In my last article I discussed the importance of knowing who you are and what your sweet spot is. In this article I would like to explore the concept of differentiation and the role it plays in winning business. To illustrate this point, I’d like to ask you a question, the same question we ask at the start of all our agent sales programs.
Why would a dealer be willing to hand over a multi-million dollar piece of their business to you?
Take a moment…what did you come up with?
More than likely, you came up with something like, “we provide excellent training designed to improve F&I performance”, or “we’re a well established local company with a long track record of success”, or “we’re experts in the area of wealth building for our dealer clients”. While these answers may well be true, they’re probably not going to get through to your prospect. Why? Because it’s the same thing they’ve heard before.
Look at it this way, if you were the dealer and someone pitched you something that was essentially the same as what you currently have, what would be your motivation to change? Change is hard, and in order for your prospect to be willing to take on that change, they must believe that you or your solution is a sufficiently better option to what they currently have. If not, they’re likely to stay with the status quo.
So, how do you differentiate yourself from your competition? It begins with changing the way you think. The power of the mind is an amazing thing, and if you change the way you think, you’ll change the way you act. Yes, you have to know your stuff. Yes, you need to have a compelling value proposition. Yes, you need to be able to provide high quality products and services to your customers (all of which I will address in subsequent articles). But more importantly, you have to stop thinking that your prospect is doing you the favor by buying from you.
Let me repeat that. You must change the belief that the prospect is doing you a favor when they decide to partner with you or purchase from you.
Once you know your stuff, and you have the ability to convey your strong value proposition to the prospect, you change your belief to -- I’m doing the prospect the favor by offering my products and services to him / her. There are a ton of options out there, but only one of me. When you change the way you think, you change the way you act.
A word of caution, before you go running off to your next appointment and tell the dealer that he / she should feel honored by the fact that you’re even talking to them, please keep in mind that this approach is based on a significant amount of research. More specifically, it’s based on neuroscience or the study of the brain. In short, the modern brain has three levels with each level separated by a gate. The first gate will open only if you’re compelling, different or interesting. If you’re not, if you’re just like the last guy, you have little or no chance of success. But once you understand the power of being different, doors will open. Change the way you think, and you’ll change the way you act.
To illustrate this point, I’d like to put you in a familiar scenario. You’ve been trying to set up your initial meeting with a prospect, and after a few weeks you finally get the meeting. You arrive at the dealership a little early, you have your best suit on, you walk into the dealer’s office, smile and extend your hand and say… “Hi John, I’m Peter, thanks for taking the time to meet with me.” While this may sound professional and courteous, it sends the wrong message. It suggests that the prospect’s time is more valuable than yours, that the prospect is doing you the favor by meeting with you. Without even realizing it you’ve begun your acquisition attempt in a hole. Now I’m not saying you won’t be able to climb out of the hole and win the deal, but I am suggesting you’re making it more difficult than it needs to be.
When you believe it’s you that is doing the favor by meeting with the prospect, the scenario plays out differently. You still arrive at the dealership a little early, you still have your best suit on, you walk into the dealers office, smile and extend your hand and say… “Hi John, I’m Peter, I’m glad we could find the time to get together.” By starting off the conversation on a level playing field, the prospect feels, rather than knows, something is different about you, and you’re more likely to get past the first brain barrier. And, when you’re really good at this and understand the entire process, you’ll be able to actually walk into the dealer’s office and say…”Hi John, I’m Peter, I’m glad I could make the time to meet with you.” But remember, until you fully understand the concept of how a buyer’s mind works, don’t start acting like a jack wagon. I just wanted to illustrate the power of differentiation. If you’re interested in more information about this topic, feel free to contact me.
When it comes to competing with the “Big Box” F&I providers, you have to get your prospect’s attention very quickly. Differentiation is one of the keys. Mull this information over. How often do you automatically take a subordinate position relative to the dealer? Give it a try, rather than thank the prospect for his / her valuable time, tell him / her how happy you are that you could get together. And finally, give some thought to how you’ll answer the question “Why should I do business with you?” Know the answer, practice the answer and then deliver it with confidence and conviction.
