Women’s Wednesday #15: Women Walking Out – What is it Costing Your Dealership?

Today’s Women’s Wednesday is a must-read as we focus on the cost to your dealership when women walk out.

In the Wall Street Journal last month, it was reported there are now more women drivers on the road than men. The last several years the auto industry has witnessed a big and not so surprising shift in the car buyer demographics particularly in terms of gender.

This leaves many dealerships shifting their paradigm in terms of how to re-strategize their business and marketing plan to truly optimize sales to women. And, it’s leaving other dealers unsure as to exactly how to do that!

Women Walkouts: A $4 Million Cost Analysis
Dealerships don’t even know that they can increase their sales another
$4 million dollars a year. How? Most walk 10-15 women out their door each month and don’t even know it. By paying more attention to women and providing critical respect + trust the whole way through the sales engagement process; those browsers can be converted to buyers. Easily.

Did You Know?

Today, when a woman walks out your store dissatisfied without making a purchase, it’s a matter of concern, because:

  1. If she isn’t buying from you then she IS going to buy from your competitor
  2. If she isn’t buying from you then there is a good chance she will be writing a review on a car dealer review platform about that experience
  3. If she isn’t buying from you, you not only lost the sale, you lost the RESIDUAL REVENUE
  4. RESIDUAL REVENUE = Vehicle + (Service Drive Visits X 3-6 years)
    + Future Vehicle(s)
  5. THIS is happening at your store EVERY DAY; It's what you DON’T KNOW THAT YOU DON’T KNOW

Double Check Your Automatic Response, “That Doesn’t Happen Here, We Treat Everyone the Same”
Women shop at 1.9 dealers before buying a vehicle, or the equivalent of 30% more dealerships than men. Why is that? They want to get it right, and avoid getting it wrong. Don’t be so quick to think she is not leaving your store. An unhappy potential car shopper walking out of your store costs you a fortune – literally. Here’s what is put on the line when this happens:

1. You Lose the Opportunity to Make a Quarter-of-a-Million Dollar Sale
Women buy or lease an average of 8 cars in their lifetime. At today’s average price of $32,500 that money adds up quickly. Plus service drive visits over the long haul; that is a huge chunk of gross profit and sales, too.

2. You Lose a Customer for Life, or at least a Long time
Lose the loyalty that this woman and family + friends bring. Not to mention, her many referrals. Huge miss!

3. You Lose More Potential Buyers
Women are influential. This can work in your favor or against you. So, whether she is just looking around and browsing, you need to offer the ultimate shopping experience so that she walks out your door feeling content. If that happens, she’ll spread the word and – return to buy. If it doesn’t, she will walk and talk. It’s a pretty simple formula. Which side of the $4 million will your dealership be on? In today’s hyper-competitive market, its time to pay much closer attention.

Want more information on this all-important topic? Click here to read

Want to Sell More Cars and Distinguish your Dealership to Women?  Click here

Did you receive a Free copy of the 2014 Women’s Car Buying Report? Click here

 
Good Selling!

What’s the Cost to Your Dealership When Women Walk Out?

It’s been verified. In the Wall Street Journal last month, it was reported there are now more women drivers on the road than men. The last several years the auto industry has witnessed a big and not so surprising shift in the car buyer demographics particularly in terms of gender. Men, who have been strongly associated with cars, touted as their ‘first love’ and accounted for the biggest chunk of auto sales, have now taken the back seat as women take the lead and are the fastest growing car buying segment.

This leaves many dealerships shifting their paradigm in terms of how to re-strategize their business and marketing game plan to truly optimize sales to women. It’s leaving more dealers unsure as to exactly how to do that. Company president Anne Fleming shares, “Most dealers say quickly and unequivocally that they know exactly how to market to women. It’s the brave and daring ones that share they are looking for more than just a “women spokesperson in the family” to market to this powerful buying group. If you don’t have an exceptional understanding of this market, ups and potential customers are likely to slip away.”

Women Walkouts: A $4 Million Cost Analysis

Dealerships don’t even know that they can increase their sales another
$4 million dollars a year. How? Most walk 10-15 women out their door each month and don’t even know it. By paying more attention to women and providing critical respect and trust the whole way through the sales engagement process, those browsers can be converted to buyers. Easily.

