How Do I Upsell When Payments are Quoted on the Sales Floor?!
This is a challenge if you don't have any tools or suggestions to work with. It may take testing a few of these to see what works best for you. It's highly recommended to try any one of these suggestions for one month, to see if it produces improved results for you. If any of our readers have other suggestions, PLEASE share them, click on "Add Comment" at the bottom of this post, and follow the default boxes provided.
Here are some Suggestions:
The language that you use in any sales presentation is crucial. You may find that one word is costing you sales. Be very analytical of the words you use and think about how those are perceived by your customer. For example, rather than saying "these products are optional", say something like "these products are considerations" or "these products are available to you" or "this vehicle/financing is eligible for". Use words that imply this is an opportunity to take advantage of these products! Your enthusiasm and belief of these products will have a huge impact on your sales!
Remember, according to the Business Practices and Consumer Protection Act, when quoting payments, the total amount of any add-on products must be disclosed in addition to the increase to the monthly payment amount. That doesn't mean you have to highlight the information or create a major display of it, you simply need to disclose it. Work within the perimeters of the laws governing our industry and you will be relieved of potential repercussions initiated by the consumer!
Other suggestions? Share them with the rest of us!
What's YOUR Willingness to be a Top Performer?
Here are some Suggestions:
- Back to Basics. Start from square one, build rapport, go through your sales presentations product by product, overcome objections, and close. Sounds simple huh? When a customer comes to the business manager with a payment quote from the sales floor, we assume that it will be a challenge to upsell. Start with the mindset as you would with a customer that comes into your office without any payment quote, and be thorough. ASSUME they are interested in every product you have to offer. There may be more work to overcome their objections and it may take more time to close the sale but first and foremost, you must program your own beliefs and stay firm with those. BE CONSISTENT!
- Mini-Menu Selling System. Create a master 3-column menu on a 8-1/2" x 11" piece of paper that you will photocopy. Leave enough space at the top for a heading and your dealership's information. Leave enough margin in the left side of the sheet to input details about the car purchase (ie: price, taxes, fees, accessories, etc). Starting on the left side of the page, create "packages" in each column. Label these something like the Bronze, Silver and Gold packages, or whatever you prefer. In each column, add products that will affect the payment such as (you can adjust these packages any way you like): 1st Column, Life Protection and Warranty; 2nd Column, Life Protection, Warranty and 2-Part Protection package; 3rd Column, Life Protection, Warranty, 4-Part Protection package and Disability Insurance. You will manually enter the new payment amount in each column, increasing as products are added. Also, at the bottom of each column, below the menu box, manually enter the amount of each product offered in that package. If this works well, you may consider to use a reputable menu selling software that will facilitate this process on your computer screen.
- Assume the Sale. Begin your sales presentation by explaining to your customer that you always include (for example), an extended warranty with their payment, to ensure future repairs are built into their monthly payment budget, and life insurance to ensure that their vehicle will go to their estate free and clear title, should something unexpected happen. Relieve your customer's fears, let them know that they are not committing to purchase these products, they are considerations, and everything will be fully disclosed to them, they always have the final decision whether they wish to take advantage of the products. The objective here is to introduce the idea that you are including other products in your discussions, you are defusing their fears that they are committed to purchase these and, giving them the control of the final decision. You may need to go into further features and benefits of these initial products, it will depend on your customer. In some cases, there will be no further discussion and the sale of those products will be complete. Following this, you can proceed with presenting your other products. You will need to start with a blank piece of paper to write the changes in the monthly payment each step of the way, and (perhaps at the bottom of that sheet), mark the total cost of each product.
- Present Payments Like Their Bank Would. Start your presentation with payments like their bank would offer them. If a consumer applies to their favoured financial institution for a loan, their personal banking officer will offer payments with both, life insurance and disability coverage. Banks have been lending money much longer than auto dealerships have been offering financial services to facilitate purchasing a vehicle, they are the masters at this process. So, with that blank sheet of paper in hand, start at the top of the page, mark their monthly payment with life protection only, then disability protection only, then their payment with both coverages. Always disclose the total amount of each premium at the bottom or side of the page, to ensure you follow full disclosure regulations.
The language that you use in any sales presentation is crucial. You may find that one word is costing you sales. Be very analytical of the words you use and think about how those are perceived by your customer. For example, rather than saying "these products are optional", say something like "these products are considerations" or "these products are available to you" or "this vehicle/financing is eligible for". Use words that imply this is an opportunity to take advantage of these products! Your enthusiasm and belief of these products will have a huge impact on your sales!
Remember, according to the Business Practices and Consumer Protection Act, when quoting payments, the total amount of any add-on products must be disclosed in addition to the increase to the monthly payment amount. That doesn't mean you have to highlight the information or create a major display of it, you simply need to disclose it. Work within the perimeters of the laws governing our industry and you will be relieved of potential repercussions initiated by the consumer!
Other suggestions? Share them with the rest of us!
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