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| Uh... I think you are leaking closing ratio |
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Last Updated
29th of March, 2011
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Uh... I think you are leaking closing ratio
What holds us back from hitting our volume and income objectives? For most salespeople, the difference between where you are and where you would like to be is only a matter of a few points in closing ratio. So where do we "leak" closing ratio? A high closing ratio is achieved by the fewest number of people checking out without buying. Where do they "check-out"? Each step of the selling process has a transition to the next step. The transitions are where only two things can happen; they either follow you to the next step or they don't. Why do they check-out? Lots of reasons:
• They don't know, like, or trust you enough to go further.
• They don't see what's in it for them to go to the next step.
• They don't feel you know them or their needs enough to go further.
• They like everything so far and are getting excited and fear they may buy something!
How does our leadership keep more people progressing to a positive buying decision - with us? The transition to the next step is smooth and logical. It makes it seem like not following would be unnatural. Small objections to progress are overcome smoothly and naturally with what's in it for them.
Here are a few of the common "check-out" points and an example of a good transition to smoothly move to the next step:
On the yard to in-office Interview:
"There's a lot to look at isn't there? Could I suggest a quick and easy way to save you time and narrow down your choices?"
"Let's sit down and I can ask you some quick questions about your needs. I'll take a few notes, and then we'll save time by only looking at a few vehicles that match your needs perfectly. Ok? Come with me."
In-office Interview to Presentation:
"Based on the information you've given me, I think I have a vehicle that has everything you want! Let me show it to you."
Presentation to Demonstration:
"May I show you what I think is the most impressive aspect of this vehicle? (sure) Great, that's the ride and the handling. Have a seat. I'll drive first to show you a few things and get us away from the dealership then you can try it out. Let's go!"
Demonstration to Information Review:
"I want to show you something about our dealership that we're very proud of and I think will be very important to you. Come with me."
Lead to the parts and service walk (building added value).
Now we will be the first to acknowledge that not everyone will follow your leadership thorough each transition every time. But... the key to higher closing ratios is to help a higher number of people follow you further towards a buying decision.
Do some self analysis. Where do the majority of your clients "check-out"? Where is the biggest drop? Now look at your transition at that point. What do you say? How could it be better? Now change it for the better. Remember nothing changes unless something changes.Your small enhancements to these key transitions will pay big dividends in closing ratio, volume, and personal income.
"The reward for work well done is the opportunity to do more."
-Jonas Salk
ISI/PAL Automotivaters is a Canadian company celebrating 24 years of helping dealerships increase volume and profit through training, coaching, and accountability systems. Our clients range from single dealerships of all sizes to dealer associations and entire dealer networks in Canada, USA, New Zealand, Australia, the Philippines, Indonesia, French Polynesia, and Asia.
See us at: www.automotivaters.com
Copyright © 2011 by ISI/PAL Automotivaters Inc. If you share this, print it out, or reproduce it in any way, please retain this copyright statement.
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