As the prices of electronics and appliances continue to fall, it’s critical that you train your team on how to effectively position your extended service plan with the benefits that will provide the best value for the price to your customer.
Extended service plans (ESPs) and accessories are helping many retailers make up the loss of margin they’re experiencing as a result of lower prices on everything from computers to washing machines. While it’s true ESPs provide the much needed margin, more importantly, they provide additional value by helping to improve customer loyalty and reducing product returns.
Most companies face two challenges that prevent them from maximizing ESP sales. One, they don’t know how to balance the benefits of the plan with the price. And two, they don’t know how to train and manage their organization to sell them. Here are a few ways to address both of these challenges.
Let me start by describing a training scenario most of us have likely experienced. You register for a retail sales training class or seminar, paid good money, and your expectations are high. After sitting through the session, you're completely blown away by the experience. The facilitator captures your imagination and makes you feel like he/she is speaking directly to you even though there are 200 people in the room.
The training content is specific, relevant, and spot on. When it's over, you can't believe you just sat through a 5-hour training session. It felt more like an hour. You never once nodded off or wanted to check your text messages. In fact, you have 20 pages of copious notes because you were trying to capture every thought and sales step.
You leave the training session charged up and thinking...wow, that was a seminar!
Now, full disclosure, one of the things my company specializes in is retail sales training and motivational seminars. In fact, over the last nearly 20 years, it's really what has built our reputation even though we do so much more. Our training is unique (to say the least) and it leaves an impression with an audience. We consistently hear from clients, "no one connects with an audience the way you do." The best compliment we can ever receive (and it's happened often) is when we train or meet with a company’s employees, and at the end of the session they can't believe we don't work for their company as in-house employees. That's when you know you've hit the mark!
Here's the thing...the success of our retail sales training programs never starts with the live performance! That's actually the last step. Here’s why...