luxury watches sale discount image
mizazn
Please offer tips! Here's mine:
1. Going through benefits such as "general wear and tear", "FREE replacement"
2. Discounting warranties to make them attractive
3. Pretending to bundle and package deals (Camera, memory card, bags AND warranty) for additional price, which I usually discount furthermore.
4. Acting surprised and intentionally "double checking" prices for warranties. For example, "oh.. hang on, this is odd.. the warranty is only another $40 for two more years. Gee, usually it's about $89, let me double check this"
Should really stop discounting warranties but how should I go about it?
I use to get a flow going and would normally be able to convince customers to pay for them, but i've lost that flow.
Answer
Having to do ANY discounting makes you a terrible sales person.
What you really ought to emphasize is perception of value.
Let me explain. With a warranty, you're selling them reassurance. What you're setting out to underline is the "fear factor" of having to send their beloved computer/camera/electronics AWAY for repair - 1 week, 10 days, A LIFETIME! From the outset, determine the use of it - business or home use. How often is it used? How long? Does their entire family use it or are they the sole user? By doing this you're building up a clear picture of how VITAL this device is to their lifestyle. Is the customer a newbie, a technophobe or a confirmed "tech junkie"? You're not prying into their world, but rather trying to see things through their eyes and gain some trust. By asking these questions, the customer is thinking "this guy's on my side, he's interested in me." It also helps open up the conversation and makes it less "salesy".
You need to watch out for and overcome objections. Some of the most popular are:
1) I can fix it myself.
2) I know a guy who can repair it.
3) I'll just toss it away and buy another one.
4) This warranty is just too costly!
Your responses should be:
1) How confident are you in your skills? Are you sure you'd be willing, or even have the luxury, to take the time and effort in trying to figure it out and risk voiding the manufacturer warranty versus sending it off to a trained technician who is guaranteed to be able to fix it?
2) Does your friend have access to FREE parts and is he willing to follow you like a nomad in case you move away in the future?
3) Why even bother when the warranty is CHEAPER? It's very unlikely that it will be completely impossible to repair, and even if it is, this warranty will entitle you to a NEW one! Would you rather buy another one at full price or get it for the price of the warranty?
4) Compare the price of parts and labor versus the price of the warranty.
Example: Tell them: "You and I both know that when stuff goes wrong, it ALWAYS at the worst time and it's always expensive. With this warranty, it's guaranteed to get repaired or replaced. A hard drive of this size for a laptop would run about 100 bucks if you bought it off the shelf. Yes, that is cheaper than the warranty, but consider that we can also replace something like the motherboard or screen. Those things typically run you about 150- 200 bucks. That's about the same price as the warranty and we still haven't talked about labor yet! I think we know that's not free and even if it's a friend who WILL do it for free, how confident are you that it will be done in a reliable and timely way? Are they available to talk to 24/7 and how long would you be able to keep pulling favors? This warranty is guaranteed for X amount of years and is good for as many repairs as you need... etc."
Also, if you reach a point where the customer is thinking about it and needs a little push, reassure the customer by asking "How can you afford NOT to get it?". This turns the tide and makes the customer try to disprove what you've just said. Of course, it's much harder to do that since they probably aren't prepared to say anything much back. They probably came into the store EXPECTING you to try to sell them over on a specific item with an endless list of product features. They didn't expect you to care about their daily life or even turn it around with a question as direct as that.
Having to do ANY discounting makes you a terrible sales person.
What you really ought to emphasize is perception of value.
Let me explain. With a warranty, you're selling them reassurance. What you're setting out to underline is the "fear factor" of having to send their beloved computer/camera/electronics AWAY for repair - 1 week, 10 days, A LIFETIME! From the outset, determine the use of it - business or home use. How often is it used? How long? Does their entire family use it or are they the sole user? By doing this you're building up a clear picture of how VITAL this device is to their lifestyle. Is the customer a newbie, a technophobe or a confirmed "tech junkie"? You're not prying into their world, but rather trying to see things through their eyes and gain some trust. By asking these questions, the customer is thinking "this guy's on my side, he's interested in me." It also helps open up the conversation and makes it less "salesy".
You need to watch out for and overcome objections. Some of the most popular are:
1) I can fix it myself.
2) I know a guy who can repair it.
3) I'll just toss it away and buy another one.
4) This warranty is just too costly!
Your responses should be:
1) How confident are you in your skills? Are you sure you'd be willing, or even have the luxury, to take the time and effort in trying to figure it out and risk voiding the manufacturer warranty versus sending it off to a trained technician who is guaranteed to be able to fix it?
2) Does your friend have access to FREE parts and is he willing to follow you like a nomad in case you move away in the future?
3) Why even bother when the warranty is CHEAPER? It's very unlikely that it will be completely impossible to repair, and even if it is, this warranty will entitle you to a NEW one! Would you rather buy another one at full price or get it for the price of the warranty?
