No, that was not a typo. WIFM is what everyone wants to know: What’s In It For Me? More than that, it is what you, the Business Manager, need to tell your customers before they voice the question. Because when they voice it, usually it is in the form of an objection. For example: I don’t need any of that. Translation: You haven’t shown me what it will do for me. Once the objection is stated you become the person on the defensive; the one who now has to justify why you are offering this product to the customer.
Real strength comes in always being on the offensive; always being the one controlling the conversation, controlling the outcome to the best of your ability. The only way to insure that you are the one in control is to be sure you have ALL of the information you need BEFORE you present your packages to the customer. Your presentation will be specific to that customer and will keep him listening because it answers the WIFM question. So, for example, the service contract isn’t a great product because it pays parts and labor; it’s a great product because we don’t want you, Mr. Customer, to be driving back from that vacation you said you had planned, and break down out of state, where the labor rates are more than they are here. The service contract will pay directly to the servicing dealer for the parts and labor and if you need towing and/or rental, you will be reimbursed for those items.
Now, your customer knows, What’s In It For Me (Him). As you bullet-point each product, answer the question in a few words, specific to the customer, then move on to the next product in your package. You’ll keep your customer’s attention, handle an objection that might have come up, and you have earned the right to ask for the sale.
Look at it from another view: You present your menu and feel that you have done a great job hitting all of the high points of the products; you even throw in that the term and mileage of the service contract was based on the year and mileage of their trade-in. But as you eagerly wait for what you think will be their positive response, you instead hear them say, “Oh, we don’t plan to put that many miles on this car. Our kids moved back home so we don’t need to travel to see them.” Now you have to re-think why the service contract still makes sense for them. I don’t doubt that you can re-group and get the “yes”, - you’re a professional who is used to thinking on your feet. But why put yourself on the defensive when you don’t have to? Getting the information and using it as part of your presentation to enhance the features, and personalize the benefits shortens the sale, and increases your chances of success.
And that’s...What’s In It For You!
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