What's Really Happening In Showrooms Today?
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This presentation was given at Digital Dealer 19 in Las Vegas October 5. The takeaways were, customer experience, calculate missing deals, and actionable data that you must implement in your showroom to increase closing ratios.
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What's Really Happening In Showrooms Today?
- 1. Mark Stringfellow | the Next Up | Vice President of Sales | mstringfellow@thenextup.com WHAT’S REALLY HAPPENING IN SHOWROOMS TODAY? Mark Stringfellow VP of Sales at the Next Up
- 2. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Social
- 3. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l SHOW ME THE MONEY!
- 4. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l 3 MORE CHANCES TO WIN!
- 5. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Background 2007 RSP 2012 Cloud Based 450+ Dealers Globally 25 million Showroom Transactions
- 6. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l https://www.youtube.com/watch?v=jLxCi92_g5Y 2009
- 7. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Where did our customers go?
- 8. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Its Time For Change 2009
- 9. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Good Habits Were Created Marketing budgets changed Salespeople started work their follow up Salespeople valued every single opportunity Salespeople became more creative
- 10. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l 2014
- 12. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Shoppers are keeping dealers and sales people at a proverbial arms length until late in the purchase process. When they’re ready to interact, 61% initiate contact by walking into the dealership without prior contact.
- 13. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l I’m just looking!
- 14. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l
- 15. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Don`t Let Your Showroom Benefit Others! 01 $70 Million Beepi has raised nearly $70 million, some of which came from early Uber investor Shervin Pishevar’s Sherpa Ventures, and says it’s “committed to fixing the largest broken market in the world.”
- 16. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Should we be worried?
- 17. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l
- 18. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l When you find out they purchased from someone else!
- 19. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Customer Experience
- 20. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Customer Experience “They can buy all the physical things. The things you can’t buy are dedication, devotion, loyalty—the feeling that you are participating in a crusade,” Kelleher said.
- 21. Customers are no longer buying products and services they are buying experiences delivered via the products and services. Create a culture and customer-centric processes, at which point customer experience becomes self-sustaining. • Define your retail sales process • Document your retail sales process • Hold team accountable to the process Customer Experience
- 22. Reward for proper behavior Improve manager insight/involvement Increase the value of each opportunity Allow the sales staff to be efficient and effective, meanwhile provides visibility on what is really happening in the showroom. Retail Sales Process
- 23. WHAT ARE THE BENEFITS? Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Customer Experience Happy Customers Increase loyalty Increase Customer Retention Positive Word of Mouth 01 02 03 04 Reduce Cost Prevent Crises 05 06
- 24. Percentage of logged customers 2 3 1 5 1 8 6 5 <10%10-20%20-30%30-40%40-50%50-75%75-100%>100% 8 6 4 0 2 7 5 3 1 10 9 CRM Accountability
- 25. 70%YES Do you feel that you now have more time to work your sales opportunities into the CRM? Time to Use CRM
- 26. 50% 2% Consumers are not given a test- drive Conversion on walk-in without test- drive Transaction times decrease when a test-drive is given. Test-Drives
- 27. 35% Conversion w/Test Drive & Manager Intro 20% Conversion w/ Test Drive 14% Average US Walk-ins Conversion Rate B Manager Involvement
- 28. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Benefits of MRSP to a BDC Department
- 29. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Calculate Missing Deals Sold * 4 = Visits - CRM = Missing * .25 = Deals (Retail) (Showroom) (Logged) (Opportunities) (Closing %) (Additional) Example 150 * 4 = 600 - 420 = 180 * .25 = 45 (Sold) (Closing %) (Visits) (CRM) (Missing) (Closing %) (Deals) (Closing %)
- 30. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Formula to Maximize 10 8 2 20 Deals
- 31. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Myths 04 We test-drive everyone. 06 Our managers are involved in every deal. 05We log all of our customers. 03Our most aggressive sales rep is the best. 01We don’t get really get floor traffic. If it is not in CRM it didn’t exist.02
- 32. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Takeaways Create a extraordinary customer experience Create a MRSP (managed retail sales process) Missed Opportunities Sold * 4 (25% Close) = Visits – CRM = Missing * 25% = Deals Missed
- 33. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l Questions?
- 34. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l 2 MORE CHANCES TO WIN!
- 35. Mark Stringfellow | the Next Up | VP of Sales | mstringfellow@thenextup.com l SHOW ME THE MONEY!
- 36. CONTACT INFO Full Name: Mark Stringfellow Company: The Next Up Job Title: VP of Sales Email: mstringfellow@thenextup.com Share an important takeaway you received from this session using hashtag #DD19 for a chance to win an iPad
Notas del editor
- Have we reverted back to our bad habits? Do to more traffic entering our dealerships are we allowing our salespeople to be wasteful and less accountable with these opportunities. Are we working the opportunities like we did in 2008
- How many have an open floor? Krystal Story…
- Where the road to sale starts and finishes – the importance in changing your showroom process.
- If we continue with our traditional showroom model and process we could end up like the taxi business. Or is it too late next slide…
- Beepi LA times story.
- Meeting customer expectation brings value, going beyond brings
- Family kuwait story.
- Southwest airlines, Zappos, Amazon next hour delivery – Discuss all departments need to be moving in the same direction. (1) department has a squeeky wheel apply some oil to that wheel quickly.
- Create culture and environment to ensure a consistent Customer Experience. When we provide too many opportunities sales staff become wasteful. Que up Sales Staff. How does it make sense the the rep coming in on 2nd shift get the 1st opportunity? How does it make sense to have multiple reps waiting for 1 customer coming in?
- Positive Online Reputation = Free advertising, Number 6 Discuss buying off your customers.
- Chip mentioned more than half of the opportunities are not logged in CRM.
- Why is this important? Why do you think the follow up falls through the cracks or isn’t handled properly? Traditional Floor model creates conflict
- Don’t let your showroom benefit others.
- Not knowing the customer showed because it was never logged.
- If a sales rep only get 1 to 2 customers a day how are they going to treat them? Optimal time without a customer
- We hear these myths all the time in our stores and now it’s time to crush these myths with the support of better data by holding your showroom, managers and crm more accountible.