Leveraging Reviews to Impact the Bottom Line
•Download as PPTX, PDF•
2 likes•940 views
Leverage Reviews to Impact the Bottom Line is a presentation about how online reviews can financially impact car dealerships. It discusses how consumers who read reviews spend more time on sites and are more likely to contact dealers. Dealerships that effectively monitor, share, and respond to reviews while delivering good customer experiences and rewarding staff see increased sales and leads. The presentation emphasizes that a reputation-driven culture starting from leadership is important for maximizing the financial benefits of online reviews.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Leveraging Reviews to Impact the Bottom Line
Similar to Leveraging Reviews to Impact the Bottom Line (20)
Recently uploaded
Recently uploaded (20)
Leveraging Reviews to Impact the Bottom Line
- 1. 1 Leverage Reviews to Impact the Bottom Line Jack Simmons Dealer Training Manager, Cars.com
- 2. About Me Jack Simmons ◦ Dealer Training Manager, Cars.com ◦ 35+ years of automotive retail experience Connect with Me: ◦ dealers.cars.com/facebook ◦ dealers.cars.com/twitter ◦ jasimmons@cars.com 2
- 3. the potential financial impact of a dealership’s online reputation in sales, service and F&I Learn how to foster a reputation-driven culture, from processes to rewards opportunities for cost-savings from reviews, including process improvement and staff retentionIdentify how consumer-generated content influences shopping behaviorUnderstand Goals Define
- 4. Objectives Monitor Listen to feedback from across the internet Share feedback across the dealership Ask Deliver a positive customer experience Ask satisfied customers to write a positive review Promote Share positive reviews with prospects Reward sales, service staff for success Respond Acknowledge and reply to feedback Correct any underlying issues at the store
- 5. I attribute 10-15 percent of total sales per month specifically to customers who come in after reading reviews. Another 30-40 percent are likely influenced by them. -Brian Hefner General Manager, Tom Wood Toyota
- 6. 6 Visitors who read a review consumed, on average, 2.2times more pages per visit What We Know About Reviews In 2012… Source: Cars.com Internal Reporting
- 7. 7 Visitors who read a review consumed, on average, 2.2times more pages per visit What We Know About Reviews And spent 2.13 times longer on the site In 2012… Source: Cars.com Internal Reporting
- 8. 8 Visitors who read a review consumed, on average, 2.2times more pages per visit What We Know About Reviews And spent 2.13 times longer on the site On average, 40% of reviews were read on a visitor’s first visit In 2012… Source: Cars.com Internal Reporting
- 9. 9 Visitors who read a review consumed, on average, 2.2times more pages per visit What We Know About Reviews And spent 2.13 times longer on the site On average, 40% of reviews were read on a visitor’s first visit …meaning 60% are read on subsequent visits Source: Cars.com Internal Reporting
- 10. 10 Submitted 3.4times more email leads than visits that did not read a review What We Know About Reviews Shoppers who read reviews: Source: Cars.com Internal Reporting
- 11. 11 Submitted 3.4times more email leads than visits that did not read a review What We Know About Reviews Submitted 4.2 times more chat leads than visits that did not read a review Shoppers who read reviews: Source: Cars.com Internal Reporting
- 12. 12 Submitted 3.4times more email leads than visits that did not read a review What We Know About Reviews Submitted 4.2 times more chat leads than visits that did not read a review Viewed 4.1 times more Map & Directions pages Shoppers who read reviews: Source: Cars.com Internal Reporting
- 13. 13 Submitted 3.4times more email leads than visits that did not read a review What We Know About Reviews Submitted 4.2 times more chat leads than visits that did not read a review Viewed 4.1 times more Map & Directions pages Viewed 5.4 times more Driving Directions pages Shoppers who read reviews: Source: Cars.com Internal Reporting
- 14. 14 Submitted 3.4times more email leads than visits that did not read a review What We Know About Reviews Submitted 4.2 times more chat leads than visits that did not read a review Viewed 4.1 times more Map & Directions pages Viewed 5.4 times more Driving Directions pages Shoppers who read reviews: Visited 5.9 times more dealer websites Source: Cars.com Internal Reporting
- 15. 18 on average 25 If younger than 34 Source: Google Shoppers Use More Sources
- 16. How Has Consumer Shopping Changed?
- 17. The Loyalty Loop Source: “The Consumer Decision Journey” McKinsey Quarterly, June 2009
- 18. Rating Volume (4.7) (3.1) Which Dealer Would You Choose?
- 19. Your Brand Online How are you communicating your dealership’s brand strategy through the channels you own?
- 21. Why Brand Matters More Now Than Ever
- 22. Tom Wood Toyota
- 23. Maguire Promotes Reviews in Radio Spots
- 26. What happens when you don’t deliver on the brand value you promised to provide?
- 28. How jetBlue Made it Better You deserved better – a lot better – from us last week, and we let you down. Nothing is more important than regaining your trust. -David G. Neeleman Founder and Chief Executive, JetBlue
- 29. How One Dealership Overcame a Negative Review
- 30. Great Response Process Listen and Acknowledge Take the Conversation Offline
- 32. A Reputation-Driven Culture Starts at the Top Conrad [GM] got behind me 100 percent. -Ricky Lopez Internet Sales Director, Greenway Dodge
- 33. The Buck Stops Here
- 35. Top Employee
- 36. Compensating for Reviews In order to receive a bonus, each sales person at Greenway must obtain three reviews per month.
- 37. Staff Incentives Bonus for Maguire Automotive for each positive review the sales consultant receives.
- 38. The Bottom Line Seldom do good hires turn bad, or bad hires turn good. Impress upon your store’s leadership team the importance of recruiting, training and compensating the right people. Source: The Hiring Process: recruiting, Interviewing and Selecting the Best Employees, Purdue University, 2005
- 39. Consider This… How much would your store pay for a good employee? What effects have you seen from a bad hire? ◦ How much would you pay to avoid that experience again? How much is honest feedback worth to you? Source: The Hiring Process: recruiting, Interviewing and Selecting the Best Employees, Purdue University, 2005
- 40. If two to three employees start together, the ones that get reviews will quickly go from selling six to nine cars per month to ten plus. -George Dunn Director of BDC, Maguire Automotive Maguire Automotive Sees Results Impact the Bottom Line
- 41. Recap Monitor Listen to feedback from across the internet Share feedback across the dealership Ask Deliver a positive customer experience Ask satisfied customers to write a positive review Promote Share positive reviews with prospects Reward sales, service staff for success Respond Acknowledge and reply to feedback Correct any underlying issues at the store
- 42. Consumers who read reviews on Cars.com are more engaged: they spend twice as much time on site and view twice as many pages.2x Visitors to Cars.com who read reviews are 5x more likely to contact a dealer. 5x 91% Price isn’t everything – 91 percent of shoppers said they would use reviews when deciding on a dealership. Managing Your Reputation is Good for You! Source: Cars.com Internal Reporting, DriverSide/Kelton Research Study, April 2011
- 43. Questions?
Editor's Notes
- Understand how consumer generated content influences shopping behavior Learn potential financial impact of a dealership’s online reputation in sales, service and F&ILearn Strategies for recruiting, training, and compensating for reviews success Understand how to foster a reputation-driven culture, from processes to rewards Identify opportunities for cost-savings from reviews, including process improvement & staff retention
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Wendy starts then every other
- Why should shoppers choose you?
- How Jim Ball Pontiac Buick GMC Cadillac overcame an unjustified 1 star review.
- Bottom line: reviews drive more conversion, more engagement and are what consumers want.