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“Let’s meet halfway” or “Let’s split the difference”: AKA The Worst Closing Technique Ever!

We’ve all witnessed the following negotiating technique one way or another. A Seller is selling an item for 20,000 dollars. A buyer offers 18,000. So what’s the next natural move? 19,000 dollars, split the difference, right? WRONG! The “Let’s Meet Halfway” negotiating tactic is one of the most common logical pitfalls of any sales process. Maybe at first glance it sounds or seems fair, or even logical, but it is truly the worst closing technique… ever!

Here is why.

First and foremost, it’s “bad” for profit. Let’s say a manager wants to sell a car for 340 dollars a month and a customer offers 300 dollars. A salesperson proposes to “meet halfway” by settling for 320 dollars a month, thinking it sounds reasonable and fair. This kneejerk logic just gouged the potential payoff big-time. Worse yet, this cognitive “shortcut” is often proposed immediately, without even putting any effort into a more persuasive or logical arrangement. Even if the Customer agrees, which is highly unlikely, and the manager approves, which hopefully he/she wouldn’t, we just blew away 20 dollars times the number of months of profit. That’s 720 dollars for 36 months, 960 dollars for 48 months, and 1,200 dollars for 60 months! Where is all of that money going to come from?

Secondly, it’s terrible for your credibility and reputation. When a salesperson suggests to “meet half way”, falsely believing they’re showing flexibility and fairness, a potential buyer gets an immediate feeling that they’re dodging a huge bullet. The “they were trying to stick it to me!” sentiment immediately surfaces. After a while, buyers just start assuming everything is marked up to be sold at some mystery halfway point. The manager would look like the “bad guy” trying to take advantage of buyers that weren’t as vigilant, and a salesperson would compromise the “agent” role, knowing that $320 is possible.

Additionally, it’s truly counter productive for turning a buyer into a shopper. A potential buyer can’t help but think: “If they are willing to “meet half way” (coming down to 320) just like that, I bet they will come all the way to $300 if I stick to it! In fact, I should have started lower...” $250 becomes the new target at their next stop. Buyers becoming paranoid, doubtful and combative is hardly a sign of progress.

Consider an alternate approach.

Rather than focusing on two large numbers, isolate the difference between them. Remember the first example? What sounds more daunting, 20,000 dollars, or a 2,000 dollar difference? Shifting the paradigm from the large numbers to the relatively tiny, impeding gap number shifts the entire thought process. Back to the car payment example, rather than jumping to the halfway point, ask the customer: “So it looks like we have a 40 dollar gap. Is that it? Let’s work it out.”

Next, you need to properly address the two numbers. Using logic and reason, explain the logic (or more likely, lack thereof) of their stance. Using honest and real facts throughout, walk the buyer through the manager’s position. Build up an ethical and professional case for your stance. Soon, you will identify a moment where a buyer realizes your position is grounded in fairness and fact.

As the buyer becomes more aware of the reasons behind your number and becomes (even a little) more visibly comfortable with your position, buttress your logical appeal with “goodwill.” Emphasize the roles of everyone involved: the salesperson as the agent, the manager as a true professional and “good guy” (remember EMI?), and the dealership’s everlasting commitment to service.

Next focus on reemphasizing the value. Shine the spotlight on the new car they’re taking home, the expectations you’ve exceeded, and the amicable relationship you’ve forged. All the while, the customer is viewing the aforementioned gap as a minor obstacle between all of these things.

Finally, Seek agreement through facial expression, A persuasive eye-to-eye direct look, and then move confidently into a close. Praising the manager’s efforts, extending a confident handshake, and ask for the sale: 340 is more than fair, let’s do it!

Let’s all agree to leave the “splitting differences” and “halfway meetings” to yard sales and flea markets; in this industry, you need professionalism, strategy, and innovation to succeed – not an “old school” consolation “one-liner”. 

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Sean V. Bradley, Training The Bleecker Auto Group Automotive Internet Sales Process - Car Sales

Are you the CEO of your company? If you’re a sales person, and you answered no to this question, think again. To be successful you must have a CEO mentality. All successful sales people view themselves as a business within a business. Never forget that the company you work for writes and signs your check, but you fill in the numbers. Always take responsibility for everything. You are the CEO.

