E-Newsletter – January 2014
This Month’s Selling Principle:
Dealing with Buyer’s Remorse: The 99% Close
Try this one anytime someone is having buyer’s remorse, either before or after the sale. Buyer’s remorse before the sale occurs when our customer has made the commitment to go forward and then starts to rescind that commitment.
This strategy won’t work all the time, of course, but when it does it works by 1) helping our customer identify the feeling of doubt, 2) allowing them to quantify and minimize it (to 1% or 5% etc.), 3) allowing them to hear that it is a normal part of the buying process, and then 4) allowing us to ask them to make the “right choice” (or congratulate them for already having made it).
We start with, “Well, this is a major decision, isn’t it? And it sounds like you just want to be sure you’re not making a mistake, right?”
They will either tell you what the real objection is or agree with us. Then we proceed with: “What you are feeling right now is perfectly normal and very common because we don’t make big decisions every day. Or at least I don’t, do you?” Wait for their response, then ask, “What you’re feeling right now is perfectly normal, and we all go through what you’re currently going through. You’ve made all the right decisions so far. Here, I’ll show you what I mean. OK, first, you like the vehicle, right?” Again wait for them to answer us. Then, “It’s got the X, the X, and the X you told me were important to you. You like the color, right? Is there anything missing?”
By waiting for responses to our questions, our customer becomes engaged rather than being sold.
We continue with, “Second, you do like this dealership and all the people who have helped you so far, don’t you? Has everyone given you the impression that your satisfaction is job one?” Wait for their answer, and continue with, “And lastly, we did get it to fit into your budget too, didn’t we? See? You’ve done all the necessary legwork to make a sound decision. What you’re feeling right now is just the unfamiliarity of making a decision like this one, one that all of us get to make every few years. And that’s alright, it’s what we all go through.”
“Now, I’m going to ask you something and please be honest with me, okay?” Pause, then continue with, “Deep inside you, deep down right now… 99% of you is saying YES, isn’t it?”
Wait for them to answer us. Some will simply say yes while others will protest and say it’s 95% or 85%. Just quickly do the math and finish with, “Then don’t let that 1%, which is perfectly normal, keep you from making the right choice.” If it’s after the sale we finish with, “Then don’t let that 1%, which is perfectly normal, keep you from enjoying the good decision you’ve already made.”
Nothing works all of the time and neither will this, of course. However, by adding this strategy to your toolbox will allow you to be better prepared the next time you need to help your client get past their buyer’s remorse.
Until next time, be well, and do good work!
Michael D. Hargrove
“Our mind is the most valuable possession that we have. The quality of our life is, and will be, a reflection of how well we develop, train, and utilize this precious gift.”
Harold R. McAlindon
Objection of the Month: “I’m not buying today, but give me your best price anyway.”
These are just a few of the most common strategies shared at the workshops we’ve conducted all across North America and attended by thousands of the top sales people in our field. Please keep in mind that nothing works all the time, and no one thing will work for everybody. Each of these strategies, of course, need to be tailored to the individual user, to the specific customer, and the particular situation. Also, this is by no means the definitive work on overcoming this particular objection and it’s not intended to be.
a. “Folks, you like the car don’t you? It’s equipped the way you want it, right? It’s a color you can live with for the next few years, right? This dealership is one you’ve done business with before, correct? And I’ve treated you in a professional manner, haven’t I? Well, then folks, my job now is to simply make it easy for you to take action on a decision you’ve already made. Follow me.”
b. “The best price is determined by the availability at the time you decide to do business. And there are other variables too; like the time of the month, how easy the car is to replace, how it’s equipped, what bank or factory incentives are in place at the time, your mood, the manager’s mood. The best price is not some arbitrary number anyone can just toss out to you. Now, if you’re ready to put this shopping chore behind you, I’m ready to negotiate the very best terms possible on your behalf. Are we ready?”
