Extended Service Plans (ESPs) are an important part of a retailer’s success, profitability, and a customer loyalty builder. A successful extended service plan ultimately depends on strategy, program offering, reporting, execution, and processes. These core components dictate whether a retailer achieves optimal financial results and increased customer loyalty -- or -- marginal performance and disappointed customers. If you want to identify the missed opportunities for your organization in maximizing profit and increasing customer loyalty through extended service plans … then read on! Doubling or tripling your current sales of extended service plans is a realistic expectation, when you challenge your organization to think differently.
Originally published in Twice Magazine
“I understand how you feel.” How many time have you overheard your salespeople say this to their (your) customers after a sales objection has been raised? Sure, I know, it’s Selling 101, the old “Feel, Felt, Found” method. I get it, but the problem is your salespeople don’t. Somewhere along the way they attended a sales training seminar that taught them to use Feel, Felt, Found every time they receive sales objection.
Here’s how it works: First, “I understand how you feel” (shows empathy, a nice touch). Then, “Others have felt this way too” (I don’t want my customer to think that they are alone). Finally, “What they have found is that by ….” (insert here whatever it is you are trying to get the customer to do). While the concept is right, let’s see if we can make Feel, Felt, Found work more effectively next time you, or a member of your sales team, receives a sales objection.