In order to compete in this buyer’s market while trying to make year-end sales, it is imperative to have strong strategies for sales with an influx of inventory. As domestic and foreign manufacturers ramp up their advertising and promotions in an attempt to win more market share and increase demand, dealerships must be prepared to clear the lots as quickly as possible to accommodate increased inventory. Dealerships need strong teams to successfully manage a more difficult buyer’s market rather than trying to rely on a few top performing salespeople to get the job done. This makes recruiting and training the best talent to effectively build customer relationships more important than ever.
According to Stephen Roennau, Vice President, Training Services, EFG Companies, “When clearing the lot is a priority, it is an automatic reaction for sales teams to ignore customers’ wants and needs and just push the deal. This reaction is a classic mistake made by most sales teams. In a buyer’s market, it is even more important to establish relationships with the customer.”
When a customer can go to any dealership to get the vehicle that they want at the price they want, the ability of sales teams to build relationships makes all the difference. People often give away tidbits about their lives during discussions about the vehicles they are considering purchasing. A good listener will pick up on these details and use them the help the customer find exactly what they are looking for. For example, “I understand you are looking for a vehicle for your family; I know I would want my family members to be in the safest car on the road, and because of that, I would go with this car for these reasons.” It is also helpful to use reflective listening in conversation and repeat some of what the customer says to ensure understanding by both parties.
Teaching members of the sales team how to build relationships by transforming the mindset from overcoming objections to reflective listening gives dealerships the edge that they need to stand out in a buyer’s market.