Automotive Sales Training - Find Your Hidden Wealth

What is hidden wealth? Hidden wealth is an unused, dormant or under utilized part of your business that contains great value. All businesses have at least one hidden wealth. Even the best businesses in the world contain hidden wealth. The key is to determine your hidden wealth and begin to mine the potential gold that lies therein. All businesses are different. Each business should require their leaders to conduct a concerted effort of introspection and egoless honesty to determine what their hidden wealth may be. One way to begin is to ask deeper and better questions about your business than you ever have before. What is the story of your dealership? How is that unique and more importantly, how does that benefit the customer?

 

Begin a journey to determine what your business does best. What does your business do better than anyone else? Then ask yourself these questions about that one thing, “How”, “Why” and how can I prove it to my customers in a way that benefits and motivates them? Once you determine the one thing that you do better than anyone else, then ask your customers why they think you do it best? See if what you feel and they feel are the same. If your business does something great but your customers don’t know, it won’t matter. If you customers don’t hold the same value in what you think you do great, it won’t matter. Better questions lead to better answers and better businesses. Ask yourself, what do you have that others don’t have? What do you have that is better than what others may have? Is your sales staff better? Is your service better? Is your location better? Is your inventory better? Is your pricing structure better? Is your process quicker? Is your facility better? When you determine what you have that’s better, you must ask yourself, why is that true?

 

You must also ask yourself, how can I explain what we do and how it’s better in very specific terms that the customer cares about? You can’t say you have a large inventory. It doesn’t mean anything. But you can say you have 500 vehicles worth ten million dollars in inventory and that no one comes close to your selection and because of that it takes the hassle out of shopping. What ever you decide is your strong point, ask yourself this question, “Who cares?” If you can’t tell your customer in a way that benefits them, they won’t care.

 

Some dealerships have a large database of untapped business. Some dealerships have a great location with many possible synergies with other local businesses that could be explored. Many dealerships have community relationships that could be utilized. Many dealerships have talented but untrained people. Many dealerships are either sending the wrong or mixed message to the market or sending a good message to the wrong market or utilizing either the wrong medium or not enough mediums to reach their market.

 

Each dealership has assets that contain vast riches if they can be explored and tapped.

 

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Comment by Mark Tewart on March 23, 2013 at 1:36pm

I agree Marsh

Comment by Marsh Buice on March 23, 2013 at 10:34am
Mark, great blog as always! I believe the message you advertise should align with who you are. Too often we send a message that we care, but then when a customer shows up, the real us is revealed. We all have strengths but must align the messages with the actions.
Comment by Mark Tewart on March 12, 2013 at 11:10am

Thanks Jessica

Comment by Jessica Collins on March 12, 2013 at 10:08am

Yeah, what Mark said!!!  LOL  Seriously, great blog and perspective towards progress.  Looking-in is the trend to a better out-look. 

Comment by Mark Tewart on March 11, 2013 at 7:32pm

Thanks for the comments folks

Comment by Pat Kirley on March 11, 2013 at 7:25pm
Mark
I think you hit a subject many dealerships are struggling to tackle. In many cases the competition has the inventory, good location, many dealer facilities, good staff. So the main difference is quality, backup, better warranty with less exclusions and no high pressure selling.
Most dealers are bad at showing the customer the other advantages along with the better product. We all see the ads in papers and on the Internet
12 car 19995
12 minivan 21995
All the dealers in a given area have the same price and the occasional guy goes in 500/1000 less
The better dealer probably has low mileage versions of the same but he promoting the same as everyone.
Is this usually conveyed, most times the answer is No
You need to buy from them to find how good they really are.
Comment by Gene Daughtry Dealers411.net on March 11, 2013 at 5:40pm
This is what 20 Groups can help provide through non competiting peer groups working together on best practices, hot topics and ideas in a comfortable setting with a knowledgable moderator.

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