Insights by aureso co-Founder, Timothy Rushforth
Following on from using a clear definition of a lead vs. a prospect in my earlier blog, 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 and their ‘potential’ value considerably lower.
For this reason, given the 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 lead controller in the showroom 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.
Lost Prospects (LP) however, are very different. This is of course ‘assuming’ the lead was qualified correctly when being made into a prospect. Below are three actual examples of LP initiatives we ran which collectively resulted in just under US$2M worth of retail sales revenue.
Example: Dealer 1
From Aug-Oct this dealer made 71 LP calls, won 3 deals generating US$230K with 20 prospects still in progress.
Example: Dealer 2
430 LP calls between Jan-Oct generated 25 deals worth US$1.2M with a further 82 in progress.
Example: Dealer 3
160 LP calls resulted in 4 deals generating nearly US$500,000 with another 12 in progress between Jan-Dec.