What does a CEO do?

First of all, a CEO designs a marketing strategy. How do you get your business? Walk-ins, in-bound phone calls, repeats, prospecting, networking, referrals, bebacks, affiliate marketing programs, database mining, database swapping, niche marketing, seminars, websites, email responses with auto responders and sequential auto responders. Do you have at least one strategy for utilizing each one of these? Many people may not even know what many of these items are. The bad news is that you are way behind the top businesses in the world, but you can catch up and even pass the most productive sales people with dedicated strategy and smart actions.

Top sales people gain and maintain their results through many avenues beyond walk-in traffic. When you are new, you spend 80 percent of your time gaining new customers and 20 percent maintaining them. As each month goes by, your goal will be to reverse the time used to 80 percent maintaining current customers and 20 percent gaining new ones. To do this, you must develop a marketing web with multiple streams of lead generation. Lead generation = dollar creation.

If floor traffic dries up, you will have an excuse not to sell vehicles. From now on, excuses are not allowed. What is your strategy for walk-ins? Do you have a process? Does anyone besides you follow up with unsold customers? If you TO in person why not TO on the phone? Are you utilizing monthly planners or productivity software that allows you to automate your follow-up of sold and unsold customers by phone, mail and email? Do you have a monthly newsletter or, better yet, an email newsletter that reaches your customers unobtrusively and at zero-cost? There are companies that will set up auto responders with pre-set messages to be sent at certain intervals to your email list. This automates some of your follow-up to the point that it is being done while you sleep or are on vacation.

Have you set up affiliate programs with other businesses to share customers and provide an introduction to one another? Example, “Who does business with whom I want to do business with?” Ask that question first to think of businesses that you can set up reciprocal agreements with to provide a value proposition to their customers with enough leverage so they will want to call, fax or email you to get what you sell.

Most businesses utilize one-stage marketing. This requires running an ad and asking someone to buy. For many sales people, this is expensive and not effective. A better strategy is to form two or three stage marketing techniques. You are asking a customer to respond that they are interested and want more information. Here are some examples: Give a be-back cd to every customer who does not buy and ask them to play it on the way home. The cd should have two to five minutes of information that thanks them for the opportunity and provides them with specific reasons why they should buy your product from you, at your dealership. Give the customer an incentive to call you back. Arrange with a local restaurant that you will provide a coupon to every customer who shops or services with your dealership, an offer for two-for-one at the restaurant. In return, ask the restaurant to also reward their customers by giving each customer a coupon with their bill that provides a special offer from you, with enough leverage for the customer to respond for more information. Provide seminars for local groups on the subject of, “How to buy a vehicle and not get ripped off.” Do you know where the last 10 customers who have bought from you work and how you can set up automobile buying programs with their employer? If you let your mind expand, your wallet will follow.

You have two choices, you can use excuses like, “My managers won’t let me do anything,” “I don’t have the time,” “I have to make money right now,” or a million other excuses. Or, you can think of your business as a business and become the CEO with a long-term, committed strategy to grow expeditiously.

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There are many dealers who have strong criticisms regarding Edmunds.com, but regardless of whether you consider Edmunds an asset or a liability to the retail auto industry there is little debate about their unique position within the vehicle buying process for many millions of automotive consumers...

The stark reality for car dealers seeking greater understanding of how car buyers shop online in 2013 is that Edmunds.com has the ability to paint a vivid portrait of today’s online car shopper... Which includes 9 out of 10 new and used vehicle buyers!

About 18 million visitors use the Edmunds.com site every month to shop for their next new or used car, and this gives the Edmunds team an unparalleled insight into the car buyer's research and shopping process.  For as many years as I can remember, Edmunds has used the online automotive consumer activity to generate extensive research data and analysis to drive the sort of car buying insights that would establish itself as one of the more valuable resources for car companies and dealers to better understand car shopping and the way buyers use automotive information.  Historically, Edmunds has made the analysis and insights available to their business partners and to the public through academic inquiries and media requests.  However, Edmunds has not previously assembled together the complete volume of current time period data and the analysis and insights gleaned in one coherent piece.

