We all want to increase sales.
We are constantly looking for new marketing techniques that will increase sales. In many cases, those additional sales are ready and waiting for someone to reach out and grab them. You just need to do the right things. Here’s the great news: You don’t need to spend a lot more money. Try these four methods to help in your quest.
Method 1 – This method works for the entire dealership, not just the Special Finance Department.
A recent study showed 90% of prospects who walk into a dealership claim they never receive a follow-up call or letter after the initial visit. That same study shows that if those same people did receive a follow-up call or letter, 33% would return to that dealership and 67% of those would make a purchase. This is a powerful way to simply and easily increase sales at virtually no additional cost.
Let’s use some big round numbers to show the impact of this. Say your dealership sells 100 vehicles per month. If you close 25% of your prospects, you would have seen 400 people in that month. Simple math shows that 300 of those prospects did not buy. If 33% would return to the dealership because they received a follow-up call or letter, you would get 100 be-backs. If 67% of those be-backs purchase a vehicle, you would sell 67 vehicles. Add that to the original 100 vehicles sold, and you’re up to 167 for the month. You increase sales by 67%.
Method 2 – I’ve mentioned this method, based on an article by Paul Snider, many times.
Most dealerships get at least five references for each vehicle sold. Because birds of a feather flock together, many of these references are in the same negative credit situation as the customer who gave them to you. Although your lenders don’t require that you verify these references, doing so will produce many additional sales.
Here’s a short version of the script: “Hi, this is Denny from USA Motors. I’m calling because we’re helping your friend, Joe Smith, get the financing he needs for his new vehicle. Our lenders require that Joe give us a few references, and he gave us your name. We’re just calling to verify that your information is correct.” A percentage of those references will respond, “You’re helping Joe get a vehicle? If you can help him, can you help me?” I’m sure you can see how effective this could be. To maximize this method, why not ask for 10 references? That would give you 100 references for every 10 vehicles delivered. On average, you will sell 4 additional vehicles from every 100 references. That means that you will turn 10 sales into 14, or an increase of 40%.
Method 3 – We mentioned following up on your in-store appointments in Method 1.
Let’s not forget about all of the leads you receive that don’t come into the store. A series of follow-up letters and calls to these “lost leads” will prove to be quite profitable to you.
Method 4 – Once again, let’s not forget that “birds of a feather flock together.”
Once again, let’s not forget that “birds of a feather flock together.” Make sure that with every vehicle sale, your new customer drives away with at least 10 of your business cards in the glove box. Your new customer will be showing off his new vehicle to all of his friends, some of whom will be asking where he made his purchase and what are the chances they could help him as well. Your customer will be proud to grab one of your cards and hand it to his friend.
Some of these methods might sound simple, but in reality, they are simply effective. None of these methods will cost you more than a few dollars. With the right systems and processes in place, it can be almost automatic. How can you lose? Spend a little and sell a lot more. Do the right things and steal a bunch of sales from your competitors. Good Luck and Good Selling!