Keep The Sale Closed – Buyer’s Remorse
During the close you have to be aware of two things: First, emotion closes the sale, and second, logic helps keep it sold. However, your presentation may have stirred the dealer to want to buy the eval, or stock the product, or even show additional interest, but he better be left with enough “logic” to convince him he should actually stamp the envelope and order the product, and recommend it once you’re gone.
If the dealer ordered and gave you a check, he also may get “buyers remorse,” and decide he doesn’t want the product. That is why we must also leave enough “logic” behind for him to resell himself.
Leave an Executive Summary – Brochure
In addition to the materials your vendor supplies, to keep it closed and reduce buyer’s remorse, you should also leave your dealer with an “Executive Summary.” This summary contains a one to two paragraph product summary of each product, the vendor’s phone number, and any special offers, all summarized on one page. It should also have your phone number so the dealer can contact you for additional questions. The dealer summary is your final chance to ensure the dealer remembers and acts on the products you showed.
Create Buyer’s Atmosphere
Also, remember to create a buyer’s environment (review The Setup section). Remorse is less when they feel they made the buying decision–it was not forced on them. Everyone likes to buy, but nobody likes to be sold.
These two areas are NOT minor. My company cancellation ratio was 3%. Mine was .01% (huge difference)–I would get maybe one cancelled deal the entire year. But I worked hard to create a buyer’s atmosphere and I always gave a thank you letter and summary, so the prospect could re-convince themselves after I was gone.
This Must Happen to Succeed
Imagine how you feel when your manager calls one of your accounts and discovers that they don’t even remember your product–let alone your product’s key selling features. If a field rep leaves the store without leaving an indelible remembrance of the key issues the company was paying for then the rep should not consider the account trained because he has not done his job!
After summarizing your demo, before packing up, be sure to leave your executive summary and encourage the dealer to review it. You might even suggest that he temporarily use your review as a resource to answer customer questions concerning the products you showed.
Review Questions
- Emotion closes the sale and ___________ keeps it closed.
- An executive summary should contain at least three sections.
- How does a closing summary and executive summary help you sell more product?
- If a customer or vendor calls the dealer he can use your executive summary as a review and resource. True or False?
- EXERCISE: Create your own dealer executive summary letter. Make sure it includes all three sections.
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