Lets take a closer look. Maybe a decade ago when a woman walked out of a dealership without buying it wouldn’t have mattered. Today, when a woman walks out your store dissatisfied without making a purchase, it’s a matter of concern, because:

  1. If she isn’t buying from you then she IS going to buy from your competitor
  2. If she isn’t buying from you then there is a good chance she will be writing a review on a car dealer review platform about that experience
  3. If she isn’t buying from you, you not only lost the sale, you lost the RESIDUAL REVENUE
  4. RESIDUAL REVENUE = Vehicle + (Service Drive Visits X 3-6 years) + Future Vehicle(s)
  5. THIS is happening at your store EVERY DAY; It’s what you DON’T KNOW THAT YOU DON’T KNOW

Double Check Your Automatic Response, “That Doesn’t Happen Here, We Treat Everyone the Same”

Women shop at 1.9 dealers before buying a vehicle or the equivalent of 30% more dealerships than men. Why is that? They want to “get it right, and avoid getting it wrong.” Don’t be so quick to think she is not leaving your store. An unhappy potential car shopper walking out of your store costs you a fortune – literally. Here’s what is put on the line when this happens:

1. You Lose the Opportunity to Make a Quarter-of-a-Million Dollar Sale
Women buy or lease an average of 8 cars in their lifetime. At today’s average price of $32,500 that money adds up quickly, especially for larger dealerships. Add service drive visits in there over the long haul; that is a huge chunk of gross profit and sales, too.

2. You Lose a Customer for Life, or at least a Long time
The larger dealerships loose the loyalty that this woman and family + friends bring. Not to mention, her many referrals. Huge miss. Even if she had a bad experience at one brand, rarely will she return to this “family dealership” to buy from another brand. You lost her and her referrals.

3. You Lose More Potential Buyers
Women are influential. This can work in your favor or against you. So, whether a woman is just looking around and browsing in your store or actually thinking of purchasing a car, you need to offer the ultimate shopping experience so that she walks out that door with a smiling face and feeling content. If that happens, she will spread the word and refer you to her friends, family and – she will return to buy. And if she doesn’t have a great time at your dealership, she will walk and talk.

It’s a pretty simple formula. Which side of the $4 million will your dealership be on? In today’s hyper-competitive market, its time to pay much closer attention.

Women’s Wednesday #14: Empowering Women at Your Store: What’s in it For You

The Latest in Women Buying Cars

In today’s competitive marketplace, women buyers are crucial for auto dealers’ success. Just take a look at numbers and reported growth opportunities in a recent Wall Street Journal article.

It may be no surprise that car buying is an emotional purchase for women. Even on the heels of a recent survey showing women are comfortable with negotiation than men, there is still a huge upside for dealers to create an empowering buying experience for women.

Did You Know?

Every other woman in the United States purchases a car by herself. While many women are confidant and excited, others walk in with different emotions. Consider, that 3 in 10 women report being apprehensive about their visit while 20% are nervous and overwhelmed. You don’t know which woman coming in your door is feeling what. Nonetheless, it is vital to encourage and boost women’s confidence, respect and trust from the get-go. Establishing trust-based relationships and assisting them in a considerate, flexible, non-intimidating manner is the equation for having a browser convert to a buyer. Anything short of that, she walks.

Tips to Empower Women and Increase Buyers + Retention:

  1. Respect and Trust are the building block to every car sold today. It begins with greeting her in a timely and friendly manner. Eye contact is locked in and the smart phone is put away.
  2. Invite women to use your wifi or child play area. Would they like a cold or warm beverage?
  3. Have them lead the conversation, but it’s your job to ask questions. What distance does she drive to work? Does she have children? What type of activities does she do? Talk to women like you are having coffee with her. Don’t be in a hurry to get her into the car for a test drive.
  4. When asking about features, be sure to use full sentences with women, not “leather or cloth.” Our senior trainer friend, Vicki Parker, provides these tips that make a difference when engaging with prospects. Women don’t want to be rushed, they want to build and create a sense of relationship.
  5. The four-corner-around-the-block-11-minute-test-drive doesn’t serve all customers anymore. Let women make their own trail. Bring the car to their work place to test drive when needed. Better yet, let her take it overnight so the family can give it a true road test. That is one way to surprise and delight your customer.
  6. The average length of time it takes a woman to buy a car is 3 hours and 30 minutes. How about a “Buy a Car in 120 Minutes or Less”? Women love saving time.
  7. Have an open door Car Wash Policy.
  8. The #1 concierge item requested by women is an overnight vehicle. It is no mystery women do not want to have to wait for someone else to pick her up, be dropped off by a van, or — have to pay for a rental car. Make it easy for your customers.

Want to Sell More Cars and Distinguish your Dealership to Women?  Click here

Did you receive a Free copy of the 2014 Women’s Car Buying Report? Click here

 
Good Selling!

