Retail Observer

RETAILOBSERVER.COM AUGUST 2023 54 O vercoming objections to buying a protection plan can be challenging for any business. The customers may hesitate to pay extra for a service they feel they might not need or may not fully understand. But with a strategic and empathetic approach, you can address these objections and boost your protection plan sales. Here are some tips: • One of the most common objections to buying a protection plan is the fear of paying for a service the customer may not need. It's important to address these concerns by explaining the benefits of a protection plan and how it can protect their investment. By taking the time to listen to their concerns and address them, you can build trust with the customers and help them make an informed decision. Hint: Use their story to help build the case for adding a protection plan. • Another objection to buying a protection plan is the perception that it's an unnecessary expense. To overcome this objection, focus on the value a protection plan provides. Highlight the costs associated with repairing or replacing a product or service, and how a protection plan can save them money in the long run. By emphasizing the value of a protection plan, customers are more likely to see it as a wise investment. Hint: If they are in your store to replace a broken item, reference their inconvenience related to the breakdown. • Some customers may hesitate to purchase a protection plan if they feel the coverage or duration isn't suitable for their needs. Offering flexible protection plan options can help overcome this objection. This means providing customers with a range of options that will fit their budget and needs, such as different coverage levels or duration. If you can offer a range of options, customers are more likely to find a protection plan that meets their needs and budget, making it easier to close the sale. Hint: Give your sales staff options and tools to use for different customers. • One common objection to buying a protection plan is confusion around what is covered and what is not. It's important to provide clear information and transparency when selling warranties. This includes clearly explaining the terms and conditions of the protection plan, such as what's covered and what isn't, as well as any fees or deductibles that may apply. By providing clear information upfront, you can help to build trust and ensure that customers understand the value of their investment. Hint: You don't have to spout off every coverage, just focus on the coverages that are most relevant to the customer. • Adding protection plans to your sales pitch is an art, not a science. By addressing customer concerns, focusing on value, offering flexible options, and providing clear information, you can effectively overcome objections to buying a protection plan. By doing so, you can boost your protection plan sales and build trust with your customers, while helping them make informed decisions and protect their purchase. OVERCOME OBJECTIONS A buzzword that actually matters in protection plan sales Chad Burris Product Protection Chad Burris, Director of Product Protection RO

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