the recession hit in the early 2000s, the proverbial heads rolled.

The business literature is filled with admonitions to instill passion throughout the organization. The reason: When passion is authentic and informed, quality, price competitiveness and customer-centric innovation flourish. Productivity gallops. Products and services are well sold. Employees are happy and clients are satisfied.

With so much to gain, why ruin it with unsupported bravado and off-key trumpeting? Why douse it with overload? Ground passion in reality and let it take hold.