Following on from using a clear definition of a lead versus a prospect in automotive in our earlier blog (read it here again), it is clear that we have considerably more leads than prospects. So the amount of leads that get made ‘lost’ by sales consultants is proportionately higher.
For this reason, given the car dealership has a well structured organisation, the role of CRM is critical to handle the shear weight of traffic in the lead acquisition and subsequent lost lead arena.
At aureso, the CRM department controls bulk lead management.
This is where large volumes of leads are imported, managed, communicated with, for the first round, to ascertain real interest. After which, respondents are passed to the Sales manager for allocation to sales consultants. Those that do not respond can be contacted by CRM a second time and/or put in the lead pool for ‘fishing’ at a later date. Those going into the lead pool are in essence ‘Lost Leads’. Their value, at this time, is purely data and that ranges from US$1-10 each depending upon the completeness of the data, and any grading you may have also acquired i.e. names from a select event, agent, club, bank etc..
This is of course ‘assuming’ the lead was qualified correctly when being made into a prospect. In Lost Prospects, the dealer staff has invested time and money, for example by providing a vehicle for an extended test drive. Sales management should follow up on these Lost Prospects, not only to try to revive them, but also to learn why the prospect stopped the sales (or better: the buying) process.
By following up on Lost Prospects the Sales Manager gets direct feedback where the sales process should be improved.
What is your current Lost Deals reactivation / conversion ratio (e.g. MTD / YTD)?
“In order to seize this learning- and improvement opportunity, you need a Sales / CRM system that differentiates between Leads (high volume, low informative value) and Prospects (low volume, high informative value).
Not only will this assist you in optimizing your sales process, it will also have a direct impact on your bottom line: Our live dealers working with aureso see a 15% re-activation rate of Lost Deals of which 31% converted to a sale.“
aureso was designed based on direct experience in the automotive industry. It puts into practice tools you need to optimize sales performance and nurture your customer relationships: The follow-up process on Lost Leads and Prospects outlined above is one of the features in aureso driving your performance.