The root cause of new vehicle buying objections is the belief that shoppers can buy the same package of benefits from another dealer, possibly for less money. The quickest way to eliminate sales-killing objections is to provide a package of benefits your buyers want and your competition doesn’t offer.
You can provide four benefits new vehicle buyers want. The more indispensable your exclusive benefits become to your customers, the fewer objections you receive and the more likely the sale. Your four exclusive benefits are:
You
With the average new vehicle selling for more than $30,000, today’s buyers want to trust the person helping them buy it. The more they trust you, the more likely they are to buy from you. Three ways to create trust and become essential to your buyers:
- Ask intelligent questions
- Monopolize listening
- Determine emotional requirements
We are all emotional buyers. The more emotional benefits your buyers’ desire, the stronger their emotional bond with you. The stronger the bond the higher their trust and the more indispensable you become.
Your Dealership
Until they learn otherwise, buyers assume all dealerships are pretty much the same. Help future buyers understand why your dealership is right for them. Three things that make yours the dealership buyers prefer:
- Offer an enjoyable buying experience
- Let guests feel how everyone cares
- Provide an environment that allows buyers to sell themselves
Your buyer’s Ideal vehicle
How much easier would your job be if you were the only one who could sell the vehicle every buyer wanted? You can make this a reality by giving every buyer the opportunity to customize the vehicle that is ideal for them. Think about all the different combinations of models, packages, options, accessories, warranties and services you can sell. Burger King said there are 221,184 ways to order a Whopper® sandwich. You have a lot more benefit combinations than extra pickles, onions, and hold the mayo. The odds of your competition designing an Ideal Vehicle with exactly the same benefits are about zero.
One secret to designing your buyers’ ideal vehicle is to help them discover their hidden wants, needs and desires. The renowned behavioral psychologist Abraham Maslow said,Humans are rarely in a state of complete happiness; we always desire something, as one desire is satisfied another appears. When you are the only one helping buyers see themselves using and enjoying exciting new benefits they hadn’t thought about until just then, your competition doesn’t stand a chance.
The Greatest Peace of Mind
Peace of mind is the green-light emotion that gives shoppers permission to buy. When buyers don’t perceive enough peace of mind, they can’t buy no matter how low the price. Imagine a perfectly balanced scale with risk on one side and peace of mind on the other. Take away risk and peace of mind is in charge. Fail to add enough peace of mind and risk takes control. If only one risk is a bit too high people still can’t buy.
To consistently close more sales at maximum gross:
- Understand how buyers perceive each risk
- Reduce each risk to buyer’s satisfaction
To consistently give your buyers the greatest peace of mind you need to understand how risk affects the individual way people buy cars today. Like the 5 deadly points on a ninja throwing star there are 5 deadly risks, each lethal enough to kill the sale. One risk most buyers have strong concerns about is social risk, yet few car sales consultants every address it. One way to deal with social risk is to help buyers own the vehicle that best tells strangers who they are. Every risk you reduce adds one more layer of peace of mind your competition doesn’t provide.
When buyers raise an objection
When a buyer raises an objection like … “I needed to think about it” or “I can get a better deal from XYZ” or “I always shop around before buying”… take out your notepad and draw a full page circle with a big plus sign in the middle. No, this isn’t a Round 4 Square. The 4 Square is an old school sales and negotiating tool than focuses the buyer’s attention on the monthly payment, which can change when changes are made to the down payment, trade-in price and sales price.
The tool you are drawing is the Wheel of Value© When you use it correctly it is the most effective way to help buyers realize what each exclusive benefit means to them. While drawing your Wheel of Value© have a conversation with your customer about your four benefits, something like … Bob, if you shop around there are 4 very important things to keep in mind, let me jot them down for you.
… First, is the Dealership
If you talk to others please ask for the name of their back-up person, like Sally who you met, the person to go to if you ever have a problem and they’re not immediately available.
… Second, is your Ideal Vehicle
You really liked all the packages and accessories we put together, so please make sure they ask questions similar to mine so they can get the right information to design your dream ride.
… Third, is yourGreatest Peace of Mind
We talked about how the lowest risk provides the greatest peace of mind … and you liked how we dealt with your risk concerns, so if you talk to others please make sure they will reduce every risk to your satisfaction.
… The final benefit you get is Me … I’ll take care of everything … If you ever have a problem, I’m just a phone call or text message away … all I need is your okay and I’ll get started …
Billionaire J. Paul Getty said, “If you want to make money, really big money, do what nobody else is doing.” Want to make really big money? Help every buyer desire the four exclusive benefits only you can provide.
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By Steve Howard, founder, No Pressure Selling®
No Pressure Selling® helps dealerships and consultants sell the way new car shoppers prefer to buy today. Start Your 3-day No Pressure Preview Today!