Women’s Wednesday #13: Your Reputation – Are You Leaving $6M on the Table?

The Latest in Women Buying Cars

Today’s Women’s Wednesday we are focusing on the up$ide of reviews and what they really boil down to with women shoppers, prospects and buyers.

While you know that women buy almost half of all cars purchased and influence even a much higher number, are you aware of the real upside in selling more cars to women by distinguishing your store as a women+family friendly marketplace? Why is this important? Let’s take a closer look.

Men shop at 1.4 dealerships while women visit 1.9 dealerships prior to buying a car. One-third of women are apprehensive about the buying experience and 20% report being overwhelmed. In fact, a recent poll shows that women are 50% more likely to rely on car dealer reviews than their male counterparts. Why? They want to get the purchase right and avoid getting it wrong. Elite dealers leverage reviews in advertising to mitigate any negative emotions of some customers and to showcase that their dealership is a pain-free company with which to do business.

A brilliant way to distinguish their store from the competition.

Did You Know?

JD Power reports women are more generous than men when rating their dealership experience

Women relate to other women and trust these reviews more than ones written by men

Certified Dealers Upside is in the Million$
Let’s be frank. Women can buy a car anywhere in your city for within a couple of hundred dollars from another dealer. Distinguish your store from the others by using your certified logo in your advertising and branding yourself as a Certified Women-Drivers Friendly Dealer. Benchmark with your sales team how many cars you sell to women each month and keep track of it.

By selling just 5 more cars each you will add $2M to your sales at your store.10 more cars will add an average of $4M in sales and 15 more will bring in $6M more in sales annually! Get your team on board and turn those women browsers into women buyers by having them walk into your dealership as a destination store they have come to do business with because of your stellar reputation with women+families.

Want to Sell More Cars and Distinguish your Dealership to Women?  Click here

Did you receive a Free copy of the 2014 Women’s Car Buying Report? Click here

 
Good Selling!

Small Changes in your Digital Footprint Create Easier Access for Women

Last month we had such strong interest in our mid-year report on “Dealers Websites are #1 with Women Buyers” we have decided to follow up with even more on this topic. ‘Continuous Improvement’ is a term that proactive dealers have adopted to ensure they don’t just keep up with the competition, but rather stay ahead of it.

Improvements in company processes not only contribute to business success, but also help deliver quality customer experiences which is needed to grow and retain customers. Changes do not necessarily have to be big; small and minor changes can make a significant difference.

Woman on computer

As competition rises, now is the right time for dealerships to focus on areas of improvement, engagement, and delivering a quality experience to women customers. Today are focusing on modest, positive and quiet changes that can make a big difference in showcasing transparency to women buyers.

1. Provide Email and Direct Number Details

Running a dealership without a website or mobile site is hard to image. Consider having a website without proper dealership contact information for its’ employees. Make it easy for your customers to locate and contact who they are working with. Email addresses, direct phone or even a cell number – is ideal.

Women can contact the relevant person via phone or email whichever communication method is more convenient to her.

More Small Changes to Create Easier Access for Women

2. Professional Photos of the Staff on the Website

By posting professional pictures of the dealership staff with their names and titles, it is easy for customers to give a face to the voice they have spoken to. When they walk into the store, it will be much easier for them to talk to the sales advisor or service advisor or ISM who they have already spoken to. Or, at least, it will lower the anxiety and the mystery of who they will be working with during the car buying process. We strongly suggest business or business casual attire for the photos.

3. The New Standard: No AOL or Yahoo’s in emails

A Hotmail or AOL email address on the dealership business card does not cut it today. Simply put, it comes across as unprofessional. These email ids worked in the 90’s but today, not so much.

Certainly an Apple, Nordstrom or Lulu Lemon Sales Advisor doesn’t hand out their business card with an “aol” or “yahoo” suffix in the email. Of course not. Dealerships today are incorporating this professional standard for their store.

Customers now seek professional service providers, even as small as this detail can make dealerships look unprofessional. Therefore, when putting emails on business cards make sure they are customized according to the dealership name. For example john. smith@mayerautogroup.com

4. Quick Access to the GSM or Sales Manager

Lastly, customer delays on hold can be inevitable when trying to reach the GSM, sales manager or ISM. Still, it may be frustrating for customers to wait and then interact with a receptionist because a voice mailbox is full.

Allowing customers to get through to the executive team in seconds without long hold times and annoying questions may be minor changes, but they definitely make a big difference to your potential customers calling and trying to get through. It also sends a message of transparency, interest and availability.

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