How To Gain Customer Trust And Earn More Money
How To Gain Customer Trust And Earn More Money

On a busy day in a typical dealership, a customer walks into the finance office after finalizing her deal to purchase or lease the vehicle of her dreams...and you’re up. Most finance managers when asked to describe their job duties from this point on would probably answer: "To generate lots of back-end revenue for the store."

Wrong answer.

I’ve always been a believer that the number one job of a finance professional is to protect the house. Generating additional revenue while helping customers decide on all their financing and asset-protection options is a worthy goal, but it’s not THE goal. I’m also aware that generating revenue is essential for job security, but stay with me.

Without a precise, professional, and well documented paper trail in finance, the customer is launched into the wild blue yonder with marginal protection at best and incorrect paperwork at the worst. Even minor mistakes in the paperwork can jeopardize the deal, the dealership, the lender and the customer. With that said, let’s examine a few ways that creating trust and building rapport can help protect all parties and actually enhance your ability to generate additional revenue based on the customer’s real needs.

The Key to Building Trust

Purchasing decisions involving vehicle or motor sport sales are always based on trust because of the size and complexity of the purchase. By the time a deal makes its way to completion of the paperwork, the customer has trusted us with her credit history, her financial details and a considerable amount of her personal data. Essentially, the customer has trusted us with much of her NPPI (non-public personal information) and we have a responsibility to protect it for her. We’ll talk about our Red Flags and privacy responsibilities in another article, but trust has been established at this point in the sale, and building on that trust can be the key to positive customer engagement, as well as additional revenue for the store going forward.

John Jantsch who is an author, blogger and creator of the popular Duct Tape Marketing brand, has summarized the sales process brilliantly. The logic of his process should resonate with you immediately. According to Jantsch, the buyer’s relationship with sellers progresses in this order: KNOW, LIKE, TRUST, TRY, BUY, REPEAT, REFER.

If they feel they know you, and they like you, they will trust you, try your offering, buy your offering, repeat the purchase, and then refer you to their friends. Now that’s a winning formula!

Wouldn’t you like to repeat this sales cycle with every customer you encounter?

Putting the Duct Tape Process to Work Know - A name-tag, a warm handshake, a real smile and eye contact are proven ways to get to “know” someone quickly. A photo of your family or a personal item that stirs conversation can also help customers to feel like they “know” you.

Like - My favorite word in any language is the sound of my own name. Use your customer’s name often, but not too often. Be cautious about becoming too casual or informal, as it can be a sign of disrespect. By focusing attention on the customer and refusing to be distracted by interruptions, you send a signal to your customer that tells her she’s important. That builds likeability.

Trust - A clean, orderly office adorned with certifications, degrees or awards you’ve won, gives customers confidence that you are a professional who takes every transaction seriously. Physicians use this method in their offices and examination rooms to give patients piece of mind while building trust in their well-earned credentials.

Try - Questions always indicate interest. We all dread those encounters where the customer has no questions or interest in anything we might have to offer. When questions or objections do arise, there is a good indication that the customer is seriously considering trying your products or services.

Buy - Once the buying decision has been made, you now have a responsibility to deliver the goods with precision, clarity and passion. If you don’t believe in or thoroughly understand the products or services you are selling, brush up with your colleagues, your manager or a sales trainer. Passion is contagious.

Repeat - If the customer has a positive buying experience and trusts you and the process, chances are they will not only purchase other products or services offered in your package, but will be open to your ideas and suggestions the next time they visit your office.

Refer - As you might imagine, referrals are 60 to 65 percent more likely to purchase your products or services because of the positive experiences of others. This includes aftermarket products that actually pay dividends during the product’s lifecycle. If she used it and it performed as promised, she’ll tell her friends and family.

Gaining customer trust is the “secret golden key” to higher close ratios, greater margins, and more repeat/referral business. Using it empowers you to consistently earn and keep more income.

About the author
Dale Penn

Dale Penn

Contributor

Dale Penn is a popular keynote and conference speaker, sales and marketing trainer and business coach. He’s also an award-winning author and consultant to dealers, agents and insurance companies around the country. Email him at [email protected] or follow him on Twitter@dalepenn. Dale and his family live in sunny Southern California.

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