By publishing and making available the 2013 Edmunds.com Car Shopping Trends Report, they have provided the auto industry and especially dealers and automotive marketers with a true gem of a document.  The report which ADM Professional Community members can download using the link at the bottom of this blog post, shows the results of extensive data mining within the Edmunds.com’s extensive database to reveal the most relevant car shopping and purchasing trends in America today.  These trends offer direct clues toward ways that the automotive industry can move forward by empowering a more engaging car shopping experience.

 
Throughout the 2013 Edmunds.com Car Shopping Trends Report, you’ll also find references to a 2011 survey conducted by "Added Value" on behalf of Edmunds.com that asked 2,476 online car shoppers representing the U.S. car shopper population to describe their expectations for their next car purchase.  Edmunds correlated these responses to real-world buying data to see if shopper expectations match reality. In preparing their analysis and conclusions, the Edmunds market research team found many striking consistencies between the two sets of market research data. These surprisingly strong correlations between the two reports suggest that car shoppers have a strong sense of the automotive marketplace and that they know how to set reasonable expectations around price, availability and product performance.

By evaluating this wealth of data provided by the Edmunds team, you will find a story about car shoppers that is often surprising and counter-intuitive to many dealers and automotive professionals.  While at other times, the Edmunds data reinforces critical theories held by car dealers, automotive sales professionals and throughout the auto industry. Some of the key findings in the 2013 Edmunds.com Car Shopping Trends Report include:

• Two out of every three car shoppers consider themselves highly engaged in the car shopping process, and they turn to a variety of information to help them decide on a new or used car. Time spent on Edmunds.com is up 2 percent from 2011 to 2012. And the most-viewed elements by new car shoppers on Edmunds.com are reviews, pricing information and photos. 
   
• Mobile access is becoming a powerful tool for car buyers. Traffic to Edmunds.com’s mobile site spikes on the weekends – and especially on Saturdays – when the bulk of car buying takes place. 
   
• Shoppers are very good at anticipating how much they’ll pay for a new car. New car shoppers told us in 2011 that they plan to spend $30,500, on average, for their next vehicle. In fact the average transaction price for a new car the following year was $30,803.
   
• The average age of a new car buyer is about four years older than the average age of a used car buyer.  
  
  
• Shoppers are turning to leases now more than ever. And the difference between the average monthly lease payment ($433) and the average monthly finance payment ($468) is greater than at any time since Edmunds.com started keeping records.  
  
  
• About 44 percent of all trade-in vehicles last year went toward a new car by the same brand, which is consistent with our 2011 survey that found that 49 percent of shoppers say they “plan to stick with a brand that has worked in the past.” 
   
• Luxury car owners and shoppers are buying and considering more nonluxury cars. The trend speaks to the improved quality of non-luxury vehicles.  
  
  
• Many shoppers say they want just the basics in a new car, but emotions can drive buyers to add options. New car buyers are willing to spend an average of $2,200 – or about seven percent – above base model and trim prices to add more options on their cars. 

The Edmunds.com’s 2013 Car Shopping Trends Report is intended to be a free resource for ADM Professional Community members who are interested in creating a better car buying experience. This is just the first in a series of reports that the Edmunds Research team hopes will shed more light on car shopping behavior.  The team intends these findings to open up a dialogue which will contribute to the ongoing improvements within the automotive retail industry. They also want to encourage ADM Professional Community members to contact Edmunds at any time to discuss more ways that Edmunds.com can help you better understand today’s car shopper.

Here is a link to download a PDF version of the Edmunds.com’s 2013 Car Shopping Trends Report: http://static.ed.edmunds-media.com/unversioned/img/industry-center/... 

