White Paper - Data is Power: Discover Big Ideas From Your Database
Know all the facts before jumping to conclusions. Sir Arthur Conan Doyle, a 20th Century writer, said it perfectly, "It's a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts." Take advantage of the opportunities in front of you by obtaining effective data and know exactly what your customers are thinking and their tendencies when they browse, call, or walk onto a dealership.
The ability to have quantitative facts and statistics at your disposal will help your dealership sell more automobiles annually. Let's discuss Labor Day weekend 2013 and how the use of key data and statistics will benefit your dealership with pinpointed marketing efforts for high profit.
One in 10 buyers visited a dealership for the first time. Recognizing the importance of this stat, it only makes sense to use a mobile CRM application to streamline the sales process so a sales rep never leaves the prospect's side. As a result, improving customer service, reducing buying time, and increasing close rates.
Did you know that walk-in leads outperformed internet and phone leads? Walk–in sales equaled 9,828 units while internet and phone sales were 4,685 and 2,005 units respectively. Just by looking at this data, simply equipping your dealership to handle additional fresh–up traffic increases your odds of generating revenue over the holiday weekend.
In what way does knowing alternate key sales lead statistics benefit your dealership annually? For example, over 74% of leads received on used cars ended up closing. If a dealership had this insight from their database, they would have aggressively stocked their pre–owned inventory and pushed those vehicles through all media outlets because of their high demand during this specific weekend event.
Here is a statistic that will surely tingle your brain: over 86% of phone leads resulted in an appointment with over 72% show rate. This statistic expresses the importance of investing in proper phone skill training for your staff to prepare them for increasing phone traffic. Do you see the pattern of having data and statistics from your dealership highlighting the opportunities it needs to succeed, improve, and grow?
Here is one last example how data can exemplify power. The average total profit per used car was $1,990 vs. $1,286 for a new car. Thus, pushing used car inventory will equal $700 more profit on average. Imagine the possibilities.
Keep in mind, these statistics are from Labor Day weekend 2013 and results will vary depending on what point of the year you are strategizing. Every bit of data that you need to create customer trend reports are within your database waiting desperately and patiently for you to discover gold mines of potential revenue opportunities. Discover big ideas or aha! moments by gathering data and creating numerous customer trend reports that predict customer tendencies.
Dealerships that use a CRM like DealerSocket have the ability to access products such as DealerSocket Analytics to research key data statistics within their database and display how your dealership can improve and make important everyday business decisions.
DealerSocket Analytics not only supplies dealerships with new enterprise–quality reports loaded with hundreds of CRM, financial, and sales process key performance indicators, but also into DealerSocket's upcoming release, MyRank. Meticulously observe how your dealership ranks, through MyRank, based on factors such as region, brand, like–dealers, and much more. The amount of data that you can gather and apply to transform the way your dealership operates is revolutionizing the automotive industry and the world alike.
In short, data is power and opportunity. Without knowing your customer's tendencies you're losing potential profit opportunities. Take advantage of this data right from your own database and put it to good use. Whether you're planning for a holiday or typical weekend, realizing that data can further prepare you for predicting trends and patterns is step one to understanding the possible opportunities that data has to offer. Be prepared and don't leave anything to chance. Know how your customers act by applying the data right within your database and creating effective customer trend reports. Stay ahead of the curve, not fall behind it.To learn more about DealerSocket Analytics and using data to your benefit, contact 866.547.2366