We have all told a customer at one time or another, “take it or leave it.” Or at least some variant of that. This typically happens when we are all-in. We have discounted as far as we are willing to go and have no more to give. What else can we say at that point but, “take it or leave it?”
In current times, with everything that is going on with the extremely limited supply and the increasing demand, it is easy to tell a customer, this is our price and if you don’t like it, another customer is going to come in right behind you and they will buy it for our asking price.
However, what do we do when there is no longer limited supply and a customer makes us an offer, then tells us to:
“TAKE IT OR LEAVE IT?”
If you are like most salespeople, you go running to your manager begging them to accept the customer’s offer. And if they can’t or won’t take the customer’s offer you end up letting the customer leave without purchasing from you.
There has to be a better way, right?
There is and today I am going to show you what to do the next time a customer gives you a “take it or leave it offer.”
First off, YOU MUST:
Now that you are in the right mindset to deal with a “Take it or Leave it” offer the following are three options to address and overcome it.
1) Call the Customers Bluff
An example is: “I think we are going to have to shake hands and part friends, because we can’t get to your offer.”
This tactic is very risky, and its success is dependent on the commitment to the vehicle, your dealership, and to you by the customer.
2) Deflect the answering the offer with an engaging question
An example question is: “What will you do if you can’t purchase this vehicle for you offer? What’s next?”
This tactic is designed to get the customer to face the consequence of not getting the vehicle they want. This is most effective when both you and your customer know this is the right vehicle for them.
3) Ask an open-ended question to verify the validity of the threat
An example question is: “If you leave, do you believe you will be able to get this deal somewhere else?” “Based upon what?”
This tactic gives you insight into what the customer is thinking, why they are thinking that way, and how they got there. This tactic has the best approach to get you and your customer on the same page, heading in the right direction, toward a win-win solution.
When a customer presents you with a “Take it or Leave it” offer, it shows their insecurity and their fear of negotiating. They are afraid they are going to be pressured or even tricked into paying too much. This includes paying too high of an interest rate, making payments over too long of a term, and even not getting enough for their trade.
The more comfortable you can make your customer prior to negotiations, the more the customer recognizes that you are working in the customers best interest, and the more the customer feels that you are after a WIN-WIN negotiation the less likely you will run into a “Take it or Leave it” offer from your customer. This is the best approach you can take, prevent the offer from ever happening in the first place. The key to this, is your execution of a customer first sale process.