Page 6 - MIADA-q42020

FINISH STRONG:

Your 2020 End-of-Year Strategy

By Billy Reynolds, Regional Vice President, Elead

all the necessary steps, including touchless
options, to keep you safe while still getting
the quality vehicle service you need and
deserve.

Develop a hybrid sales model. During
the pandemic we’ve seen consumers use
digital retailing tools at unprecedented
levels. What’s interesting is that online
closing rates don’t correspond to lead
volume.

Turns out, the majority of customers still
want to come into the dealership to finish
the buying process. Marry an alternative
shopping experience with the traditional
buying route and you have a new hybrid
sales model that is likely here to stay.

So, how do you establish a hybrid sales
2020 has been an unexpectedly challenging However, stores are not bulletproof and model? First, identify the need. Are your
year for dealers. The Coronavirus continues the tide rises all boats. Coronavirus factors customers demonstrating that they want a
to affect nearly every facet of our business. will eventually fade away and complacent hybrid approach? Second, identify what you
dealers will have a rude awakening. To stay are currently doing to support this need.
But whatever the timeframe, at some point ahead of the curve, remain alert to changing Third, assess if you have the right people
we will return to a sense of normalcy. market conditions. Create practical with the right training and the right tools to
Finishing the year strong is key to ensuring contingency plans so you can act quickly meet this need. If not, hire the people and
your dealership will be able to hit the when used vehicle supply, new vehicle invest in the tools. Finally, determine what
ground running, no matter what 2021 allocations and competitive marketing you need to do to ensure your customers
brings. factors return to pre-pandemic levels. know that you offer this hybrid approach.

The following strategies will help you Re-think holiday promotions. Traditionally, Traditionally, dealers want to have one
navigate changing market conditions and set now is the time to create and push out tried process that is followed by every sales
your dealership up for success, not just in the and true holiday promotions. This year is associate every time. The truth is, the
immediate future but for years to come. a bit different. Customers are primarily future must be more flexible than that.
concerned about health and safety. Create a fully digital process, an in-
Remain alert and nimble. The irony of the store experience and a hybrid approach.
pandemic is that it’s actually been good for Focus on value branding messaging, not Communicate that you have options and
most stores from a profitability standpoint. a hard sell of service. Make use of multi- customers will be more receptive to doing
channel marketing to educate customers business with you.
High vehicle demand and low inventory about how their safety is top of mind at
puts dealers in a power position. In this your dealership. Explain the cleaning Be open to new employee roles. Consumers
market, the window sticker is king and procedures at your store and elaborate on who research vehicles online don’t want a
profit margins are strong. To add to that, your touchless sales and service options. hard sell when they eventually reach out
marketing is also on the back burner. to your dealership. They just want their
Many dealers have scaled back marketing Talk about safety, but still encourage questions answered by an expert. This
budgets to as little as 15 percent of normal customers to come in. Messaging example: change in customer shopping behavior is
spend. This all equates to a very profitable beginning to be reflected in the dealership.
semester. Don’t put your family, your vehicle or We’re seeing new employee roles like sales
your re-sale value at risk. We have taken consultants, product specialists and customer

6 | MIADA MISSISSIPPI DEALER Q4 2020