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The Automotive Training Academy by Assurant provides informational video tips to help you and your team deliver better results in an ethical and compliant manner. Our instructors bring decades of real- world automotive experience to this video series, as well as our five-day immersive F&I Professionals course. This LIVE In-person program is offered at our Houston/The Woodlands office. In this video, Trent White will discuss the difference between a statement, a question and an objection. Your ability to respond appropriately to each of these 3 responses from a customer can affect your sales results. Following our world class presentation, we ask our customer to select a plan that works best for their ownership experience. Of course, the “I’ll take it” is our preference, however the customers response may be different. Perhaps something along the lines of: • It Costs too much • I Don’t need it / I’m buying a good car • I’ll “take my chances” • “Is this a service contract?” • “Do I have to buy this today” • “Wow, that’s a lot of money” Now, are ALL of these responses, objections? … Well NO... not really Some of these responses are simply comments and two are just questions. Let’s take a closer look at the first 3 responses: • It Costs too much – Now that is an objection • I Don’t need it or I’m buying a quality car – this is also an objection, and • I’ll take my chances – yes, another objection. • Now, How about, “Is this a service contract?” or “Do I have to buy this?” These Do Not represent objections, these are simply questions. • And Finally, what about the response “Wow, that’s a lot of money”? This too is NOT an objection, just a statement. So what do we do when a customer asks a question? Answer the question and ASK for the business. How should we handle a customer who makes a statement like, “WoW, that’s a lot of money”? We acknowledge, clarify and close.” For example, say: “As technology continues to increase on our vehicles, so do the costs, Wouldn’t it only make sense to add the coverage and give you the ownership experience you’ve come to expect with your vehicles. And now let’s take a look at objections? Our process is the same when addressing one or more objections: • First, we need to Support and Acknowledge the customers response. • Second, Let’s acknowledge the customer’s concern. Listen and pause to be sure you understand their concern. • Third, Clarify the objection by restating their concern. “If I understand correctly, your saying ...” • Fourth, Gain an agreement in principle - For example – So if I understand correctly, you like the coverage, however you prefer to be closer to your budget, correct?... Mind if I share an idea? • Fifth, take the time to justify the need using the information gathered throughout your process and their hot buttons. After you have justified the need, what is the next step? Get a commitment, “so wouldn’t you agree it only makes sense to add the coverage and gain the ownership experience you’ve come to love with your vehicle. Be patient, manage your flinch, and listen to the customer before responding We hope you found this information helpful. I’m Trent White with the Automotive Training Academy, thank you for watching! Sign up for the F&I school that has won 7 consecutive Dealers’ Choice Awards. https://www.assurant.com/partner-with... academy/f-i-training Make sure to subscribe to the Automotive Training Academy YouTube channel for weekly F&I Tips and more from our team at the Automotive Training Academy by Assurant. For dealer use only. Not for use by consumers. If consumers request coverage details, they should be referred to approved advertising or fulfillment documents.