"Early in his career, a young car salesman, after losing a sale he thought was a sure thing, said to his manager, "I guess it just goes to show you can lead a horse to water, but you can't make him drink." The grizzled old veteran replied, "Son, it's not your job to make customers drink. It's your job to make 'em thirsty."

 

"The best piece of advice which can be given to would-be persuaders is this: arouse in the other person an eager want. One who can do this has the whole world with him. One who cannot walks a lonely way."      H. A. Overstreet - "Influencing Human Behavior"

Early in his career, a young car salesman, after losing a sale he thought was a sure thing, said to his manager, "I guess it just goes to show you can lead a horse to water, but you can't make him drink." The grizzled old veteran replied, "Son, it's not your job to make customers drink. It's your job to make 'em thirsty."

F&I professionals must be capable of making customers thirsty for their products. Thirsty to know more about their product, thirsty to know the features and benefits of that product, thirsty to know why they need that product, and thirsty to buy that product. Whenever we launch into a features and benefits presentation of a product the customer has indicated no interest in, they just want to get out of the F&I office as fast as possible. Because we're not helping them- we're wasting their time!

We must change the customer's perception of the financial services process by changing the way we do business. The financial services process should add value to the customer's purchase experience by providing a trained professional who is responsible to help them make informed decisions about the options available in connection with their purchase, not make unwanted and unwelcome product presentations. That requires making customers thirsty for your knowledge, your expertise, and your input.

The use of a printed Financial Services Overview or "menu" in the F&I office cannot be something you use occasionally, or as a last resort after first making a customer to listen to a canned feature and benefit "presentation." A menu enables an F&I professional to quickly review and discuss all of the customer's payment, risk management, and vehicle protection options in a minimum amount of time, and take the pressure out of the process. Unfortunately, a menu does not make customers thirsty. YOU have to do that based upon the needs you've discovered prior to presenting their options. Keep in mind, with any product or service, needs discovery is the most important part of the sales process.

As you begin reviewing their options, customers will often start asking questions, making comments, or raising objections to a particular product. That is exactly what we want them to do. We want the customer to feel they're in control of the process by first discussing those option(s) they're interested in, and answering any questions or concerns they may have about a particular product. However, if they don't want any of the options, or are only interested in one or two products, we must then open up a dialogue with the customer about the other products, so we have an opportunity to discuss why in their situation, each option may be of particular importance.

BEGIN A DIALOGUE AFTER REVIEWING THE MENU
After using a menu to review their options, we need to begin a dialogue with the customer about why these products may be important to them. We have not sold anything at this point. All we have done is get our products on the table so we can help the customer make the right decision for his or her family.

Asking an open-ended, closing question such as "Which of these options would work best for you and your family?" or "Which of these options do you think would be the most important to you and your family?" will either result in the customer selecting a payment option from the menu that includes several products, or elicit a positive (or negative) response to one or more products. At the very least, we begin a dialogue with the customer about the products available in connection with their purchase. This approach allows us to present our products and discuss the features and benefits of those products based on the customer's agenda... not based on our agenda.

Unfortunately, many F&I managers still present F&I products based on their agenda (whatever product they make the most money on gets pitched first!) not the customer's agenda, and not based on what the really customer wants, needs or is interested in. The customer is forced to endure a features and benefits presentation of that product, whether they like it or not. Making a customer sit through a vehicle service agreement presentation when they have expressed no interest in it will not convince them to buy a VSA, but it will certainly antagonize them and reduce your chances of selling them anything else.

Needs-based selling requires first discussing those products the customer is interested in knowing more about, and showing them why in their situation, that product is especially important. We then have to create interest in those F&I products they're NOT interested in. Using the information we have learned about the customer in our needs discovery, we simply make a statement that will make them thirsty to know more about the product.

CREATING CUSTOMER INTEREST
After your initial needs discovery, you should have several good reasons why the customer needs your products, but if the customer isn't interested in hearing those reasons, they're not going to want to listen to a feature and benefit presentation. The key is to make the customer want to know more about the product, so you're responding to their request for information.

We do that by making a statement that piques the customer's curiosity and makes them thirsty to know more. For example, if the customer plans on arranging their financing through their credit union, the statement "Many financial advisors recommend you not use as your primary finance source the lending institution where you have your checking and savings account." This statement will invariably result in the customer asking "Why?" "Because of the right of offset." Naturally, since few customers are familiar with the right of offset, they want to know what it is. And now you can explain the right of offset (feature), and how, by using one of your finance sources, they won't have to worry about it (benefit). The difference is, you're responding to the customer's request to know more about the advantages of financing through the dealership. You're helping the customer, not selling the customer.

TEN STATEMENTS THAT MAKE CUSTOMERS THIRSTY
When a customer indicates they don't want or need a product, simply saying "That surprises me. Especially in your situation." will almost always elicit a "Why?" on the part of the customer. You can now relate a feature and benefit that applies to their situation. The following are some examples of statements that will help open up a dialogue with the customer and make them want to know more about your products.

Making A Cash Buyer Thirsty For Financing:

1. "That's a good feeling. To leave here with a car that's paid for. That's one asset. "However, you could also leave here today with three assets, and should either one of you pass away, the surviving spouse could have five assets."


Making A Bank Or C.U. Customer Thirsty For Financing:
2. "If you want to use your own bank, that's no problem. Although it does surprise me, especially since you financed your last vehicle there."
3. "If you prefer to finance through credit union, that's no problem. Although many financial advisors would recommend against it, since that is where you have your checking and savings account."


Making A Customer Thirsty Who "Can't Afford It"
4. "I understand. However, a lot of people find the lowest payment is not always their best option. And in your situation, I think that would be especially true."
5. "That's fine. These are all options. Although since you do need to keep you payment as low as possible, a couple of these options could be critical to your financial future."


Making A Customer Thirsty Who Doesn't Want Anything
6. "That's not a problem. These are options. Although in your situation, I find that somewhat unsettling, especially since you're financing it for five years and the loan is going to be in both names."


Making A Customer Thirsty For A Vehicle Service Agreement
7. "That surprises me. Especially since you're buying a front-wheel drive vehicle."
8. "No problem. These are all options. Although I do find that very unusual, especially since you're buying a vehicle built since 1998."


Making A Customer Thirsty For Credit Insurance
9. "That's no problem. You don't have to take any of them. Although since you depend on both incomes to meet your monthly obligations, that could create some serious financial issues in the future."


Making A Customer Thirsty For GAP
10. "That really surprises me. Especially since you have a payoff on your last vehicle, and you're not putting any cash down."

Remember, before a customer will listen to a product presentation, you must first arouse an "eager want" on their part to hear what you have to say. In other words, you got to make ‘em thirsty. If you're thirsty to know a product feature and benefit that applies to each of these 10 statements, visit www.go-reahard.com. Especially in your situation, it might be important, since improving your ability to make customers thirsty, and then quench their thirst with the purchase of your products, could have a major impact on your income.