IS20G14 - The CRM Check-Up: How to Reexamine Your Sales Tools -Mark Vickery, Vinsolutions
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When was the last time you evaluated your CRM? Priorities in the auto retail industry and within your dealership have rapidly shifted, and the way you use the CRM and other sales tools at your dealership should change, too. The car sales process has evolved to become more personalized, flexible, and digital, and it's essential to make sure your dealership’s tools are keeping up. But with so many factors to consider in a tool as complex as a CRM, figuring out exactly what you’re missing can be an overwhelming task. IS20G14 - Philadelphia, PA LIVE! Casino & Hotel January 11-13, 2022
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IS20G14 - The CRM Check-Up: How to Reexamine Your Sales Tools -Mark Vickery, Vinsolutions
- 1. 1 THE CRM CHECK-UP: How to Reexamine Your Sales Tools Mark Vickery Senior Director of Performance Management Cox Automotive mark.vickery@coxautoinc.com
- 2. 2 Hello, my name is Mark Vickery Senior Director of Performance Management Cox Automotive
- 3. 3 When is the last time you took a good, hard look at your CRM? One year? Two years? More?
- 4. 4 HOW HAS THE INDUSTRY CHANGED?
- 6. 6 Is your CRM keeping up with your changing needs?
- 7. 7 7 DOES YOUR CRM HELP YOU: • Meet modern customer expectations for the car- buying experience? • Personalize every customer communication? • Boost your sales team's productivity? • Improve the in-store experience? • Determine what shoppers are looking for and when?
- 8. 8 8 WHAT YOU'LL LEARN: • What today's CRMs can—and should—do for your dealership • How to identify and address performance gaps in your sales software • Tips for using your CRM and your data to maximize results
- 9. 9 Does your shopping experience meet modern customer expectations?
- 10. 10 FLEXIBLE SHOPPING EXPERIENCES ARE KEY WALK IN PHONE DIGTAL RETAILING AT HOME EMAIL/ TEXT/ CHAT
- 11. 11 SUCCESSFUL DEALERS ARE ADAPTING 83% 82% 68% 62% 64% 34% Dealer agreement that… The digital changes we are making now will create long-term benefits Offering more digital options to customers is critical to the retail success of any dealership It’s been easier than we thought to adapt to a more digital-centered sales process Thrivers Static Thrivers Static Thrivers Static Source: 2021 Cox Automotive How to Thrive: Best Practices for an Accelerated Digital Landscape
- 12. 12 THE RIGHT CRM PLAYS A BIG ROLE IN PROVIDING A GOOD CUSTOMER EXPERIENCE • CRM processes that can change with your customers' preferences • Consistent data that connects the online and in-store experiences • Meaningful integrations that speed up the sales process
- 13. 13 How does your CRM make every customer communication relevant?
- 14. 14 Source: *Cox Automotive Future of Digital Retailing Study **Cox Automotive Technology and the Transformation of Retail Study CONSUMERS EXPECT A PERSONALIZED EXPERIENCE 68% of consumers do not mind companies using personalization technology if it improves their overall shopping experience.** 90% of consumers prefer a unique, personalized car-buying journey.*
- 15. 15 PERSONALIZED MARKETING COMMUNICATIONS • Meet individual needs of customers vs. the needs of a segment • Personalize communications to create value unique to each customer • Incorporate what you know about marketing engagement into your sales process 41% of consumers have switched brands because of poor personalization* Source: *Making It Personal: Why brands must move from communication to conversation for greater personalization.” Accenture Interactive. Web.
- 16. 16 “In today’s modern world, the message has to be very, very relevant. It has to be important to the customer...” “One of the greatest strengths of Automotive Marketing Platform powered by VinSolutions is being able to target customers with the right message, at the right time—at the right moment when the customer is most likely to act and create opportunities for our stores.” — Justin Harmon, Marketing Director, Eide Automotive Group
- 17. 17 17 PERSONALIZED SALES EXPERIENCES • Sell to customers in the way they want to buy • Get to know your customers by reviewing their customer records ahead of your interactions • Pick up where customers left off in the online car buying process when in-person
- 18. 18 Source: * 2019 VinSolutions Technology & Transformation of Retail Study **2020 Cox Automotive Car Buyer Journey RESPONSE TIME IS NO LONGER THE #1 PRIORITY 7hours researching online.** 76% of consumers expect their dealer to know something about them before they step foot in the dealership.* New car buyers spend an average of nearly
- 19. 19 How does your CRM make your salespeople more productive?
