Overcoming objections to buying a protection plan can be a challenging task for any business. Customers may be hesitant to pay extra for a service they feel they may not need, or may not fully understand. However, with a strategic and empathetic approach, you can effectively address these objections and boost your protection plan sales. Here are some tips to help you:
One of the most common objections to buying a protection plan is the fear of paying for a service they may not need. It’s important to address these concerns by explaining the benefits of a protection plan and how it can protect their investment. By taking the time to listen to their concerns and addressing them, you can build trust with customers and help them make an informed decision. Hint: Use their story to help build the case for adding a protection plan.
Another objection to buying a protection plan is the perception that it’s an unnecessary expense. To overcome this objection, focus on the value a protection plan provides. Highlight the costs associated with repairing or replacing a product or service without a protection plan, and how a protection plan can save them money in the long run. By emphasizing the value of a protection plan, customers are more likely to see it as a wise investment. Hint: If they are in your store to replace a broken item, reference their inconvenience related to that breakdown.
Some customers may be hesitant to purchase a protection plan if they feel the coverage or duration is not suitable for their needs. Offering flexible protection plan options can help overcome this objection. This means providing customers with a range of options that fit their budget and needs, such as different coverage levels or duration. By offering a range of options, customers are more likely to find a protection plan that meets their needs and budget, making it easier to close the sale. Hint: Give your sales staff options, or tools, to use for different customers.
One common objection to buying a protection plan is confusion around what is covered and what is not. It’s important to provide clear information and transparency when selling warranties. This includes clearly explaining the terms and conditions of the protection plan, such as what is covered and what is not, as well as any fees or deductibles that may apply. By providing clear information upfront, you can help to build trust and ensure that customers understand the value of their investment. Hint: You do not have to spout off every coverage, so focus on the coverages that are most relevant to that customer.
Adding protection plans to your sales pitch is an art, not a science. By addressing customer concerns, focusing on value, offering flexible options, and providing clear information you can effectively overcome objections to buying a protection plan. By doing so, you can boost your protection plan sales and build trust with your customers, helping them to make informed decisions and protect their purchase.
Chad Burris is responsible for product protection program development for Nationwide Marketing Group
