Transcript Lead Management Process

LEAD
MANAGEMENT
PROCESS
(L M P)
Dealer close rates vary from one
dealer to the next… Some as low as
2%, while others are as high as 23%
What Dealer actions generate
more sales, more often?
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LEAD
MANAGEMENT
PROCESS
(L M P)
Internet Purchase Study
• Over 30,000 Quarterly Morpace 24 hour eSurveys
• Matched with OEM Customer Sales Data
• Surveys Measured dealer responses for key factors
that previous studies showed as impacting the leadto-purchase ratio
Source: Morpace 24 hour survey and OEM sales Data
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LEAD
MANAGEMENT
PROCESS
(L M P)
The Combination of Dealer Lead Response
Actions that resulted in a Sale at 4 times
(400%) higher rate than when not done, when
Executed within 24 hours of Lead Submission:
1.
2.
3.
4.
5.
Direct contact made by Dealer
Customer received a price quote
Dealer confirmed availability
Dealer showed genuine interest
Customer contacted more than once
Source: Morpace 24 hour survey and OEM sales Data
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LEAD
MANAGEMENT
PROCESS
(L M P)
Sales Closing Ratios
Key Improvement Action Items
Dealer LMP Audits
• Survey customers who didn’t purchase
• Review Lead Management Tool for a sampling
of previous responses
• Score first personal response using Reynolds
LMP Optimization Scoring Model
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LEAD
MANAGEMENT
PROCESS
(L M P)
LMP Scoring Index
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LEAD
MANAGEMENT
PROCESS
(L M P)
Bottom Line
1. Customers spend average of 6 hours in online research
2. Customer has Selected their preferred dealership
3. Customer has been promised a price quote on a vehicle
in exchange for providing their contact information
Customers who send in a Lead are much likely to buy from
the Dealer that received the Lead if…
1. Dealer Responds in Less Than 2 Hours
2. Dealer Confirms availability of Multiple Vehicles
3. Dealer Provides a fair price quote in First Email
4. Dealer Contacts the Customer by Telephone (after email)
INTEGRATED MARKETING BUSINESS OPTIMIZATION
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LEAD
MANAGEMENT
PROCESS
(L M P)
Successful
Email
Templates
INTEGRATED MARKETING BUSINESS OPTIMIZATION
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LEAD
MANAGEMENT
PROCESS
(L M P)
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LEAD
MANAGEMENT
PROCESS
(L M P)
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LEAD
MANAGEMENT
PROCESS
(L M P)
Successful Email Templates
Quoting Prices on
Multiple Vehicles
Offering Next Steps,
Setting Expectations
Confirming Vehicles in
Inventory for Delivery
Offering Alternatives
Vehicles to Consider
Dealer Differentiation
(why buy here)
Providing Reasons to Act
Quickly (urgency)
INTEGRATED MARKETING BUSINESS OPTIMIZATION
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LEAD
MANAGEMENT
PROCESS
(L M P)
INTEGRATED MARKETING BUSINESS OPTIMIZATION
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LEAD
MANAGEMENT
PROCESS
(L M P)
Customer goes online
and submits Lead
Internet Sales Specialist ISS)
reviews lead, selects 4
vehicles for Price Quotes
BDC Staff makes initial phone call,
collects customer info, sets up an
appointment for the ISS
If no appointment, ISS
Contacts customer and seeks
appointment and/or agreement
INTEGRATED MARKETING BUSINESS OPTIMIZATION
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