- 20. 20 If it's not in the CRM, it didn't happen. — Every smart dealership sales manager since 2010
- 21. 21 HOW IS YOUR SALES TEAM ENGAGING WITH CUSTOMERS? • The same old tactics won’t work with today’s customers • You and your team must agree on what using the CRM correctly looks like • Make sure your team knows they have the tools to adapt
- 22. 22 RETRAIN ON HOW TO USE THE CRM FOR MODERN CUSTOMER COMMUNICATION • Personalized • Uses preferred communication channels • Acknowledges lead source and/or past communications • Respects the Customer's Time • Picks up where the customer left off • Collects information early and often • Provides Clear Next Steps • Explains the buying process (digital, traditional or hybrid) • Provides multiple ways to reach the dealership
- 23. 23 Source: Why Sales Reps Spend Less Than 36% Of Time Selling (And Less Than 18% In CRM). HOW IS YOUR TIME CURRENTLY BEING SPENT? 63% of sales reps' time is spent in sales technology.* 65% of sales reps’ time is spent on non-revenue-generating activities.* On average
- 24. 24 Source: 2021 Cox Automotive How to Thrive: Best Practices for an Accelerated Digital Landscape SPEND LESS TIME ON TASKS THAT CAN BE AUTOMATED • Virtual assistant technology can answer basic questions—often more quickly than people can • CRM integration makes the virtual assistant part of your sales team 63% of dealers agree that automation/artificial intelligence is necessary to adapt to changing dealership pressures.*
- 25. 25 SPEND MORE TIME ON TASKS MOST LIKELY TO LEAD TO A SALE 46% higher close rate than other lead sources* Digital retailing leads on average: 25% higher gross profit per deal* 36% faster close than other internet leads.** Sources: Cox Automotive Product Analytics. Cox Automotive Digital Retailing Lead to Close Analysis using VinSolutions sales data. Data from Jan 2020-Nov 2020. Analysis performed January 2021 Data sourced from VinSolutions CRM dealers from 7/1/2020 to 7/1/2021. Analysis performed October 2021.
- 26. 26 SPEND MORE TIME ON TASKS MOST LIKELY TO LEAD TO A SALE • Customer engagement with sales staff • Customer sentiment • Active website visits
- 27. 27 How does your CRM improve the in-store experience?
- 28. 28 DON'T FALL BACK INTO OLD HABITS WHEN A CUSTOMER WALKS THROUGH THE DOOR Source: *2019 VinSolutions Technology & Transformation of Retail Study 74% of consumers say that a personalized experience at the dealership is important.*
- 29. 29 GIVE IN-STORE CUSTOMERS THE PERSONALIZED, PRODUCTIVE EXPERIENCE THEY EXPECT • Review the customer record before the appointment • Make the customer feel seen and important • Acknowledge the work that's already been done • Keep the deal moving
- 30. 30 How does your CRM help you determine what shoppers are looking for and when?
- 31. 31 Source: *How to Thrive: Best Practices for an Accelerated Digital Landscape. DATA IS THE KEY TO MODERN SALES SUCCESS 75% of dealers say they proactively keep their CRM data up to date.* 86% of dealers agree that having accurate and complete customer data is a priority.*
- 32. 32 32 HAVING ACCESS TO THE DATA IS ONLY THE FIRST STEP Source: *How to Thrive: Best Practices for an Accelerated Digital Landscape. 52% of dealers say that leveraging data/systems to identify opportunities is a challenge.*
- 33. 33 YOUR CRM SHOULD MAKE YOUR DATA ACTIONABLE • Shopper alerts • Real-time insight into browsing behavior • Marketing engagement history • Virtual assistant conversation history
- 34. 34 Source: *VinSolutions Connect Automotive Intelligence Data predictions for 30 days prior to purchase in Aug 2020–Feb 2021 DATA + TECHNOLOGY = INSIGHTS 15x Consumers classified as “Ready to Buy by Connect Automotive Intelligence were 15x more likely to buy a car in 30 days than consumers with inconclusive Buying Signals.* 90% Brand was correctly predicted 30 days prior to purchase for approximately 90% of sales among consumers classified by Connect Automotive Intelligence as “Ready to Buy.”* 55% The exact model choice was correctly predicted 30 days prior to purchase for approximately 55% of sales among consumers classified by Connect Automotive Intelligence as “Ready to Buy.”* More Likely To Buy Brand Prediction Accuracy Model Prediction Accuracy
- 35. 35 35 THE DAYS OF WAITING FOR A FORM FILL ARE OVER • Your customers are telling you when they're ready to buy. • You don't need to wait for a lead form to take action—your competition might beat you to the punch if you do.
