If your retail store sells extended warranties you already know how challenging it can be to capture sales. Well...it could get even more difficult.
A recent Internet article published by Canada.com stated that Consumer Reports has announced that shoppers should stay away from these programs. They state that profit margins are high (without reporting the costs associated) on these programs. That could make your job that much harder.
Here are a few tips that can improve your results:
1. Rather than present the extended warranty as a separate presentation, integrate it into your overall product discussion. Mention just one feature and benefit at a time instead of rattling off everything that your program offers.
2. Be prepared for objections. Plan responses for the most common objections you hear and practise these rebuttals until they flow smoothly and comfortably.
3. Mention the program to EVERY customer. Most front-line retail staff make assumptions about their customers and do not present the information about their extended warranty program to all of their customers. Instead, they pick and choose who they think will be interested and present the info to those customers.
4. Ask for the sale. If you have taken the time to present and discuss your extended warranty program to your customer in a professional manner, you have earned the right to ask them for the sale.
We know that most consumers either love or hate extended warranty programs. The key to successfully selling them is to believe in them yourself.
Check out my book, Stop, Ask & Listen for more information on selling extended warranties.