How to Sell to the Price Driven Customer
When I was in car sales, I would have customers come to my office and their focus was price, their questions, comments and concerns all revolved around the bottom line.
This is the ideal scenario - this shows you that they have been shopping around and they were now price driven. I would stop the customer in their tracks and start my complete sales process. You see, when a customer is only interested in price; this tells you something about the customer. What they are really telling you is that no one has shown them that the $40,000 truck they are looking at is worth the price tag and therefore it doesn't really hold that much value in their eyes.
They don't see the value in the vehicle; in order to justify the purchase, the price needs to be lower.
If the value and the price are not equal in the customer's eyes then perhaps they're looking at the wrong vehicle altogether. That is why the sale process needs to begin at square one.
I would ask the customer to tell me what their priorities were for a vehicle and what additional features they wanted and why. I would then check my inventory to find something that corresponded with their needs and would show them that vehicle. Sometimes customers would stop me and say "I have already seen the vehicle and I just want the best price".
I would in turn tell them "Mr. and Mrs. Customer, I will work on getting you the very best value for this vehicle today, but I want to ensure that the price my manager quotes you matches all of your needs and wants for your next vehicle".
I would then start my walk around presentation and then take them for a test drive. I would always let my customer drive first and then I would ask them to pull over and I would take a turn at the wheel.
it is important that the customer starts the test drive, but the salesperson must always finish it behind the wheel.
This serves two purposes; the first reason this is important is that it allows the customer to ask you questions about the car while they are the passenger.
The second reason is you never want the customer to park the car themselves. Nothing will kill a deal faster than a customer who doesn't feel comfortable parking the car of their dreams.
After the test drive I would ask my customer "If the numbers are right, can I earn your business today?" By asking this question I would know if they are still fishing for the best price or what their REAL objection was. If they are only price shopping and I felt they were unable to commit to the purchase I would give them a hunting license.
A hunting license is when you give a customer a quote at dead cost; you role out the admin fees and even the dealer holdback. The true dead cost!
If they don't come back you know that they weren't going to buy because no other auto dealership would be willing to touch that price.
Keep selling and the next time you have a customer that is stuck on price. Stop them in their tracks, slow the sales process down and take control of the deal.