We made a thing. It’s the most interesting thing in the world, a thing from which legends are born. It’s a thing that could scale Mount Everest, chug through the gallon-milk challenge, solve the climate change crisis.
Of course, the thing to which we’re referring is our lead-handling white paper, “Three Pain Points Preventing Dealerships from Customer Experience & Sales Success.” In it, we discuss the (surprise!) 3 common pain points that dealers experience the most when the chips are down. Backed by science – we conducted a comprehensive 8-month-long study of over 1,000 U.S. auto dealerships’ lead-handling capabilities – and broken down in laymen’s terms, the white paper dissects the major problems that limit dealers’ conversions, as well as solutions that may kick sales back into the black.
The data is pretty jarring. Here’s a brief overview of the more staggering, salient, and sometimes salacious statistics we uncovered. (Or you could just download the full white paper for free here.)
66% of Dealers Received Failing Marks
Utilizing our Customer Engagement Analyses – which seek to reveal gaps in lead handling and customer service processes – we mystery shopped participating stores to assess their abilities to handle leads effectively. Surprisingly, just 3 in 10 dealerships were following through on “reading the lead,” which includes tasks such as answering customers’ specific questions or even simply replying to an inquiry.
339 Minutes – The Average Dealership Response Time
Did you know that a lead is 100x less likely to convert if dealers don’t respond via a phone call within 30 minutes? I’m no mathematician, but it seems like a 339-minute response time would make a lead 10,000,000,000,000,000,000,000, or 10-septillion, times less likely to become a customer. (With those odds, wouldn’t you rather just play the lottery?)
14% of Dealers Send Text Messages Properly
Although SMS texting is new customer service artform, we were still flabbergasted to discover only a meager 145 of 1,037 participating dealers were instituting an adequate texting follow-up process within their CRM. Considering how often text messages are viewed – data suggests they have a 97% open rate – it’s imperative that dealers focus their attention on evolving their lead-handling practices to include SMS.
Still, it’s important to understand the do’s and don’ts of dealership text messaging, as there is such a disease as “SMS fatigue.” If you aren’t sure what’s legal or don’t have the right CRM texting technologies and scripts in place, you’ll want to seek out some support from a qualified coach or enroll in a CRM course before moving into the 21st century. Doing so could result in a 19-point increase in customer satisfaction. Yowza!
Poor Staff Accountability Overall
To maximize the full potential of the CRM, dealers must hold their staff more accountable to not just using it, but using it properly. If your store is consistently on the losing end of a lead, management teams will want to dive deep into the CRM for possible clues as to why. Typical problems you may notice while perusing the data from your system include:
- Lackluster notes for each lead
- Old, outdated processes
- Processes that aren’t firing properly or at all
- Leads have no assigned or attached staff members
- Lack of team incentives
- No call tracking
- Obsolete CRM software
- Infrequent audits or “Save a Deal” reviews
- No email, voicemail, chat, or text scripts loaded
There are a handful of CRM techniques, technologies, and lead response strategies that will enable you to catch up with the times, however. Read through our white paper for possible solutions or reach out to our Internet Sales Coaches to better understand the principles and best practices that separate the top dealerships from the stragglers. We’re here to help, and that’s not just a sales pitch – it’s a fact.