Hardcore Business Lessons I Learned From A Dealer | Summary and Q&A

TL;DR

An 18-year-old learned valuable lessons on dealing with angry customers, creating new products, upselling, and consistently doing the basics from his first job at a fur coat dealer.

Key Insights

• 🥺 Validating the anger of upset customers can lead to resolution and customer satisfaction.
• ❓ Continuity products can enhance customer loyalty and perceived value.
• 🥺 Using strategic questioning and the no-based selling technique can lead to successful upselling.
• 👨‍💼 Offering something of perceived value that costs the business little can attract customers to take upsells.
• 🪛 Creating a sense of scarcity and demand can drive customers to make purchases.

Transcript

I learned six million dollar lessons at my first job working hot summers as an 18 year old in a warehouse at a fifth generation fur coat dealer and this business made it through two world wars multiple recessions and these lessons I have taken with me for Life the first lesson he ever taught me was how to deal with angry customers this lady comes i... Read More

Questions & Answers

Q: How did the fur coat dealer handle the angry customer's complaint?

The owner validated the customer's anger and took responsibility, which eventually led to resolving the issue and calming the customer down.

Q: What did the fur coat dealer do during the summer to generate sales?

They offered coat storage and conditioning services, creating a continuity product that enhanced the longevity of the coats and increased customer loyalty.

Q: How did the fur coat dealer use no-based selling to upsell customers?

By getting customers to say no to additional offers through strategic questioning, the dealer indirectly got them to say yes to the original offer of coat storage and conditioning.

Q: How did the fur coat dealer create a sense of scarcity and demand?

By setting a limit on the number of coats per customer, having multiple price reductions, controlling the number of customers in the store, and creating a perception that they needed to get their coats before they ran out.

Summary & Key Takeaways

• Lesson 1: Validating the anger of upset customers and taking ownership of their complaints can lead to resolution and customer satisfaction.

• Lesson 2: Creating a continuity product by offering coat storage and conditioning during the summer helped increase customer loyalty and perceived value.

• Lesson 3: Getting customers to say no to upsells can be an effective way to indirectly get them to say yes to the offer.