How Will You Grow Your Revenue Next Year?by Lisa Walsh
It’s October, and we are well into the fourth quarter of another strong new vehicle sales year. During the previous six years, we have experienced year-over-year growth in new vehicle sales. The year 2016 will most likely be a strong one. But even with incentives near an all-time high and low interest rates in place, we may not experience a year-over-year increase.
With a fresh year approaching, what are your plans for 2017? How will you assure that you can maintain—and even grow—your variable operations next year?
Often, during great times, we may relax our processes, since we have plenty of customers and are closing deals and making money. However, when sales and customer traffic decline, we tend to go back to basics, reviewing and reinstating those processes.
Let’s stay ahead of the game by examining this now, considering that sales have most likely plateaued. If you want to experience growth, you are going to need to have better processes to gain a larger share of the vehicle sales in your market.
MarketSource works with dealers and OEMs to help dealerships improve their front-end processes and training. This results in increased market share, revenue and gross profits.
A key area of opportunity for many dealers is internet sales. Regarding internet sales for your company, ask yourself the following questions:
- What is your process?
- How are your response times?
- Are you personalizing the experience for your customers?
- Are you answering their questions from email and chat, or just pushing your agenda?
- Are you offering your customers reasons to buy from you, and do those reasons resonate?
- How are you tracking your progress?
- Are you aware of “best in class” metrics? (These include measure of appointment setting, appointments showing as scheduled, and sales.)
The United States has about 75 million millennials. Considering that this group likes to interact via the internet and social media, you need a solid internet strategy and process. Having this in place will help you to maintain and grow your vehicle sales, revenues and gross margins in the years ahead. You also need to understand their buying habits as this is important for capturing their buying power.
You can learn more about obtaining the appropriate strategy from a MarketSource Assessment for your company. MarketSource’s sales experts will work with you to define your challenges and design a turnkey solution that produces results in the area of gaining new customers, launching new products, growing market share, optimizing sales expense, or maximizing a mature product.
Our sales teams deliver more than $6 billion in revenue for many of the most well-respected brands in the world and a diverse mix of forward-thinking small- and medium-sized businesses. You can learn more about this topic and MarketSource’s Proprietary Process, Empowered People, and Proven Performance, by contacting us today.