Edmunds Points of Contact

For Dealer Inquiries: 855-EDMUNDS
For Press Inquiries: 310-309-4900

Source: http://www.edmunds.com/industry-center/car-shopping-trends/ 

Edmunds Annual New Vehicle Sales Forecast for 2013 and Historical Actual Sales:

SOURCE : http://www.automotivedigitalmarketing.com/profiles/blog/show?id=1970539%3ABlogPost%3A484715&xgs=1&xg_source=msg_share_post

There is a revelation that is shocking and, quite frankly, scary. A dangerous and potentially fatal mistake is being made everyday in businesses. The mistake is the confusion between strategy and tactics. Strategy is your overall goal for your business and your overall marketing philosophy to achieve those goals. Tactics are executable actions you take to achieve those options. The good news is that once you have clarity about your strategy, and then apply emotional direct response marketing methods, you can create a continual stream of customers to your business. The scary part is that it is as easy as flipping on a light switch, and yet very few people know and understand the simple secrets to make this happen.

Your business is actually comprised of two businesses: the people business and the marketing business. You can be great with your people skills and handling of customers, but if you don’t have the customers to be great with, it won’t matter. Lead generation equals dollar creation. You live and die by the success or failure of your marketing efforts to create new customers and retain existing ones.

There are three simple things you can do immediately to make a dramatic impact on your customer flow and sales: Market, Message and Media

Step One – Define who your market is.

If you were asked who your average customer is, do you really know? Do you know where they live, what they do for a living and what their hopes, dreams and fears are? Have you begun to break down every element of what makes up your best potential market of customers? Many dealerships open the doors every day and spend tons of money to drive customers through the door without ever giving extensive thought to who their market really is. Successful businesses don’t try to do business with everybody. If you believe your market is everyone, you are wasting tons of money. You must match your message to your market. The more accurately you define your message while also narrowing your market and niche, the more success you have. You also greatly increase your return on investment.

Step Two - Define an effective message.

Remember that you are not in the car business. You are in the emotions business. Your customers don’t buy cars. What they are doing is seeking to emotionally solve their perceived problems. If you believe you are in the car business, you have just grouped yourself into a fishbowl with every car dealership and every sales person in the world. You can immediately differentiate yourself by creating an SDP (Specific Defining Proposition) built upon emotional pull.

In other words, what does your business do better, more of or more originally than any other business in the world? Begin to tell your story. Facts tell; stories sell. You may not have spent enough time figuring out what your story is that positions and sells you. If you don’t believe you or your business is better or unique, I would argue that you are wrong, and you should do more work on figuring it out. If, after careful consideration, you still don’t believe you are better or unique in any way, the good news is that it probably doesn’t even matter. Since most people or businesses never tell their story, you will automatically differentiate yourself and stand out if you do. There are three legs that must be established to create a winning marketing approach to your business: Message, Market and Media. You have now created the second of three legs that builds your business – the message.

Make sure that all of your marketing messages contain the following: an emotional story, a specific and incredible offer, a strong sense of urgency with a specific call to action, multiple ways to respond and, if possible, a specific deadline that creates a real or perceived fear of loss for a lack of action by that date.

Step Three – Define your media strategy.

Be forewarned, advertising agencies are usually nothing more than commissioned based media sales agents. The focus of the majority of advertising agents is to place the largest amount of money possible in media. This is a recipe for waste and lackluster results. Although there are technically no bad media selections, you must define which medium is best for your market and message. If you can’t dominate a medium, can you dominate the way you use the medium (for example, infomercial versus regular TV)?

A huge mistake would be to believe that the medium itself is what gets you the results. A good example of this is a dealership that chooses a particular medium, such as radio or TV, as their favorite and then places tons of ads that are strictly brand-based messages. For dealerships, branding should always be of secondary importance to the actual direct response offer. The best way for a dealership to build a brand is to sell a bunch of vehicles. Unless you are Budweiser, Coca-Cola or some other huge brand with tons of money, spending money on brand-based advertising is like pouring money down the drain. You are in the business of creating customers and profit, not in the ego-inflation business.

When you get very clear about your strategy and tactics and use emotional direct-response marketing to achieve your goals, you will have flipped on the switch to a continual flow of customers and sales.

