Buying A Car – Part 4

Buying A Car – Part 4

Quick Recap of parts 1-3:

  • Identify Goals/Needs
  • Be an Educated Consumer
  • Communicate with Transparency
  • Establish Ground Rules
  • Be Fair and Firm
  • Understand High Value vs High Cost

And today will finish up the series:

  • Production of Win-Win-Wins
  • and Rewarding with Loyalty.

Let’s get started, shall we?

  1. Produce Win-Win-Wins
    1. Car business:
      1. Everyone should walk away from the deal feeling good. You should feel you got a great car with good value, the sales team should be happy to have sold a car, adding to their numbers, and the dealership should be happy because they have a sold vehicle as well as a service customer.
      2. If you go in looking to Win at the expense of the other players, the friction created will lead to a frustrating experience that more often than not leads to a Lose-Lose-Lose, where all parties leave unhappy.
    2. Your Business:
      1. You can take advantage of a customer once and gouge them on price or cut corners in a way that increases profit in the short term…but that customer relationship will be a short one with a low lifetime value.
      2. If you focus on creating a Win for your customer and a Win for your employees, the Win will eventually come to your bottom line. Business is not a zero-sum game where someone wins and someone loses; with an abundance mentality, there are Wins-abound…kinda like during our Monday Morning Huddles. (Want to come by for a go!-Tour and participate in our Monday Morning Huddle, you can now register for the go!-Experience and do just that.)
  2. Reward with Loyalty:
    1. Car Business:
      1. If you find a dealership or a salesperson in particular that provided a great experience, make sure you reward them with your loyalty and referrals. If you talked about having your vehicle serviced there, do so. If you hear of someone looking for a new car, throw their name out there. I had a truly outstanding experience at Plaza Lexus in Creve Couer, MO with my sales rep Rick Wallace. If you are in the market for a new or used Lexus, Rick and his sales manager, Bob, are your guys.
      2. Relationships and loyalty can go a long way, even in the car business, in creating long-term Win-Win-Win relationships. Now, this doesn’t mean you blindly make a life-time commitment, just a relationship that gives the benefit of the doubt and first right of refusal.
    2. Your Business:
      1. Referrals can and should be the life-blood of your pipeline. Referred customers have been statistically proven to close at a higher rate, with a higher average ticket price, with a longer ongoing relationship, and are more likely to refer more new clients. Not a bad deal. Referrals don’t happen by accident, they come by delivering an excellent customer experience and by making your business extremely referable. Make it easy for your customers and the people you come in contact with, to tell stories about you and your business. Stories are the key to sales and the key to good referrals. This means you must be able to concisely and precisely communicate what you do, how you do it, what makes you different, who is an ideal client, the best way to make an introduction, and easily repeatable sound-bytes that your ideal clients find exciting.
      2. Loyalty should be rewarded. Your repeat clients, your best clients (note, I did not say biggest) should get preferential treatment over the one-offs and your PITA clients. If you reward your best clients’ loyalty, they will in turn reward you with more business and referrals to more clients like themselves–birds of a feather…

Overall, my wife and I couldn’t have had a better car-buying experience, and if it can be done at a car dealership with all of the legacy problems that exist in their industry, then what excuse do you and I have for not producing a consistently great experience for our clients? The beauty of being an entrepreneur is we get to mold how the customer experience unfolds; we get to develop the culture of our organizations; we get to create our own destiny. Don’t lose sight of this power and perspective when the daily-drudgeries start weighing on you. Don’t just go along for the ride; take the wheel and drive your business with intention and purpose.

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