c. “By insisting on a ‘best price’ quote without a commitment to buy today, what customers unwittingly do is force their salesperson to either guess about the numbers, or even worse, lie about them. I’m simply not willing to do either. What I AM willing to do, however, is to make it easy for you to start to enjoy your new car. May I show you how? Great, follow me.”
d. “You know how negotiations work, right? In order for ANY negotiation to be successful both parties have got to feel like they’ve won, isn’t that true? Well then, let me ask you this, how do you win, sir? You’re going to win by persuading my manager to give up potential profit in the form of a discount. How does my manager win? That’s right! My manager wins by making a profit in the form of your business. In order for us to get you what you want, we must be in a position to give her what she wants. Otherwise, we’re not negotiating from a position of strength. But when she knows she’s at least got a chance of earning your business, we’ll then have the leverage we need to get her to do what we want. Does that make sense?”
e. “Do you know how I get paid? Commission, that’s right. You know what the best part of commission sales is? The more excited I get you, the more money you pay, the more money I make! Isn’t that awesome?! Okay, maybe not for you. But do you know what the best part of commissioned sales is for you as the customer? Well, what do you think I get paid if you DON’T buy the car? That’s right, nothing. And you’re not going to buy it unless the price is right, are you? So, it works to BOTH of our advantages to negotiate from a position of strength. Now, doesn’t that make sense?”
f. “Look, I’m always willing to discuss numbers with my customers because that’s the easiest part of my job. First let me ask you though, is there anything else standing in the way of us doing business together today?”
g. “After showing you what we can do, if you still decide not to do business with us, well then, that would be our fault folks, not yours. Fair enough?”
h. (If our customer tells us this at the greeting, we can say,) “I hear that a lot, folks. What I’ve found is that most people just want to find a car they like, get figures on it, and then think about it. Is that what you folks had in mind? Okay, I’d be happy to help you with that!”
Next month’s objection will be: “I don’t need/want to drive it.” We need YOUR input! Please forward your ideas on this one, or your suggestions on which objection to cover next, to email@example.com.
“The purpose of life is a life of purpose.”
“Ten Tips for Success”
— by Anonymous
1. Expect to win.
Know in your heart that you are a winner.
2. Let your expectations show.
Express no doubts, let your competitors and your friends know that you have none.
3. Work, practice, work, and practice some more.
At the top of his field, Tiger Woods can still be seen hitting buckets of balls until dark – even if he’s just won.
4. Dress and act like a winner.
This is a part of keeping yourself in a winning frame of mind.
5. Have a sense of drama – don’t create it but know it when you see it.
You don’t have to seek out publicity, but know how to accept and use it when it comes to you.
6. Know that there is always room to grow.
Being the best does not mean you can’t be even better.
7. Hang with the winners.
They understand the pressures and situations in which you will find yourself.
8. Put yourself in situations where you are not known as a success.
This may be difficult, but this helps you to stay real.
9. Value and protect your free time and do what you enjoy.
The discipline of being a winner needs a safety valve from time to time.
10. Remember those who need help.
Somewhere, someone helped you – be willing to give back.
“If you want to achieve something that has always eluded you, for this day act as if it were already here.”
Dr. Wayne W. Dyer
Upcoming Public Events:
Retail Automobile Sales : The Professional’s One Day Workshop
“Today was a great day! I learned a lot and I’m leaving with more confidence in car sales than I had before I came.”
Santiago Monge, Sales – Fahrney Automotive Group
“I am excited to put these techniques to use. I will definitely be using the included coaching services.”
Trinidad Medina, Internet Sales Manager – Fresno Lexus
“Michael’s enthusiasm and engaging style aimed directly at the car professional in today’s market, makes for an action-inducing workshop that I enjoy attending every year!”
John Yager, Internet Sales Manager – Honda North
Date(s): February 11th & 12th, 2014
Location: University Square Hotel (formerly the Piccadilly Inn Fresno University)
4961 North Cedar
Fresno, CA 93726
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Date(s): March 25th & 26th, 2014
Location: Owyhee Plaza Hotel
1109 Main Street
Boise, ID 83702
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