Are You Throwing Away One Fifth of Your Customers?
You wouldn’t throw out a fifth of scotch, so why throw out a fifth of your purchasing customers?
Purchasing trends show online shopping and email communication have become the industry standard. And dealerships are facing unprecedented sales challenges as the number of prospects increasingly exceeds the capacity of the sales teams to engage them.
The challenge of engaging an ever more connected and internet savvy customer was explored in a recent case study of over 55,000 vehicle buyers. This review showed that seven days after initial contact with a dealer, 50 percent of car buyers had not yet completed their purchase. Even more surprising, 24 days after the customer’s initial inquiry, 20 percent who would eventually purchase a vehicle, still had not. This indicates that if you are not actively communicating with your leads for longer than three weeks, 20 percent of potential sales may be going to your competition.
Sales teams simply do not have the capacity, persistence, or time to nurture every lead for more than one to two weeks.
You have three possible options:
- Hope that your CRM processes are better than your competition’s, and that the CRM generated email will actually get to your customer,
- Accept a potential 20 percent loss of sales from long cycle buyers or,
- Use a proven technological solution that nurtures all leads, engaging them in a two-way conversation on behalf of your sales team, until your customer is ready to buy.
The problem is not your sales team; the problem is that there isn’t enough time in the day.
No one wants to miss out on 20 percent of the purchasing market! An automated CRM process might remind you to call or send an email, but it still requires human intervention. There are solutions that do the work for you by engaging in a two-way conversation, building a relationship, and connecting the customer to the sales department, even if it’s 26 days after the initial inquiry.
How can you capture the last 20 percent of those long cycle leads car buyers? The challenge is finding a tool that is proven to work as effectively as your best BDC agent. The solution resides in cutting edge artificial intelligence (AI) programs that reduce the pressures of lead management to make the most of every prospect by identifying the hand raisers. Using lead nurturing AI systems maximizes the efficiency of your current sales staff by weeding out bad leads, verifying contact information, collecting relevant details, connecting leads to your staff, and following up to make sure all questions are answered.
One such system is AVA, an automated virtual assistant that works with your sales staff. This AI solution has the time to pursue leads persistently, well beyond the point where a human sales representative would stop. AVA engages and nurtures all of your prospects, allowing the sales team the time to connect with the hottest leads.
Ben Brigham is the president of AutoFerret.com and a recognized social media expert. He can be reached at 888-633-7738 or email firstname.lastname@example.org.