In the modern age of business with a plethora of tools & software at our fingertips, it’s a wonder why more dealerships aren’t investing in tools that can help improve their bottom line.
Gone are the days when you are restricted to using clunky, ineffective software that sales consultants don’t use or worse, doesn’t work the way you thought it would. With smaller margins and slowing new car sales, it is imperative that the systems & solutions we choose are actually delivering a benefit.
Implementing a sales & lead management software into your dealership is a solution that can ultimately increase your monthly new car sales. It can streamline your sales processes, provide a transparent, live sales funnel to track all Leads and Prospects, integrate lead sources, prompt instant follow ups, analyse Lost Leads, and give sales managers & consultants the data they need to improve their monthly KPI’s.
From our analyses, a dealership that implements aureso’s sales & CRM solution increases their bottom line by an average $118,000 per dealer/year. Depending on the size of the dealership, this means a considerable dollar amount added back to the bottom line; advanced technology that can be used to further the growth of a company, and happy employees who are more inclined to succeed.
Now that you are aware of what the right sales & CRM can do, let’s break down some of the features that lead to a Sales & CRM solution’s success. Here are a few things to look for:
Real-time Conversion Ratios
When it comes to buying a tool that improves your bottom line, it needs to provide targets, KPI’s and conversion ratios in real-time. Access to reliable and real-time KPI’s enables sales consultants to take immediate actions without waiting for reports to be generated. If a solution relies on downloading lengthy reports or waiting until the end of the month to see the gaps in your sales funnel – it wont help you increase new car sales.
Automotive defined workflows
This is a crucial feature of your Sales & CRM solution and the #1 reason why most system implementations fail. aureso was built for automotive by automotive people, meaning the solution’s sales funnel includes key parts of the automotive process – Lead Management, Sales Management, Order Bank and Delivery Funnel.
Additionally, aureso’s Sales & CRM solution includes vehicle management to gain live visibility over Importer & Dealer stock, and advanced target setting to manage the input activities of your sales funnel. These are fundamental features of a Sales & CRM to familiarise your sales consultants and give them a tool that fits their daily workflows. When choosing a Sales & CRM solution, avoid any big name solutions that weren’t built for automotive – your sales consultants won’t use it.
Lost Lead Initiative
Another important feature to look for is a Lost Lead Initiative Program. Within the automotive industry, you would be surprised how many dealerships are losing hundreds of sales due to reasons within their control. (Read here: Dealership Loses Over Half of Annual Sales Unnecessarily) A Lost Lead Initiative within your Sales & CRM can help you track and analyse exactly where Leads and Prospects are dropping out within the sales funnel. This allows sales managers to coach sales consultants 1-on-1 on closing techniques or product education, and reach out to lost prospects who are still active in the market. By implementing a Lost Lead Initiative, dealerships using aureso have been able to increase sales an average 3.3% by recovering not yet ‘Confirmed Lost’ leads. Not to mention the learnings they gained from analyses of the Confirmed Lost Leads already in the system.
Another hefty part of improving your bottom line is improving efficiency & productivity across departments that affect sales. The Sales & CRM solution should be a mobile solution that enables access to a centralised and updated database anywhere, anytime in order to close deals. The same solution should be accessible by Marketing & CRM teams to gauge campaign success and pass on new Leads.
Most importantly, the solution should reduce admin work by half through the automation and digitalisation of processes such as lead capture, report generation, test driving booking, financing, KPI reporting and more. The more efficient and productive your sales consultants, and the departments around it are, the more streamlined and successful your sales team as a whole will be.
Last but not least, another crucial part of improving your dealership’s bottom line is optimising your marketing budget. Far too many dealerships spend thousands and thousands of dollars on marketing that inevitably go to waste. There are a few factors to look for in your Sales & CRM solution to ensure you spend the minimum amount needed on marketing every year:
- Automated and centralized lead capture, online & offline, to centralise all Leads and provide immediate responses to every enquiry
- Tracked leads by source and channel per campaign throughout the sales process to measure conversions; this allows marketing & sales to work together to see which campaigns are successful in real-time
- A/B testing with different target group settings to compare conversions
- Access to terminate low performing campaigns and shift budgets in real-time
Interested to keep reading? Read how Sales Manager Randall increased bottom line sales by 12% in 2018.
For more information on how a Sales & CRM solution can improve your dealership’s bottom line, reach out to us here.