Secrets Behind The Perfect Menu Sell
If you’ve heard it once, you’ve heard it a thousand times: “The only way to present vehicle service contracts is with a menu presentation.” But if using a menu to present F&I products is common knowledge, why do some dealers do better than others? The secrets behind a successful menu presentation lie in the little details that can oftentimes go overlooked.
300% Rule. It’s another one you’ve probably heard before, but it’s one that needs to be repeated. If you don’t present 100% of your products, 100% of the time to 100% of your customers, you’re greatly diminishing your chances of making money on the back end of deals. Even if the customer seems unlikely to buy, it can never hurt to ask.
Go digital. Old habits die hard. You may be comfortable with your hard copy menu laid out across your desk. But it’s 2016 and in all likelihood, the customer sitting across from you landed there after an extensive online search. Continue that experience in the F&I office. Mobile apps not only project a more modern image, but can have features that make it easier to display differences in coverage and price.
Start with the end in mind. If you have a strong and consistent menu process, you enter the presentation with an idea of how it will end. Ask questions throughout the sales process to get more information about each customer’s individual circumstances. This will help you focus on the products and potential scenarios most relevant to each customer.
Don’t be afraid to get stuck in the middle. An effective menu presentation lays out good, better and best options. In doing so, most customers will fall to the middle option. If you’re showing the right mix of products, the middle option should be one that protects your customer for many miles to come while providing you the back-end profit you’re looking for in the deal.
Work backwards. When working your way through a menu, start at the high end. Be passionate in your description of the best product you have to offer, and as you work back through less comprehensive coverage levels, highlight the components and added services the customer could be missing out on.
If all else fails, go with the waiver. If you’re working with a customer to whom you simply can’t break through, have a waiver on hand for them to sign. The final action of declining a VSC in writing might be the last touch they needed to buy into the product’s value. And if the customer still refuses, you’re reducing the likelihood of post-sale dissatisfaction since the customer willingly and knowingly declined the coverage that you felt was in their best interests.