What a ridiculous statement which actually says absolutely
nothing directly, but indirectly is intended to deceive the
unsuspecting. The statement would lead one to believe that
upon filling out a credit application, credit is granted
and the item you desire to purchase will soon be yours.
This statement actually says: Go ahead and fill out this
application and we will receive it from you. If everything
is to our liking, we will secure you a great interest rate
quickly and enable your purchase. If you are less a
desirable risk than we would like, we likely will forward
your information to a local credit company that specializes
in high-risk credit. If you do succeed with them, you will
likely have an extremely high interest rate and a very
expensive transaction. Regardless, you will probably leave
here with a smile if you get the item you wanted.
Every time I read or hear that statement made, usually by
car dealerships in their television ads, I cringe. This
sales practice bothers me because I feel it is unethical to
prey upon the ignorant, taking advantage of their need
simply for profit. Deceit is not an acceptable business or
sales practice. That is not the way to successfully operate
your business, especially in the long run.
I know a person who owns a prominent music store where a
variety of lessons are offered in addition to a broad
selection of musical instruments. The owner, Bob, once told
me that the single, most profitable portion of his business
was the credit applications that he accepted on behalf of
his customers, especially students and their families, to
purchase instruments. These persons were typically those
that were often without savings or credit cards, but were
able to make weekly payments. Upon completion of their
credit applications, Bob would fax them to a local credit
company with whom he had made prior arrangements. They paid
him handsomely for these applications, typically receiving
dozens each week. His customers did not know that their
credit applications were going elsewhere.
Bob earns big profits on these customers in four ways:
1. He never discounts the instruments or music as he would
to "cash" customers, making a high initial profit each sale.
2. He earns a substantial commission for referring the
customer for credit.
3. He earns ongoing profits on the lessons purchased.
4. These "satisfied" customers refer others to Bob to meet
their needs, continuing the cycle.
Earning profits and having satisfied customers are good
things, but honesty and integrity should not be sacrificed
in the process. If Bob was up-front with these customers
about both the source of credit and the cost of such
credit, then the customer could make an informed choice.
Bob's practice is deceitful and inherently wrong, a
practice likely to catch up with him in the long run.
Be honest and up-front with prospects and customers. Look
out for their best interests. It is better to walk away
from a sale rather than complete it while sacrificing your
integrity.
----------------------------------------------------
Daniel Sitter, author of both Learning For Profit and
Superior Selling Skills Mastery, has garnered extensive
experience in sales, training, marketing and personal
development spanning a successful 25 year career.
Experience his blog at http://www.idea-sellers.com
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