Get ready to discover practical techniques and tips to close more deals faster.
You may or may not have heard about the paradox of choice, but, as a salesperson, you experience it every day. Barry Schwartz, a psychologist, argues that when you present someone with a plethora of choices, it leads to two main issues:
Analysis paralysis: rather than making any choice, they (customers) choose to do nothing.
Dissatisfaction: if the customer did choose, they are left wondering whether the other options might have been better.
Imagine when you go to a grocery store and find 26 different varieties of chips, you subconsciously get enticed to a greater choice, but you may ultimately get confused. This is what is known as decision fatigue. Hundreds of things demand decision-making on a daily basis, and the human capacity to consistently make well-thought-out decisions is limited.
Have you noticed why many successful people wear the same outfit every day?
Steve Jobs was known for his visionary leadership, innovation, and unvarying signature look. He always dressed the same–a black turtleneck with blue jeans and New Balance sneakers to save his brainpower.
Every decision your customers make uses up mental energy. That means the more decisions your customers are asked to make, the longer and weaker their decision-making process will become. The choice paradox very often materializes in your F&I department when your customers get overwhelmed with the number of choices. It influences the time they take in decision-making.
You have to offer all the products to every customer each time. Consequently, the choice overload drastically increases the time to close the deals. Furthermore, your customer already spends a considerable amount of time deciding on the car type, model, color, engine power, etc.
In that case, you are left with their limited time, attention, and decision capacity to select F&I products. You, as a salesperson, certainly do not want your customers to encounter analysis paralysis. Therefore, here are some valuable techniques and tips that would enable you to be efficient and faster in closing deals.
To emphasize, helping your customers make decisions faster is critical for your role. If you can hone these techniques, you would close more deals and become more successful in your job.
It is important to realize that the modern economy increasingly revolves around human attention. Attention is a resource—a consumer has only so much of it. With this in mind, reassessing your methods is critical in the attention economy because the choices you offer demand attention and decision-making.
We have been helping the auto industry workforce to boost potential and grow productivity for over thirty years. Get in touch with us today to help you assess your processes and people and increase your profitability.