L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P) I N T E G R A T E D I N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O N M A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 1 Dealer close rates vary from one dealer to the next… Some as low as 2%, while others are as high as 23% What Dealer actions generate more sales, more often?
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L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 1
Dealer close rates vary from one dealer to the next… Some as low as 2%, while others are as high as 23%
What Dealer actions generate more sales, more often?
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 2
Internet Purchase Study
• Over 30,000 Quarterly Morpace 24 hour eSurveys
• Matched with OEM Customer Sales Data
• Surveys Measured dealer responses for key factors that previous studies showed as impacting the lead-to-purchase ratio
Source: Morpace 24 hour survey and OEM sales Data
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 3
The Combination of Dealer Lead Response Actions that resulted in a Sale at 44 times (400%) higher rate than when not done, when Executed within 24 hours of Lead Submission:
1. Direct contact made by Dealer
2. Customer received a price quote
3. Dealer confirmed availability
4. Dealer showed genuine interest
5. Customer contacted more than once
Source: Morpace 24 hour survey and OEM sales Data
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 4
Sales Closing Ratios Key Improvement Action Items
Dealer LMP Audits• Survey customers who didn’t purchase• Review Lead Management Tool for a sampling
of previous responses • Score first personal response using Reynolds
LMP Optimization Scoring Model
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 5
LMP Scoring Index
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 6
Bottom Line1. Customers spend average of 6 hours in online research
2. Customer has Selected their preferred dealership
3. Customer has been promised a price quote on a vehicle in exchange for providing their contact information
Customers who send in a Lead are much likely to buy from the Dealer that received the Lead if…
1. Dealer Responds in Less Than 2 Hours
2. Dealer Confirms availability of Multiple Vehicles
3. Dealer Provides a fair price quote in First Email
4. Dealer Contacts the Customer by Telephone (after email)
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 7
Successful Email Templates
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 8
L E A D M A N A G E M E N T P R O C E S S (L M P) L E A D M A N A G E M E N T P R O C E S S (L M P)
I N T E G R A T E DI N T E G R A T E D M A R K E T I N G B U S I N E S S O P T I M I Z A T I O NM A R K E T I N G B U S I N E S S O P T I M I Z A T I O N 9
Successful Email TemplatesQuoting Prices on Multiple Vehicles