Get ready to discover practical techniques and tips to close more deals faster.
You may or may not have heard about the paradox of choice, but, as a salesperson, you experience it every day. Barry Schwartz, a psychologist, argues that when you present someone with a plethora of choices, it leads to two main issues:
Analysis paralysis: rather than making any choice, they (customers) choose to do nothing.
Dissatisfaction: if the customer did choose, they are left wondering whether the other options might have been better.
Imagine when you go to a grocery store and find 26 different varieties of chips, you subconsciously get enticed to a greater choice, but you may ultimately get confused. This is what is known as decision fatigue. Hundreds of things demand decision-making on a daily basis, and the human capacity to consistently make well-thought-out decisions is limited.
Have you noticed why many successful people wear the same outfit every day?
Steve Jobs was known for his visionary leadership, innovation, and unvarying signature look. He always dressed the same–a black turtleneck with blue jeans and New Balance sneakers to save his brainpower.
Every decision your customers make uses up mental energy. That means the more decisions your customers are asked to make, the longer and weaker their decision-making process will become. The choice paradox very often materializes in your F&I department when your customers get overwhelmed with the number of choices. It influences the time they take in decision-making.
You have to offer all the products to every customer each time. Consequently, the choice overload drastically increases the time to close the deals. Furthermore, your customer already spends a considerable amount of time deciding on the car type, model, color, engine power, etc.
In that case, you are left with their limited time, attention, and decision capacity to select F&I products. You, as a salesperson, certainly do not want your customers to encounter analysis paralysis. Therefore, here are some valuable techniques and tips that would enable you to be efficient and faster in closing deals.
Have adequate knowledge of your products:
The more information you have about your products, the more confident you will be about offering them to your customers. A thorough understanding of products will allow you to be more enthusiastic when interacting with customers and explain to the buyers in ways that will appeal to them. This will build trust and let the consumer understand the decisions they are making, and hence you can close deals faster.
Additionally, product knowledge helps you to explain the value of your products and manage objections effectively.
The choice close strategy to close deals faster:
The choice close is a sales closing method where you give your potential customer two or more choices as a call to action. For instance, if a customer asks about the product’s price, provide the information, and reclose with a course of action- when does your house payment comes due? Would you want your product payment to come payable with your house payment or more towards the middle of the month? Here, the buyer is induced to decide on two administrative options rather than on a significant purchase.
To point out, when a consumer asks a question, your knowledge about the product will give you the confidence to satisfy their interest. However, many managers often answer the questions and leave the customers hanging. To close the deal faster, you must respond with the necessary information followed by choice close.
Telling is not selling:
F&I managers talk about their products, give all the information they can, but do not ask many questions to the consumers. Asking questions will lead your customer to discover the need for the product and build value in products. Thus, letting you close the deal faster.
Understand your customers:
In the eagerness of selling your products, do not forget to understand what your customer really needs. Active listening will help you assess how your products can solve your consumers’ needs and improve their lives.
Listen actively to connect better with your consumers. If a consumer sense that you are explaining off a script, they would take long or, even worse, might not be convinced. Showing empathy will help you close the deal faster.
Simplify your sales process to close the deals faster:
The sales process should not take hours and hours of your customer’s time. If you streamline your sales process, you will save time and close more deals. If it is easy and faster, the customer will comprehend it better and make decisions in your favor.
Cut the repetitive talks and tasks to shorten the sales cycle. By all means, you could take the benefits of work automation tools and systems to save time, be more productive, and close sooner.
To emphasize, helping your customers make decisions faster is critical for your role. If you can hone these techniques, you would close more deals and become more successful in your job.
It is important to realize that the modern economy increasingly revolves around human attention. Attention is a resource—a consumer has only so much of it. With this in mind, reassessing your methods is critical in the attention economy because the choices you offer demand attention and decision-making.
We have been helping the auto industry workforce to boost potential and grow productivity for over thirty years. Get in touch with us today to help you assess your processes and people and increase your profitability.