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Courtesy Chevy Internet Sales Lead Management Process
1. ATTRACT INTERACT RESPOND SELL SERVICE RETAIN Courtesy Chevrolet Internet Sales Team Strategy Meeting and Training Session
2. While the overall average lead buying cycle is 13 days, there are variations depending on the time of year. One thing in my research that I found surprising is that the typical months considered to be the height of the buying season - June, July, and August - did not have shorter average buying cycles than I originally hypothesized. Looking at lead buying cycles from dealer websites, which historically have higher closing ratios, the average time it took for a customer to buy after submitting a lead was 10.9 days. December leads had the longest closing period of 22 days; and October had the shortest with 7.7 days. Further analysis could determine why there is such a huge disparity from month to month. October had the shortest buying cycle at 7.7 days - so this is your month! ³ Buying Cycles Vary by the Month ³ Gilbert A. Chavez is an Internet sales and CRM consultant. He can be reached by email at [email_address] or by phone at (505) 622-1952.
3. How long from new lead till they buy? Here is the break down for buying cycle times in days, for each month³: ³ Over a 15-month period, Gilbert A. Chavez conducted an exhaustive analysis of leads - from the top third party lead generators, from a multi-franchised dealer website, and from four OEM/factory sites. Statistics from my research show that the average person who buys a car after submitting a purchase request does so within 13 days of the submission. Gilbert A. Chavez is an Internet sales and CRM consultant. 22 December 13.8 November 7.7 October 11.7 September 14.3 August 8.5 July 10.2 June 13.4 May 10.9 April 14.5 March 11.1 February 11.2 January
4. Number of leads received and vehicles sold each month ¹ ¹ Source: Nielsen, Wards’s Dealer Business , Automotive News and Forrester Research 9.2% Avg. Close Ratio 3.5% UV/Lead Ratio 57% Response Rate
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6. A: Increasing Closing Ratios is not “Just About” Response Times… Q: Why the variations?
7. *Survey Participants who Purchased a Vehicle were identified via RDR data cross reference and matching with Internet Lead Data Recent Marketing research (Q1, 2005) confirms the Lead Management Practices collected during “Best In Class” Dealer Benchmark studies. How to sell more vehicles to customers that submit Internet leads… Without relying on opinions or seat of the pants management! #4 #3 #2 #1 Top 4 Ways to Close More Sales to Leads Received 11 27% 17% Make Direct Phone Contact with Customer (after sending Email w/availability & prices) 9 27% 20% Send Price Quotes by Email to Customer 5 25% 21% Contact Customer more than once by Email and Telephone (within First 24 Hours) 3 24% 21% Make sure Customers are either Completely or Very Satisfied with the Lead Response Statistical Correlation Factor of Response attribute with Vehicle Purchase % of Purchase* among the Leads who DID Experience the attribute Purchase Respondents* who DID NOT experience the attribute Dealer Response Attributes Experienced by Customers within 24 hours of Submitting an Inquiry (Lead)
17. From: Nick Kinsey [mailto:bhscottsdalesales39@leadcrm.com] Sent: Saturday, October 08, 2005 5:02 PM To: ID@ralphpaglia.com Subject: Bill Heard Chevrolet - Scottsdale - Welcome What’s the competition doing? Ralph: We have received your email inquiry about a Chevrolet Tahoe 4wd 4-dr. This automatic response will be followed by a detailed email offering you availability & pricing information. Thanks for your interest. Nick Kinsey Assistant Internet Director Bill Heard Chevrolet - Scottsdale 480-947-3535
26. Merge Fields built into templates should be checked and edited before sending to customer… Merge Fields built into templates should be checked and edited before sending to customer Merge Fields built into templates should be checked and edited before sending to customer…
27. Will we generate this survey response? Or,………… After 10 hours, a lead is worth next to nothing! Not sending price quotes to “Request Quote” leads drops sales closing ratio by over 8 points!
28. Will we generate this? And, get the sale.…… Leads responded to with a price quote within 1 hour close at DOUBLE the rate of those responded to in 5 hours! Sending price quotes by email has more positive impact on raising sales closing rates than anything else an ISS can do using email! The follow-up phone call is key to making price quotes work…
30. When we promise a customer that they will receive pricing information in exchange for their personal and confidential information… And, we then fail to deliver promptly and courteously after receiving that info… What should we expect to sell?
33. How important is customer satisfaction with lead response and price in relation to getting them into the dealership?
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36. Offer alternatives Provide value-added content Be conversational – (“smile”) Be clear and to the point Create desire Create sense of urgency Give reasons to choose dealership Ask for appointment - logically Setup choice close Ensure professional content Confirm availability Quote prices Setup follow-up call Manage customer expectations The Science of using Email Templates for improved direct contact ratios and sales results Offer Product Presentation
46. Actual Leads – First Response Examples Pay attention to details in outbound emails before hitting the “Send” button!!! Pay attention to details in outbound emails before hitting the “Send” button!!!