- 36. 36 36 YOUR CRM SHOULD HELP YOUR DEALERSHIP: • Meet modern customer expectations • Personalize every customer communication • Boost sales productivity • Improve the in-store shopping experience • Determine what shoppers are looking for and when
- 37. 37 Your CRM can empower you do more—in any market conditions.
- 38. 38 ARE YOU READY TO EMBRACE THE CHANGE? We can help.
- 40. 40 THE CRM CHECK-UP: How to Reexamine Your Sales Tools Mark Vickery Senior Director of Performance Management Cox Automotive mark.vickery@coxautoinc.com ENJOY THIS SESSION? Post about it on Social Media using the hashtag #IS20G! Share some love for your favorite speaker!
Notes de l'éditeur
- Change title to
- Let’s start with a question that I want you to be honest with yourself about – when is the last time you really evaluated your CRM. 1 year? 2 years? More?
- You don't need me to tell you how much the world has changed in just a few years: from a pandemic that accelerated digital retailing and to a chip shortage that has dried up inventory, there have been a lot of new challenges and shifts. We've shifted from when internet for car-buying was first introduced, to when CRMs were launched, and now we are rethinking how people purchase cars.
- In response, a lot of you have probably changed something about the way you do business, too: BDC changes Company structure shifts These changes makes it even more important to take a look at your business to see if your practices and technology is keeping up.
- The needs of your sales team and your customers have changed rapidly, but in many instances, CRMs have not kept up. You need to think about your CRM differently. Today, we’re going to go over some critical questions to ask yourself to help get in the right mindset.
- With a tool as complex as a CRM, it can be hard to know if your CRM is causing roadblocks. Today we're going to talk through some questions that you will help you figure it out. [briefly read through each bullet]
- You'll leave this webinar today for actionable next steps for improving your results, including an understanding of what your CRM can and should, strategies for spotting gaps in your software, and how to use your CRM and its data to maximize results.
- Let's start with the all important customer experience and customer expectations.
- You cannot decide what every customer does, so you have to be prepared to interact with customers in many different ways. Our industry is talking a lot about online sales, and don't get me wrong – it is important. But it's not everything. Reality is, some dealers are still selling most (in some cases) all of their inventory in-person. But you have to be willing to be flexible. Every customer wants a different experience. Ex: some people might want to start the car-buying process online, some want a completely online interaction, others want 20% to be done online and 80% in-person. Being flexible and meeting each customer where they are is the most important thing to remember. Not struggling to make sales because of the inventory situation? Great! But it will not remain this way forever, so solely relying and executing on old practices will no longer work.
- Don't take my word for it though. Research shows that thriving dealerships, those that have seen increases in profitability or efficiently, are more likely to embrace the change than static dealerships, or those that have seen decreases or stagnation in profitability or efficiency. Significantly more of these dealerships see the long term value of digital changes, offering more digital options to customers and creating digital-centered sales processes.
- A good experience isn't just about meeting customers at the door with a handshake and a smile. And it's also not necessarily selling cars online. A good experience is whatever that individual customer wants it to be, so you've got to be able to accommodate that. Dealers move toward accommodating varying shopping preferences to create a better customer shopping experience. CRM process flexibility: the ability to change on the fly as customer preferences change can have a huge impact on keeping customer experiences running smoothly. And maybe your business preferences changed, too. Whatever the case may be, a stubborn/inflexible CRM can wreak havoc. Data continuity: We'll talk more about this later but customers expect you to know things about them. A CRM that collects a bunch of customer data into the customer record makes meeting this expectation much more realistic Integrations: Your CRM is at the core of your sales process, but you need other tools. So when integrations are deeper than surface level, really streamlining sales, you'll get a faster sales process. And we all know customers want the deal-making process to be faster. Mention DR/Accelerate My Deal: And of course there is a digital retailing element to all this.
