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NOVEMBER 2012




Global Dealer Summit Presentations



Mixed Messages: Show Me
by: Mary A. Redmond

I'm from Missouri. We're known as the "Show Me" state. Maybe that's why for most of my life, I've been fascinated with the incongruity between what someone says and what they do.

Napoleon Bonaparte said "The best way to keep ones word is not to give it." In sales, that advice seldom works. Customers want commitments in writing, if they are wise enough to request them. However, occasionally they accept the word of the sales person. Are you known for keeping your word?

Ask yourself these questions:
* When making a promise face-to-face, do you confirm details in writing?
* Did your customer understand what you told them or just what they thought they heard?

The Written Word
Sometimes, sales people speak to a customer about a monthly lease payment option of either $1,200, or $1,500 without going into the specifics, in writing, of the lease structure.

What will your customer remember? Usually the lowest number sticks in people's minds. They'll be upset with you when you show up with a lease contract for 72-payments of $1,500 per month. They believe the equipment will be obsolete in 5 years. If they feel you used the old "bait and switch" sales tactic. You may never regain their trust.

What really happened? Poor communication. How do you avoid this? Write down the specifics of your proposal and walk your customer through it. Don't trust that email or a fax will tell your story and that your customer will understand or even read the fine print. Business owners wear many hats and seldom it's the legal beagle one.

If the customer is remotely located or the dollar amount of the sale is too small to justify a face to face visit, review your entire proposal point by point via the telephone. Confirm that they understand what the paperwork says by asking open-ended questions like these:

* What do you think the equipment will be worth at the end of 6-years?
* Which end-of-lease option will you probably choose: Return the equipment, Continue to Rent it or Buy it for the fair market value?
* If you choose to go to your bank for the financing, how long of a loan term will the bank be willing to give you?

Open-ended questions usually begin with the letter "W". Who, What, When, Where and Why. I also love the word "How". The famous TV psychologist, Dr. Phil has made a fortune asking clients "How's that working for you?" Next month, we'll talk about body language mixed messages. My favorite example of Reading Body Language is nodding yes while saying no. We saw this in the Bill Clinton - Monica Lewinsky trials. Have a great month! DC

{short description of image}Mary A. Redmond provides highly specialized information for corporations, managers and dealers who negotiate and manage leases. With 28 years in the leasing industry, including 21 working for the largest leasing companies in the U.S., Mary knows leasing. You may reach Mary at 913-422-7775 or mary@reviewyourlease.com

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