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ATTRACT INTERACT RESPOND SELL SERVICE RETAIN Courtesy Chevrolet Internet Sales Team Strategy Meeting and Training Session
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.
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
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
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Response Time & Content
A: Increasing Closing Ratios is not  “Just About”  Response Times… Q: Why the variations?
*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)
 
What’s the competition doing?
What’s the competition doing?
2006 Chevrolet CK15706 - Tahoe: 4WD "Must Have" Options  "Don't Want" Options  -------------------------------------------------------------------------- VIN / Order #:  1GNEK13Z66R128254  Event Code:  5000 Vehicle delivered to dealer   MSRP:  $45,560   What’s the competition doing?
What’s the competition doing?
 
 
 
 
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                                                                                                                                                                       
 
 
 
 
 
[object Object],[object Object],[object Object],[object Object],[object Object],What’s the competition doing?
What’s the competition doing?
[object Object],[object Object],[object Object],[object Object],What’s the competition doing?
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…
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!
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…
What happens when we fail to meet a customer’s expectations?
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?
How important is timing?
How important are Price Quotes?
How important is customer satisfaction with lead response and price in relation to getting them into the dealership?
[object Object],[object Object],[object Object],[object Object],[object Object],Let’s take a closer look at the facts RE: The myth of the Internet Shopper submitting leads to dozens of dealers
[object Object],[object Object],[object Object],[object Object],[object Object],“ No Response Syndrome”
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
5 Lead Management Activities that Drive  Lead-to-Sales conversion at  400%  higher rate* ,[object Object],[object Object],[object Object],[object Object],[object Object],*Source: Morpace 24 hour survey and RDR sales Data (new 2005 study reconfirms close ratio impact factors)
Lead-to-Sales Closing Rate Improvement Action Items ,[object Object],[object Object],[object Object],[object Object]
 
Sold Leads – First Response Examples
Sold Leads – First Response Examples
Actual Leads – First Response Examples
Sold Leads – First Response Examples
Actual Leads – First Response Examples
Actual Leads – First Response Examples
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!!!
New Autoresponse validates customer contact info and seeks corrections
New Autoresponse invites customer to visit CourtesyChev.com by providing direct links to specific sections of value
 
 
 
 
3 Phone Numbers!  (Work/Home/Cell)  How important are Phone #’s???
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lead Management PROCESS 101
First Call  After  Sending Personalized Email ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Purpose: New Lead Phone Follow-up
Telephone Process ,[object Object],[object Object],[object Object],[object Object],[object Object]
… The Bottom Line ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Vehicle Shopper Behavioral Profiles ¹ 1 Profile Index of 100 equates to the industry average Internet Users (IU) Non-Internet Shoppers (NIS) Non-Internet Users (NIU) Time Investors 137 37 50 Product Experts 113 76 85 Price Sensitive 112 73 91 Dealerphobes 112 89 74 Empowered Negotiators 100 96 103
Managing Your Assigned Leads;    New Leads / Not Yet Responded
Managing Your Assigned Leads;    Emails Received / Not Yet Responded
Managing Your Assigned Leads;  Scheduled Telephone Appointments / Completed
Proactive  Sales Lead  Management Responsibility Dormant Leads
Courtesy Chevrolet ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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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
  • 5.
  • 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)
  • 8.  
  • 11. 2006 Chevrolet CK15706 - Tahoe: 4WD "Must Have" Options "Don't Want" Options -------------------------------------------------------------------------- VIN / Order #: 1GNEK13Z66R128254 Event Code: 5000 Vehicle delivered to dealer MSRP: $45,560 What’s the competition doing?
  • 13.  
  • 14.  
  • 15.  
  • 16.  
  • 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                                                                                                                                                                       
  • 18.  
  • 19.  
  • 20.  
  • 21.  
  • 22.  
  • 23.
  • 25.
  • 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…
  • 29. What happens when we fail to meet a customer’s expectations?
  • 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?
  • 31. How important is timing?
  • 32. How important are Price Quotes?
  • 33. How important is customer satisfaction with lead response and price in relation to getting them into the dealership?
  • 34.
  • 35.
  • 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
  • 37.
  • 38.
  • 39.  
  • 40. Sold Leads – First Response Examples
  • 41. Sold Leads – First Response Examples
  • 42. Actual Leads – First Response Examples
  • 43. Sold Leads – First Response Examples
  • 44. Actual Leads – First Response Examples
  • 45. Actual Leads – First Response Examples
  • 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!!!
  • 47. New Autoresponse validates customer contact info and seeks corrections
  • 48. New Autoresponse invites customer to visit CourtesyChev.com by providing direct links to specific sections of value
  • 49.  
  • 50.  
  • 51.  
  • 52.  
  • 53. 3 Phone Numbers! (Work/Home/Cell) How important are Phone #’s???
  • 54.
  • 55.
  • 56.
  • 57.
  • 58. Vehicle Shopper Behavioral Profiles ¹ 1 Profile Index of 100 equates to the industry average Internet Users (IU) Non-Internet Shoppers (NIS) Non-Internet Users (NIU) Time Investors 137 37 50 Product Experts 113 76 85 Price Sensitive 112 73 91 Dealerphobes 112 89 74 Empowered Negotiators 100 96 103
  • 59. Managing Your Assigned Leads; New Leads / Not Yet Responded
  • 60. Managing Your Assigned Leads; Emails Received / Not Yet Responded
  • 61. Managing Your Assigned Leads; Scheduled Telephone Appointments / Completed
  • 62. Proactive Sales Lead Management Responsibility Dormant Leads
  • 63.