Believe it or not, selling protection plans is easy. Just follow these three steps and ace your next sale.
So, before we get into the meat and potatoes of the ‘Three A’s’ sales process, let’s take a moment for an important PSA.
How critical is it to create a simple sales process for your team? Though I’m about to try, I can’t emphasize it enough. In addition to installing a consistent sales process, you should allow that process to evolve over time based on things like adoption rates, team feedback, and sales performance. What’s more, the perfect warranty sales process isn’t just a quick pitch at the end of your encounter or a sloppy one liner. (‘Um, would you like fries with that?’) It’s so much more. But more doesn’t have to mean difficult or cumbersome. In fact, it’s quite the opposite.
Alright, on to the ‘Three A’s’…
Okay, this one is pretty self-explanatory; just ask customers about their current protection. A simple, ‘How are you protecting the product you currently own?’ will do. Ask that question and you shall receive any one of three answers, all of which will give you the upper hand. They’ll either say something to the effect of, ‘Oh, I’m not protecting my current product, but I’m really careful.’ Or, ‘I’m protected under another provider.’ Or, ‘Actually, I already have the protection plan your offer.’
Once you have your answer, all you need to do is align your sales pitch accordingly. Here’s how:
Answer: ‘Oh, I’m not protecting my current product, but I’m really careful.’
Response: ‘I’m sure you are. But because accidents can happen, let me tell you about the value our protection plans provide and just how much a full replacement could cost compared to filing a claim.’
Don’t forget to share real examples of customers you’ve helped who didn’t have a protection plan. Tell them the financial hit they took. Remind them it’s a financial strain that could be easily avoided.
Answer: ‘I’m protected under another provider.’
Response: ‘Good for you! That’s a smart move. I’m sure you appreciate the value and peace of mind a protection plan delivers.’
Once you’ve established common ground, focus on additional features that come with Fortegra products. Of course, make sure to feature our ‘No Hassle’ customer experience to make them feel confident about switching to Fortegra.
Answer: ‘Actually, I already have the protection plan you offer.’
Response: ‘That’s fantastic! I’m sure you know you have one of the best protection plans around.’
Now comes the easy part. All you need to do is remind them of the value they’re receiving and update them on anything that may have changed since they last purchased a protection plan. Wait! Don’t bring up the price just yet, even if they do. It’s a little too early for that.
How’s your poker face? Use it, because you need to assume you’ve won. You need to assume that close. After all, you know that purchasing a protection plan is better for your customer. Your confidence will help them see you as a trusted advisor and that can help seal the deal. That said, be ready to overcome any possible objections, ya know, just in case.
Need a refresher? Here’s a quick study guide:
Ask about their current protection.
Align your pitch with their answer.
Assume the close.
Think your stores are too busy? Think again. When done correctly, the ‘Three A’s’ should add less than three minutes to your team’s overall sales process. Not bad considering we know that protection plans are not only a great value for you, but also for your reps and, most importantly, your customers.
Whether it’s the ‘Three A’s’ or another simple tool, make sure your sales team uses the same process for each and every customer, and watch the results roll in.