Understanding Products is the Key to Selling Them

Remember back in school when your math teacher said, “Show your work”? Even if you didn’t get to the right answer, points were awarded for proving you understood the concept. The same idea applies for Financial Services Managers.

The one big caveat is FSMs always need to get to the right answer; they need to know which products are best for individual customers. But understanding them is the key to selling them because a good story always sells.

FSMs Need To Know

1. The products they sell.
2. The financing options available to them.
3. Current compliance requirements.
4. Customer credit profiles.
5. How F&I fits into the overall business.

FSMs Need To Understand

1. That they should serve, not sell.
2. Context is key.
3. Every customer is unique.
4. Confidence is created with clear explanations.
5. It’s not only your reputation on the line.

Keeping It Together

Knowing and understanding products are two separate yet intertwined aspects of an FSM’s job. It’s not easy — any good FSM will say that. The pressure to drive revenue and the desire to do right by the customer can be diametrically opposed.

You need to be analytical and empathetic. An educator and a storyteller. You need to push the envelope but never cross the line. Serve your customer today while taking into account what it’ll mean for them tomorrow.

Putting It Together

You can’t be a successful FSM without getting to the correct answers and showing your work. It’s a delicate equilibrium.

Experience helps. Just like in life, the more you see the more you can reference next time. Education is important. There’s always more to learn, from studying the latest regulatory guidelines to fine-tuning your video turnover. Questions never hurt. Be a sponge; keep your eyes open. And find out as much as you can about the business.

Your dealership should also play a primary role in all of this. From the dealer principal down, a culture of ethical behaviour and trust should be fostered. Everyone involved in the business should know and understand that the best way to drive long-term revenue is with repeat customers who sing your praises.

Feel free to sing the praises of this newsletter by commenting and sharing. If you’re an FSM or dealer principal looking to better understand the concepts above, contact Armour Group today.