Customers want answers and they want it now. At the same time, we are considered one of the least trustworthy professions so they question what we tell them as well. That very well could be why consumers do their due diligence by researching 26 different websites before purchasing. (Google data) Your teams and your pricing are being questioned. Have you trained them on how to respond to those objections?
At DealerKnows, we train our dealer clients on these 5 steps your salespeople and BDC agents should take when a shopper challenges your online pricing during a phone call or email exchange:
1) Thank them for the interest
You’re given the opportunity to speak to an interested shopper regardless of their focus on price. Be thankful and show them a little appreciation for it by simply saying
Phrase: “Thank you again for giving us the opportunity…”
“I appreciate you asking that…”
2) Validate the pricing
This is the hard part, and it must be studied. You’re providing open, discounted pricing online. Explain to them how you arrived at that pricing, and state that you are confident it is one of the most competitive prices out there, because of the research you do in advance of posting. You can share vAuto, KBB, Edmunnds TMV, TrueCar, or CarStory data to support your pricing.
Phrase: “We use an intuitive technology that allows us to price all of our vehicles competitive to the market…”
“I can show you how this vehicle is priced X dollars better than similar vehicles.”
3) Give hope for gain
There is always a little wiggle room, though. You must let them know there is a small benefit to stopping in or meeting their pricing demands.
Phrase: “In the end, we certainly want to assist you with your next vehicle purchase so there may be a little more I can offer you…”
4) Manage their expectations
We’ve already done the hard work discounting the vehicle a significant amount.
Phrase: “At the same time, you could expect to save hundreds, never thousands. Our dealership has already saved you thousand of dollars when competitively pricing it, because that’s how we feel consumers in 2015 want to do business.”
5) Go for the appointment
You still want to assuage the customer’s concerns and set the appointment. Leverage the info to do so.
Phrase: “When you come into our store for a scheduled appointment, I’d be happy to share with you all of the information that allowed us to arrive at this price. What is the best time for you to stop in, today or tomorrow?
When a customer questions your pricing, it is simply because they have been conditioned to do so. It doesn’t mean they don’t like you. Customers are scared. It takes smart and knowledgeable sales professionals to provide them enough data, acquiesce to their demands, and invite them in with realistic expectations for an appointment.