You may not heard about New Pension Scheme also known as NPS which is the government of India sponsored Retirement scheme launched on 1st May 2009. You can learn more about NPS by reading following articles.
New Pension Scheme (NPS) Dos & Don'ts
New Pension Scheme (NPS) – Is it Worth?
Well in a country of 100 crore population, a nationalized pension plan has been released since more than 1 month but only 400 accounts have been opened yet according to the senior officials of PFRDA.
There are 2 reasons for it.
- The New Pension Scheme (NPS) is not marketed well. Any Financial product Must marketed well than and only people will buy it. If you have a great product but you don’t do marketing of it, nobody will buy it. And worst products will be sell out if you market them well. the Administrative charges associated with NPS are so low that, the Insurance Regulatory Authority did not allocated a separate fund for marketing of NPS and this is the reason nobody bought it.
- Another reason for the slack sales has been the lack of interest from distributors in selling the product. The basic problem with NPS is that, the commissions received from selling the NPS are much lower than that from insurance, mutual funds and private companies’ pension products. And that’s why agents don’t sell this product.
According to experts, the regulator needs at leas Rs.500 crore this year to make a meaningful splash in the market. And that’s why India’s pension regulator PFRDA has written to the government to provide more funds to help market the NPS.
According to Industry experts, “People will buy anything if you do proper marketing. Here the need of the hour is to launch a smart campaign that anybody can now secure his pension at such low cost.”
This is the Best Example of “Importance of Marketing”. NPS is a great product but nobody is willing to buy it because of lack of proper marketing of the product. And after a year or so when the government will market this product well, people will make a queue to market this product. This is the power of Marketing.
So Remember, In Business Marketing is more important than the Quality of Product. So Focus on Marketing Now…!!!
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