4) Compare the price of parts and labor versus the price of the warranty.
Example: Tell them: "You and I both know that when stuff goes wrong, it ALWAYS at the worst time and it's always expensive. With this warranty, it's guaranteed to get repaired or replaced. A hard drive of this size for a laptop would run about 100 bucks if you bought it off the shelf. Yes, that is cheaper than the warranty, but consider that we can also replace something like the motherboard or screen. Those things typically run you about 150- 200 bucks. That's about the same price as the warranty and we still haven't talked about labor yet! I think we know that's not free and even if it's a friend who WILL do it for free, how confident are you that it will be done in a reliable and timely way? Are they available to talk to 24/7 and how long would you be able to keep pulling favors? This warranty is guaranteed for X amount of years and is good for as many repairs as you need... etc."
Also, if you reach a point where the customer is thinking about it and needs a little push, reassure the customer by asking "How can you afford NOT to get it?". This turns the tide and makes the customer try to disprove what you've just said. Of course, it's much harder to do that since they probably aren't prepared to say anything much back. They probably came into the store EXPECTING you to try to sell them over on a specific item with an endless list of product features. They didn't expect you to care about their daily life or even turn it around with a question as direct as that.
Research Questionnaire for Celebrity Endorsement?
You & ME K
Hi im a student of BBA (hons) marketing i need help for my research. so can you please fill up this questionnaire as i need atleast 100 respondents. Your help will be highly appreciated.
Questionnaire
1.Name: _________________( Not optional )
2.
3.Email address : ______________ ( Not optional )
Gender:
â¢Male
â¢Female
Age:
â¢13-19
â¢20-30
â¢30-40
â¢40-50
â¢50 and Above
Occupation:
â¢Service Business
â¢Housewife
â¢Student Others (Please Specify) _________
2. What are the motivating factors when you plan to buy mobiles or cars?
â¢Discounts and offers
â¢Fewer prices
â¢Latest models and trends
â¢Celebrity endorsing the product
3. Do you believe products specifically advertised by the celebrities are of good quality?
â¢Yes
â¢No
â¢50%
â¢Not sure
4. What is the most persuading factor to purchase the following products?
a) Motor vehicle?
â¢Brand Name
â¢Celebrity
â¢Luxury
â¢Self Esteem
b) Clothing
â¢Brand Nameï
â¢Celebrity
â¢Status
â¢Cost
c) Food Products
â¢ï Celebrity
â¢ï Attractive Package
â¢ï Quality
â¢ï Brand Name
5. Companies are investing large amounts of money for using celebrities; do you think its helping them to increase their total revenue?
â¢ï Yes
â¢ï No
â¢ï Donât know
6. Which TV channels do you watch? (Specifically Indian channels)
7. Does the presence of celebrities like Shahrukh Khan, Amitabh
Bachan or Aishwariya Rai in an advertisement encourages you to purchase the product or service?
â¢ï Yes
â¢ï No
â¢ï Not sure
8. Do you believe the celebrities also use those products which they themselves endorse?
â¢ï Yes
â¢ï No
â¢ï Not sure
9. What type of celebrity endorsement persuades you personally to purchase products?
â¢Film star
â¢Famous personalities
â¢Cricketer
â¢Politician
10. Please rate the following celebrities as a brand endorser:-
a) Aishwariya Rai for LâOreal
â¢ï Excellent
â¢ï Average
â¢ï Poor
â¢ï Unsure
b) Amir Khan for coca cola
â¢ï Excellent
â¢ï Average
â¢ï Poor
â¢ï Canât rate
c) Sushmita Sen for Olay creams
â¢ï Excellent
â¢ï Average
â¢ï Poor
â¢ï Canât rate
d) Juhi Chawla for Kurkure-
â¢ï Excellent
â¢ï Average
â¢ï Poor
â¢ï Canât rate
e) Amitabh Bachan for Cadbury chocolates-
â¢ï Excellent
â¢ï Average
â¢ï Poor
â¢ï Canât rate
11. What do you value the most when purchasing a product?
â¢ï Price of the product
â¢ï Celebrity endorsement
â¢ï Quality of the product
â¢ï Value for money
12. Does celebrity endorsement help in brand promotion?
â¢ï Yes
â¢ï No
â¢ï Not sure
13. What means of advertisements persuades you the most to purchase a product?
â¢Television
â¢Radio
â¢Newspaper
â¢Magazines
â¢Internet
14. What do you think is the reason for the companies to choose celebrity endorsement for promoting their products?
â¢ï Easy recognition of product
â¢ï Canât generate new ideas
â¢ï to be able to increase sales and profit
â¢ï To compete strongly
Answer
Very interesting! I would have looked at it the same way.
Very interesting! I would have looked at it the same way.
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Title Post: SALES: How to sell warranties effectively?
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Rating: 98% based on 9457 ratings. 4,7 user reviews.
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Thanks For Coming To My Blog
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