- Now that we've talked at a high level about what shoppers expect, let's get a little bit more specific- let's examine if your CRM makes every customer communciation relevant.
- Consumers want personalization. You have likely heard this by now but it is worth repeating. We've known this for years and it has only become more important as consumer shopping habits have changed. Consumers want a unique, personalized car-buying journey, and they get that you have to use technology to provide that. And they are cool with it. This is the latest data, but thinking about the way consumers shop today, this 68% is likely higher.
- So we know consumers want personalization--and that they might even buy from someone else if they don't get it– are you meeting that expectation? It's impossible do manually. But your CRM can do a lot of the heavy lifting if it is equipped with the right capabilities. So let's talk about some strategies for using your CRM's marketing tools to meet customer expectations in marketing. Segmenting is a good start, and certainly better than full on spray and pray. But today's customers expect marketing to their needs, not the needs they may or may not share with a segment of hundreds of other people. You know things like how long this individual has had their vehicle, so use it. Dealers are now able to market to the needs of a person vs. a segment of users. Ex: segment of people that bought cars 4 years, but now you can email individuals on what they are most interested in. Once you're speaking to individual needs you can really start to add value – remind customers their warranty is expiring, for example. The more personalized marketing is, the more useful it becomes as the customer continues their sales journey and interacts with your sales team – especially if your marketing platform integrates meaningfully with your CRM. Automotive Marketing Platform powered by VinSolutions and VinSolutions Connect CRM: if a customer clicks on an email, their customer record shows what email they clicked on in the CRM. This provides the customer a better experience AND makes your salespeople more likely to keep deals moving forward.
- We're seeing dealers succeed with this approach. Progressive and successful dealers understand the value of this, and because they are target customers with the right messages at the right time, dealership marketing directors like Justin are seeing great results.
- That personalization has to also extend into the sales process. And you have to ask yourself if your CRM is helping you there too. Your dealerships has to be willing to sell the car in the way the consumer wants to be sold. As a dealer, I have to be able to understand how they want to buy to the extent that they expressed. Are you able to take advantage of all the data you undoubtedly have in your CRM? – actually look at those customer records and the information in your digital retailing leads to streamline buying There needs to be continuity to save customers time because all of the data from the first touchpoint with the customer, needs to be in the CRM. If information is not streamlined, you can't deliver the product that they want. Dealer staff need to analyze customers, be more deliberate (not always about response speed) and use information in the CRM to create a better experience Customers expect people to know everything about them
- We've been conditioned to think response time is all that matters, but really we should using the info in the CRM to aid our cause. The info has always been in the CRM but no one has looked at it. So as salespeople, it is critical to look at all the information your customers have given you, even if it's only for two minutes –even if it is when the customer is sitting right in front of you. We have all this data-we've always had all the data. But now you have a strong argument to get salespeople to use it -customers expect it. Reaching out to customers immediately is no longer the #1 priority since customers want more personalization. This personalization means your salespeople have to slow down and review each customer's record to offer a unique experiences based on what they want. Salespeople need to lead with personalization in conversations and find a touchpoint that resonates with the customer
- This leads us to another important question about your CRM – how is it keeping the sales team productive?
- We all know this. And if there's one thing that was true about CRMs 10 years go that is still true today it's this. BUT what it means to use a CRM and put something in the CRM is absolutely different. And so for things to happen, you've got to be honest with yourself about your tools will be used. And you also have to examine if your salespeople really understand what it means to be productive in 2021.
- For your CRM to do you any good, your people have to use it correctly – that hasn't changed either. So it might be time to make sure you and your team are in agreement on what using your CRM correctly and engaging with customers correctly looks like. The way we buy everything has changed – a lot. You've got to stress with your salespeople that car buying is included in these changes, and their same old tactics aren't going to work with today's customers. And the very next breath should be that the CRM has everything they need to adapt.
