automotive sales lead management process price quote strategy
TRANSCRIPT
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 1
Dealer close rates vary from one dealer to the next… Some as low as 2%, while others are as high as 23%
What Dealer actions generate more sales, more often?
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 2
Internet Purchase Study
• Over 30,000 Quarterly Morpace 24 hour eSurveys
• Matched with OEM Customer Sales Data
• Surveys Measured dealer responses for key factors that previous studies showed as impacting the lead-to-purchase ratio
Source: Morpace 24 hour survey and OEM sales Data
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 3
The Combination of Dealer Lead Response Actions that resulted in a Sale at 44 times (400%) higher rate than when not done, when Executed within 24 hours of Lead Submission:
1. Direct contact made by Dealer
2. Customer received a price quote
3. Dealer confirmed availability
4. Dealer showed genuine interest
5. Customer contacted more than once
Source: Morpace 24 hour survey and OEM sales Data
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 4
Sales Closing Ratios Key Improvement Action Items
Dealer LMP Audits• Survey customers who didn’t purchase• Review Lead Management Tool for a sampling
of previous responses • Score first personal response using Reynolds
LMP Optimization Scoring Model
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 5
LMP Scoring Index
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 6
Bottom Line1. Customers spend average of 6 hours in online research
2. Customer has Selected their preferred dealership
3. Customer has been promised a price quote on a vehicle in exchange for providing their contact information
Customers who send in a Lead are much likely to buy from the Dealer that received the Lead if…
1. Dealer Responds in Less Than 2 Hours
2. Dealer Confirms availability of Multiple Vehicles
3. Dealer Provides a fair price quote in First Email
4. Dealer Contacts the Customer by Telephone (after email)
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 7
Successful Email Templates
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 8
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 9
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 10
Successful Email TemplatesQuoting Prices on Multiple Vehicles
Offering Next Steps, Setting Expectations
Confirming Vehicles in Inventory for Delivery
Offering Alternatives Vehicles to Consider
Dealer Differentiation (why buy here)
Providing Reasons to Act Quickly (urgency)
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 11
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 12
Customer goes online and submits Lead
Internet Sales Specialist ISS) reviews lead, selects 4
vehicles for Price Quotes
BDC Staff makes initial phone call, collects customer info, sets up an appointment for the ISS
If no appointment, ISSContacts customer and seeks
appointment and/or agreement