Three Keys to Turning an Objection into a $ale
There is a process that should be followed to maximize every opportunity. In these difficult economic times, every opportunity counts, every effort counts, and, in order to make the sale, F&I professionals need to make the second and third effort. Here are three keys to help you maximize those opportunities.1) Consistent presentation.
Make sure your F&I presenter makes a consistent value added presentation to each and every customer. Record the presentation, play it back, and listen as a customer would listen. Provide positive feedback. What could have been said better from a customer’s point of view? The interview and presentation should not take any longer than 15 minutes. That leaves five minutes to address the objections. Remember the clock is ticking. We have only 20 minutes of the customer’s concentration from the time they cross the threshold of our office.
Repeat the objection to the customer, making it a positive requirement. If the customer says, “Wow, that payment is too high…” begin with: “Then you see value in the coverage don’t you? What I am hearing is that you need the payments to fit into your budget, is that right?”
a. Reverse—“That is exactly why you need this protection to eliminate any unplanned future repair expenses that could be a hardship on your already fragile budget. What I am hearing is that you would like the plan, provided we can find a way to make it fit into your monthly budget, is that correct?”
b. Elaborate—Perhaps the customer had a service agreement before, with which they had a negative experience, and they are still angry with the company. Get ready to ask them to elaborate, let them vent. They are telling you what it will take to sell them. Be quiet until they are finished. Begin with…“I am sorry to hear about your previous experience. We have had other customers with similar stories and thank goodness they choose to do business here. As you know we have been servicing our community for ___ years and we stand behind our policies. Let’s review what is covered—and it is in writing so you can make an informed choice, okay?” Bring out the written policy and review the coverage in depth, “policies are better today and they are insured by _______ (a rated insurance company).”
c. Admit—“Yes, we too have had some difficulties with some companies in the past. That is why we stand behind what we sell. We have completed research and have chosen ______ because of their outstanding track record and high customer satisfaction. Can you see where this type of coverage can protect your future repair budget? How many years of coverage would you like,___, ___ or ___?” Offer them a choice between something and something.
d. Deny—Perhaps they had a bad experience with another company. Begin with… “I am sorry to hear that, please realize that your previous experience was not with us. Our plan’s coverage is well defined and backed by a solid insurance company. Doesn’t it make sense to limit your personal exposure to future repair bills with this solid policy? How would you like to pay for the coverage, cash, check, or include it in the financing?”
e. Ask why—If they will not respond to your inquiries trying to isolate the issue, ask them why. Begin with: “Rest assured we do not want you buying anything you do not see any value in. Most of our customers choose to buy _____ to protect their future repair budget. Our owner is always curious as to why customers choose to face the future without this valuable coverage. Can you help us improve in the future? May I ask you what about the plan you did not like?”
First try to secure the sale as a package, then isolate the objection and address that specific concern. If that does not secure the sale then bring out the proof statements, and share an example of a claim. If you cannot succeed in making the sale you should have a customer declination form. Documentation showing the customer had the choice to purchase on a certain day and elected not to purchase the coverage can save the dealership down the road?As I tell folks, service always gets paid for. The question is, from whom? Dealer Marketing Magazine, October 2009