RVBusiness praises Dealership Toolkit in the March/April 2020 edition for it’s rapid growth. Credited with that growth is CEO Rich Delancey and his perspective on the sales process. Read more here:  RVBusiness_March-April_2020

 

In poker, it would be downright sinful to draw four cards when you are holding an Ace High Full House. Yet business owners are asked to do that every day. Sitting with reliable hands, they listen to sales pitches, telling them to discard what they are doing. Angles that emphasize how great life could be if you spent more money on Google, more cash on classified sites, more money on billboards, more money on TV and so on and so on. The truth of the matter, however, is that most businesses possess enough customers and prospects to fill an NBA arena.

Yet when sales are stagnant, and traffic is light or your on the wrong side of an ever-increasing gap amongst the competition, the natural tendency is to throw money at the situation. In doing so you jam more into a repository that is already full of assets. The result is you create success through excess. Some may say that a win is a win, even with a modicum of overspending. In a time of depressed margins and continual pressure on back end revenues, every dollar counts. A dollar saved, in this case, is genuinely a dollar earned as our friend Ben Franklin would say.

The question arises then, ”How do I get more by maximizing what I already have?” You can start by examining the handling of your leads. Businesses spend billions of dollars, generating leads only to turn them over to the sales team in a giant game of trust. You trust that those who are working the leads maximize every one of them. But here is the rub, even the most buttoned-up sales professional can’t, won’t, doesn’t work every inquiry to its fullest potential. It’s human nature to prioritize, and it is human nature to pre-judge. ”These people want a value to sell their RV privately.” ”This couple can’t possibly want a car this size.” ”No way that guy’s wife lets him buy a boat.” Successful salespeople are successful because they know how to read a room. Intuition, however, is not a science. But when the next lead is right around the corner, often there is no reason to stick it out to see if you are right. What happens to all of the inquiries that get judged unworthy. Are they sent out to sea on an ice flow to die, or does your business have a process to make lemonade out of lemons? Technology can only help in this process so much. Workflow emails are easy to ignore, texts are simple to delete and robocalls are just a quick press of the button away from voicemail oblivion.

Having a Backup BDC makes sense for most businesses. Especially businesses who have a primary BDC or a sales team that has proven to be successful. A Backup BDC can add a human element to the lead nurturing process. Its amazing what can be done with the weak Glenross leads without the distraction of the promising Glengary leads, staring you in the face. (Sidenote if you have never seen the Alec Baldwin/Al Pacino masterpiece Glengary Glenross it’s worth watching as a study in sales behavior.) Back up BDC’s can squeeze the fruit for every last drop of juice. In doing so they will lift your conversion rate and typically pay for themselves in advertising savings.

The math on backup BDC’s is solid. Using actual data from a client of Dealership Toolkit, we can easily see the savings. The backup BDC helped this dealer’s closing ratio rise 5% on what they call their hard leads (phone inquiries, walk-ins and website submissions). This dealer had a goal of 230 sales. They typically had a closing rate of 17%. With 20% duplication and incomplete hard leads, they needed to generate 1600 leads normally to make their goal. On average this dealer paid $51.02 for a hard lead. So 1600 leads at $51.02 puts their advertising spend at $81,632. By raising the conversion rate 5% through thoroughly working the pre-judged/lemon inquiries, they reduced the total hard leads needed by 345 leads. 345 leads at $51.02 a lead was a savings of $17,601. The Backup BDC cost the dealer $3500. So even with the expense of the backup BDC, this dealer was able to reduce overall spending by $14,101. In other words, they spent less and got more.

A Backup BDC is just one of the ways Dealership Toolkit can help you maximize the assets you already have in house. In the next article we will explore the use of video lead response and it’s power to engage and hold on to prospects increasing that closing ratio even more. To explore either a Full Service or Backup BDC, schedule a demo using the link below.

https://dealershiptoolkit.com/schedule-a-demo/

A 2019 E-Market Study found that businesses fail to respond to 21% of chat requests from their website and 29% of Facebook Messenger requests from their business page. Besides the customer service impact, failing to respond to these messages is costing the business revenue. The same study uncovered that “live chat leads to a 48% increase in revenue per chat hour and a 40% increase in website conversion rate.” It’s clear that live chat is providing companies with staggering results. Over the last 6 months, the Your Online Dealership (YOD) BDC team has found itself answering more and more chat and Facebook requests for our fully managed BDC Dealership Clients. The success of which is easily deciphered by looking at the numbers. Dixie RV in Lousiana, Alabama, and Florida delivered 31 units in January that the initial lead came from a Facebook or website chat.

To help dealerships capitalize on this revenue heavy traffic, we launched Managed Chat Service or MCS on February 14, 2020. MCS will give dealers 24/7 365 day coverage of their website and Facebook chat. Staffed by the highly trained industry professionals from the YOD team, Dealership Toolkit’s MCS looks to raise the bar in the managed chat field. VP of BDC Operations Meaghan Cooper stated, “Because of the success we have been having with our fully managed clients, we felt the time was right to expand the offering so that dealers who may not need a full-time BDC but who do need someone to handle their chats could take advantage of the YOD team.” YOD director, Aaren Chastain adds, “Our service has three key features. First, we can work in any system so you don’t have to change your software or provider. Secondly, all chat correspondence is branded to your dealership. Lastly, we will respond within minutes on your behalf 24 hours a day, 7 days a week, 365 days a year.”

Chief Operating Officer Liz Martin, “To help kick off this new and exciting product, we will be offering a limited time $450/month all-inclusive plan. Unlimited chats, unlimited Facebook messages, no-long term commitment. We feel the results will speak for themselves, so we don’t see the necessity of forcing a dealer into a lengthy contract.”

To take advantage of the $450 offer or to receive a no-obligation demo, visit https://dealershiptoolkit.com/schedule-a-demo/ .

BDV is our Business Development Video App.

Spend 2 Quick Minutes with Kevin Elliott Media Content Specialist at Dixie RV SuperStores. Kevin demonstrates how BDV make his day easier and makes Dixie’s website more content rich. Dealership Toolkit’s Dealer Video Merchandising App for your Smartphone, BDV Inventory, enables your team to record VIN specific walk-arounds, videos, pictures, 360° Views and human voiceovers. These videos are then sent to your website, RV Trader, RVT and dozens of other third-party sites. They are also available for your sales department use in BDV’s Video Lead Response module.

Visit the BDV product page (https://dealershiptoolkit.com/bvd/) or watch this simple 2 minute video of the app in action