In the past, it has been close to impossible to sell an extended warranty because the market does not believe in them and marketers believe that they are not worth the cost. However, the truth is that if a plan is priced the right manner, they will provide the cover that the customer needs, provided that the extended warranty company honors their obligation. Here are a few tips which can help you pitch extended warranties as a sales rep and get customers.
Have a positive attitude when making the pitch
Because of the bad reputation that this product has, most people only mention it because they have to. However, the truth is that there are customers out there who need the product and having this restrictive attitude will just lock them out. Research shows that if the product is pitched in a positive and professional manner, a quarter of the customers actually purchase an extended warranty. In addition to this, many customers report that they can feel, “a little uptight, and scared to talk to your salespeople.” This can easily be overcome by having an inviting positive attitude in interactions with customers.
Understand the product well
Again, this is the kind of product which is generally pitched as a by-the-way, which means that most sales representatives expect to mention it, get turned down and move on to other things. This prohibits them from actually learning the product and understanding what it is all about. Post the price where the customers can easily see and add a mobile price quoting tip which makes you look more professional.
Also, knowing more about the product means you will be better able to explain how it works, since many extended warranties work hand in hand with other automotive services, maintenance, and repairs that your company will provide. Since extended warranties work so closely with those services, it is essential that the customer understands what is required to keep their new car in top condition, and how to properly maintain it. As defined by Honest1 Auto Repair, maintenance is “the regularly scheduled service your vehicle receives based on the manufacturer’s recommendations.”
There are countless times customers come in angry about something breaking or not working correctly even though they only recently bought the car. Explanation of maintenance, repairs, and other services while they are purchasing a vehicle with extended warranties means that the customer doesn’t feel like they’ve been slighted, and you will continue to have a working business relationship with them. So by knowing extended warranties better, you will be more effective in explaining how service procedures and repairs occur, and how they could be covered by an extended warranty.
The number of sales pitches that will convert rely heavily on whether you appear credible to your customers or not. If you want to sell, make the customers feel what will happen after they buy the plan. Qualify all of your customers by providing products which meet their needs, and don’t try to push products that aren’t in your customer’s best interest. Show your knowledge and experience of all of your products, so that you can demonstrate to your customers and potential customers that you can be a trusted resource in all of the services you perform for them. Organize a good program checklist which will help you take your customers through the key benefits of the product.
Introduce the product at the right time
Because it is an after-sale product, most sales representatives wait until it is too late to introduce it to the discussion. You will find a good number of them chasing down the customer to the parking lot and rushing through some mumbled sales pitch to try and get last minute attention. If you practice well, you will know precisely where to introduce the pitch and appear credible. It will become an integral part of any sales conversation you have with a potential customer.
Ask for feedback
The only way you can improve your sales pitch, and the service is getting feedback from the buyers. Ask them how they feel about the product. Assess whether they would buy it without a warranty or when repairs become necessary. There are many ways to request feedback, but the most common today is customer surveys. Once you gather your customer’s feedback, compile it all, go over it, and then make a conclusion on what you need to change.
Finally, revise and refine your pitch all the time. Sounding confident and well-versed with the product will bring in business.