- We won't get into the topic of training too much today, though we do have a resource I'd encourage you to download if this is something you'd like to learn more about. But I did just want to highlight a few things from our Customer Communication Checklist – because this whole conversation we're having about your CRM won't matter much if salespeople won't make the effort to adapt.
- So once you are all in agreement on what are the right things for a salesperson to spend their time on, you can then start working with them on getting more focused on those things. And that is a worthwhile effort – some research shows nearly 2/3 of a salesperson's time is spend on non-revenue generating activities.
- There are only so many hours in the day, so it critical to think about you're prioritizing tasks for your sales team. Cut back on some tasks with help from tools. Replace employee costs with automated technology
- We haven't talked a lot about digital retailing, but I think it is really important to mention in the context of prioritizing tasks - because why wouldn't you prioritize leads that are more likely to close, are more profitable and close faster? Digital retailing is must-have; I won't belabor that point because you all know that by now. But your customers aren't always going to go down that road for any number of reasons. But those that do are telling you they are serious – so listen to them and act upon it.
- But there a lot of indicators in your CRM beyond digital retailing that you should be paying attention to Engagement Strength (Connect Automotive Intelligence) - Prioritize customers who are engaged with your staff – it shows they are interested and serious. Sentiment analysis (Connect Automotive Intelligence) - On the flip side, also prioritize customers who are showing they are feeling negatively about their interaction with your dealership. Early intervention from a manager or salesperson affect the current sale and the customer lifetime value. Automated shopper alerts: Set up your website and CRM integration to alert your salesperson when a customer is currently on the website, which is often a good time to reach.
- All the efforts of the previous sections can be sabotaged by reverting to old ways once a customer walks through the door.
- You know AT the dealership is only part of the full shopping experience – personalization still matters here .
- Thanks to the CRM, you have all the information you need about each customer. So use it. While coffee and snacks are a nice perk, your more than anything want a streamlined car-buying process that acknowledges the work a customer has already done. They don't want to repeat themselves or wait for you to play catch up. Review the customer profile to determine how to make personal connections with each customer off the bat. Create a memorable experience for each customer by taking on the mindset of dealers in the past Bring the car customer's are in interested in to the front Feature their name on the appointment board Be the first to recap what they've done to show their work did not go to waste Clearly state your goal of the appointment and next steps that pick up from where they left off
- At lot of what we've talked about is table stakes – personalization isn't optional anymore nor is maximizing salespeople's productivity. But there are still things your CRM can do to help you get ahead of your competition—including predicting what shoppers are looking for and when they'll be ready to buy.
- Data is key to modern sales success, and your CRM can be a treasure trove. Most dealers recognize this and make at least some effort keep their CRM data up to date.
- But having the data is only the first step. More than half of dealers say finding opportunities in their data is a challenge, and I bet even those who don't say it's a challenge spend more time on it then they'd like.
- You CRM can—and should—do more than store consumer data. It should enable your sales team to act on it.
- Beyond delivering basic facts about your customers, your CRM with artificial intelligence can aggregate data to deliver meaningful insights. Cox Automotive network of data is vast and high quality enough to deliver meaningful insights.
- Before they would take our resources and then go somewhere else to buy. Why? Because they didn’t fill out the forms Sometimes, finding more leads is as easy as knowing when your current customers come back to your website. Strong integration between your CRM and your website can give salespeople that information in real time and empower them with timely opportunities to follow up with customers while they are browsing. If you know a customer sent in a lead on a CRV, but you know from the data that they’re extremely likely to buy an Accord, you might follow up differently. You might include information for a couple pre-owned Accords from your used lot in addition to the info on the CRV they requested, increasing the relevancy and conversion potential of that message. Now that you know more about your customer, you also need the tools to follow up with customers in a way that leads to better deals. Integrating your CRM with other tools allows you to get one the same page with workflows and follow ups
- This question is less about your tech and more about you – we all know a CRM is only as good as its users. But you don’t have to figure it all out on your own. My team of Performance Managers and I are here to help you embrace these changes and make the most of your CRM and other sales tools. If you'd like to learn more, I encourage you to download our new guide, which will go over a lot of what we talked about in more detail and give you best practices and technology tips to maximize every step of the sales process.