A competing offer
A prospect may never tell you up front, but if they just received an effective presentation from a competitor it may be lingering in the back of their minds, impacting on your pitch. It is up to you to find out if they are leaning towards a competitor’s product. What did they like? What did they dislike? Why didn’t they buy when they saw the competitor’s offering? At the very least, you should be able to figure out which competitor they visited and be able to highlight the benefits of dealing with your store.
Explain to the prospect how long your company has been in business, discuss the background of the hot tub manufacturer they are considering (e.g. how long they have been manufacturing hot tubs) and explain your own approach to business. This is a good chance to outline the add-ons you can offer should they decide to make a purchase (e.g. delivery, startup and ongoing support, free water testing with hot tub purchase).
No perceived value
When it comes to a market as specific as hot tubs, this is rarely the case. You have a destination store, which the prospect seeks out when they are interested in your product. Odds are your store is not just another outlet in a major shopping mall people happen to wander into while shopping for other items.
However, if prospects do not recognize the value in your product or place high priority on taking action, they will only be moved closer to the buying decision through learning about powerful benefits. They first need to be sold on the merits of owning a hot tub before a sale can be made. You need to have a great discovery session and suggest uses for and reasons to own a hot tub that the customer may have never considered.
Lack of funds
If a prospect is in your store, they are likely genuinely interested in purchasing a hot tub, whether it is one you carry or one carried by a competitor. It will all come down to perceived affordability.
It is up to you to understand the prospect’s unique financial concerns and work within their budgets to get them the right hot tub for the right price. There will always be the odd exception, such as someone simply browsing the store to kill time. However, don’t look at this as time wasted. This is a great opportunity to practice all of the new sales techniques you have learned (and perhaps plant the seeds for a future sale).
If pricing is still an issue, make sure you have mentioned your various financing programs. Over half the hot tub purchases in North America are financed. Some prospects may not ask about financing packages out of pride. Instead, they will tell you they need to think about the purchase further.
Offering financing and having suitable signage advertising credit card options can result in more sales. Carefully consider the wording used on any signage. A prospect on a tight budget might not find a sign listing the price of $6,999 as attractive as a similar sign that says, ‘Own this spa for as little as $82 per month.’
Financing packages also make it easier to get a prospect to upgrade or add features, such as a stereo. This can be achieved by adding another small sign saying, ‘Add a stereo for only $9.99 per month.’ Of course, the prices you quote will need to reflect your individual financing packages and stereo upgrade options.
