A new paradigm shift has hit the automotive industry. It’s equity mining, dealers using software to re-invest in customers who’ve already done business with them and identify opportunities their competitors can’t access.
When done right, equity mining opportunities are so valuable some dealerships are assigning a dedicated person from their sales team to work them.
Working Cold Leads
Equity mining identifies customers to engage before they even consider entering the buying process, which results in easier, more natural conversations.
As our National Director of Customer Experience Jeff Landwehr points out, by the time a customer interacts with a dealer, they have done a ton of research and their guard is up. They are prepared for battle. That's what life is like at the top of the purchase funnel - competitive and potentially combative.
Know Your Sales Team
Not all leads are created equal, and that’s especially true of leads obtained through equity mining. A Revenue Radar lead needs to be handled with more subtlety and patience, soft skills more common in experienced sales people.
This is where Erik Post, Sr. Customer Success Manager sees an opportunity for change within a dealership. “I see this as the next iteration of dedicated sales staff. Take one are two people dedicated to equity mining and give them all the resources to nurture those leads.”
To hear the entire conversation, check out the DealerSocket podcast.
From appraisal to acquisition to stocking to merchandising to pricing to syndicating to disposing, our tools provide opportunities to maximize the value of your inventory investment every step of the way.DEALERSHIP INVENTORY
RESPONSIVE WEBSITES AND DIGITAL MARKETING
We've got all the right tools to help your dealership earn more business. We'll use a unique combination of our innovative products to craft a winning strategy.DIGITAL MARKETING
The Technology Platform of the Future Is Here Now
INDEPENDENT DEALER MANAGEMENT SYSTEM (iDMS)
Merging the best-of-breed technologies from FEX DMS and AutoStar Solutions, iDMS is a revolutionary next-generation dealer management system tailored specifically to the Independent/BHPH market.iDMS
The Michael Jordan Approach to CRM
A general sales manager I work with asked for any CRM tricks that could help. I immediately thought of two things: Blackbird dashboard widgets and Michael Jordan. Yes, that Michael Jordan.
First Pencil: 2019 Regulatory Hotspots
Market insider believes the once defanged CFPB is preparing to mount a comeback, while the FTC may have tipped its regulatory hat when it comes to dealers.
FCA Digital Selects DealerSocket as Certified Website Provider
Company's DealerFire website and digital advertising platform is now certified for use by all 2,600 U.S.-based FCA dealers
Driving Forward Podcast | What's Driving Your Website?
The guys who built the Engine 6 website platform discuss the unique challenges dealers face, and how to overcome them.
Learn More About DealerSocket's Suite of Dealership Software
DealerSocket offers a suite of products that can help you get the most out of your dealership.