How well do you retain sales staff? The average annual turnover rate for salespeople in our business is 67 percent, according to Automotive News.
That’s an alarming statistic when you consider it can cost upwards of $10,000 to replace one salesperson. This figure accounts for recruiting fees, on-boarding costs and potential lost revenue from missed deals.
Added by Bill Wittenmyer on July 1, 2020 at 2:17pm — No Comments
You’ve decided to get a CRM or replace an existing one. Now what?
A CRM system should help your staff connect with customers, increase sales productivity and provide actionable insights to deliver the great experiences that create long-lasting customer relationships.
Added by Bill Wittenmyer on May 29, 2020 at 12:29pm — No Comments
As states continue to loosen stay-at-home restrictions, will people continue to shop online for vehicles?
What I’m hearing from dealers is that digital retailing tools are a great research platform and the majority of consumers prefer to complete some purchase steps online. But, many consumers still prefer to complete deals in the traditional…Continue
Added by Bill Wittenmyer on May 20, 2020 at 10:37am — No Comments
Are you ready for the glut of lease vehicles about to hit the market?
According to J.D. Power, nearly 2 million vehicles are coming off lease over the next five months. Attracting and selling to end-of-lease customers is a huge opportunity to emerge stronger from the current market downturn.
Competition for these buyers will be…Continue
Added by Bill Wittenmyer on April 29, 2020 at 10:43am — No Comments
Your dealership likely spends a lot of money each month for internet leads. Are you responding to each lead within minutes? If not, you’re throwing money away.
Fast responses win business. According to a study from the Harvard Business Review, companies that respond to a lead within the first hour are 7X more likely to qualify that lead (defined as having a meaningful conversation with a decision maker) than those who respond even an hour later.
Added by Bill Wittenmyer on April 15, 2020 at 4:09pm — No Comments
Various industry studies show over 80 percent of customers want to start the car buying process online. So, it makes sense that more dealerships are implementing digital retailing tools.
Today’s customers expect an Amazon-like online shopping experience that is connected, seamless and easy. If your digital retailing tools and process don’t deliver, customers will choose another dealership that can accommodate their needs.
Added by Bill Wittenmyer on April 1, 2020 at 10:32am — No Comments
In our digital world, it can be easy to discredit direct mail – but that’s a mistake.
According to the Direct Marketing Association, direct mail has a response rate of up to five percent versus just under one percent for digital.
That makes sense when you consider that it’s not unusual for the average person to receive 300 emails a day, half of which they delete without even opening. On the flip side, the average person may receive only three…Continue
Added by Bill Wittenmyer on March 11, 2020 at 1:27pm — No Comments
We all know new leads are important and you always want to keep that pipeline full. But attracting new customers is expensive, and making more money while spending less is something that every business wants to do.
What if I told you that you could save both time and money by nurturing the relationships you already have in your CRM?Continue
Added by Bill Wittenmyer on February 26, 2020 at 3:36pm — No Comments
The vehicle sales forecast for 2020 looks strong, with S&P Global Ratings expect sales to hit a relatively healthy 16.8 million units. But earning your share of this market depends a lot on how well you manage your inventory: what you stock, when you stock it and how quickly you can get vehicles off your lot. The following inventory strategies will set you up for a profitable New Year.
Clear out the old and bring in the new.
Added by Bill Wittenmyer on December 30, 2019 at 12:13pm — No Comments
As 2019 draws to a close, all of us at Elead would like to thank you, our dealer partners and customers, for a wonderful year.
As a token of our appreciation, we’ve compiled a list of our best blog articles on automotive retail from 2019. These insightful articles will give you all the tools you need to grow your dealership’s revenue to new heights in 2020.
Added by Bill Wittenmyer on December 18, 2019 at 9:52am — No Comments
It costs most dealers about five times as much to acquire a new customer than to retain those they already have. Yet, increasing customer retention by as little as five percent can increase profits by up to 95 percent, according to the research group Bain & Company.
That’s because loyal customers and enthusiastic fans will keep coming back - and they’ll refer friends and family to your dealership. Loyal customers also tend to prioritize great customer…Continue
Added by Bill Wittenmyer on November 11, 2019 at 10:19am — No Comments
Today’s customers expect and demand an amazing customer experience. The dealership with the right vehicle and the best experience will ultimately win the business. To deliver the best experience possible, you must maintain expertise about your customers and their shopping behavior.
The average consumer today visits only one or two dealerships…Continue
Added by Bill Wittenmyer on September 18, 2019 at 9:22am — No Comments
In the past, a vehicle sale started and ended on the showroom floor. Today, many of the discovery and purchase steps take place online.
Online retail giants like Amazon have conditioned customers to expect timely and relevant communications across channels, plus a personalized buying experience informed by past behavior.
For automotive retailers, meeting these expectations requires different capabilities within your…Continue
Added by Bill Wittenmyer on August 7, 2019 at 12:02pm — No Comments
Eighty-six percent of car shoppers conduct online research before deciding to visit a local dealership, according to research from digital marketing agency Adtaxi.
Added by Bill Wittenmyer on July 31, 2019 at 8:26am — No Comments
Text messaging is the most popular data service in the world. It’s quick, easy and effective. The open rate for texts is a sky-high 98 percent, while email open rates hover at only 20 percent.
The average person looks at their mobile phone 150 times a day. It’s no wonder more than 90% of texts are read within 3 minutes…Continue
New leads are important, and you always want to keep the pipeline full.
Yet, it can cost as much as five times more to attract a new customer than to retain an existing one.
Doesn’t it make more sense to spend time nurturing the leads you already have?
Added by Bill Wittenmyer on July 17, 2019 at 8:09am — No Comments
The “always connected” shopper trend continues to grow.
In the last year alone, the number of consumers using mobile phones to research vehicles jumped 11 percent. It’s safe to say that 99.9 percent of the people who walk on your lot have searched online with a mobile device or computer.
When an online lead gets handed…Continue
Added by Bill Wittenmyer on June 26, 2019 at 10:21am — No Comments
Have you ever seen the show "Naked & Afraid?" Two contestants strip down, head into the wild and basically starve for three weeks until someone comes to pick them up. Every time I see the show, I wonder how the contestants can call themselves survivalists when they can't hunt or find a consistent food source.
Then recently, it struck me that the contestants are doing exactly what they're supposed to be doing: surviving.
Added by Bill Wittenmyer on April 24, 2019 at 7:39am — No Comments
Do you ever wonder why dealerships and consumers alike are all programmed to buy cars at the end of the month? Asking how this happened is like asking which came first, the chicken or the egg.
For sales teams and managers, the end-of-the-month crunch is a grind. When it's over, it's natural to relax a little before diving into the new month. For consumers, all the commercials and pressure to buy are pushed out towards the end of the month, so many of them are programmed to…Continue
Added by Bill Wittenmyer on March 27, 2019 at 8:29am — No Comments
Does your dealership use an external BDC for sales calls? Many managers like to keep control of their sales process in house, but realistically, the majority of salespeople don't have time to place the hundreds of calls necessary every week to keep their pipeline filled.
Additionally, many salespeople lack the skills to effectively engage…Continue
Added by Bill Wittenmyer on February 27, 2019 at 10:03am — No Comments