In the last several years, I have had a revelation about the art and science of sales. The answer to sales success is within all of us. The answer is simple but the key to unlock the answer is elusive.

If you were to go back to the late 1800s, the first formal sales training provided by the likes of J. Edward Douglas and others, you will find teaching geared toward techniques — tie-downs, inverted tie-downs, etc. For more than a century now, sales people have been trained with various forms of techniques, word tracks, closes and other sales processes. Do these things work? Is this what creates success for the best performing sales people? My own unscientific research says no.

For more than 25 years I have been involved in sales and sales training reaching the highest levels of success. I have read more than 250 books and listened to hundreds of CDs on sales. I am considered a world-class expert on sales, but I am just now tapping into a higher level of consciousness in the arena. My conclusion is that most of what you have been taught about sales and use on a daily basis is not what creates the highest levels of success.

In Malcolm Gladwell’s book “Tipping Point,” Gladwell describes theory and various supporting research about human behavior and how people make decisions. The author uses the term “small slicing” to describe the idea that substantial and correct information can be obtained about a person and his or her future behavior based on small slices of their communication and current behavior. The information in this book supports theories and research that I have had for the last several years. However, the theories are hard to articulate and get others to model. The key to success is simple but hard to define.

The old phrases, “You never get a second chance to make a first impression” and “It’s not what you say, it’s how you say it” are examples of simple truths. The magic answers to how do you make a great first impression and how do you say things correctly are what are much harder to define.

Sales techniques, sales processes and word tracks can all be helpful but are not the key to peak performance. If those things were the answer then everyone who ever had sales training or had modeled a successful sales person would become peak performers. That’s not the case.

Even the words “sales” and “selling” create a false direction for sales people. The proper mindset for a sales person is to think of very personal interaction with buyers. The mission of a sales person is to create an environment conducive to buying for the customer. TLC – think like a customer. Not just any customer — the particular customer you are with now. One-size-fits-all selling does not work.

The so-called road to a sale or sales process is only as good as the personal interaction of the sales person with the customer during the process. This is why training on just sales process without education in understanding interpersonal communication, behavior or the art and science of persuasion creates a sales environment of failure for sales people and frustration for customers.

Think more about the customer’s thoughts and emotions and how they are being expressed to you. To create a buying environment for the customer, you must take all your senses and intuition to a higher level. You must begin to see like a deaf person, hear like a blind person and understand the customer as if you were his or her deepest and most caring friend.

If you would like seven quick tips to start you on the road to higher sales success, email me at info@tewart.com with the phrase “7 quick tips” in the subject line.

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Make Money Mondays With Sean V. Bradley - Membership Buying Programs

There are thirteen steps to happiness and it all begins with a process. From recruiting to advertising, watch this week's Think Tank Tuesday to determine which processes you need to focus on in order to be successful.

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Automotive Recruiting - HR - Hiring - Staffing Your Dealership BEST Practices, Advice, Tips & Secrets

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Why Aren't Car Dealerships Selling Cars? - Automotive Sales - Car Sales

There are seven ways you are wasting your marketing dollars. Watch this week's Think Tank Tuesday to learn what you're doing to throw away your advertising money.

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Make Money Mondays With Sean V. Bradley - Branding - Emailing - "Special Edition with Peter Martin"

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Why Should Car Dealerships Train? - Automotive Sales - Car Sales

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Make Money Mondays -  Orphan Owners

Sean V. Bradley talks about how sales leads left behind by customer sales reps who have left the company are opportunities that need not be left behind.

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Automotive Vendors, Cars.com, Car Gurus And Autotrader Are Discussed - Car Dealers BEWARE!

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I'm trying to raise money for MDA! I need anyones help!!

Go to MDA.com find a jailbird Mark Thomas and help Spring Me!!

I've been seeking donations and many people are not able to give.

It is not easy!!!

Any help is appreciated !! Have a GREAT DAY !!!

Mark

Stressed about your Online Marketing Strategy? Don't know what you should be tracking and what benchmarks to measure? Then watch this week's Think Tank Tuesday Video, Leave Your Comments below the video and Share it Please.