6 Important Strategies That Will Greatly Improve the Business of Automotive Sales
The international automotive industry revenue closed at $2.2 trillion back in 2019 but when the COVID-19 pandemic hit heavily in 2020, car sales plummeted. This made supply chains face great challenges to get parts into the country since people started considering vehicles unnecessary and they just weren’t considered an option during the lockdown period.
However, as 2021 came, things slowly started to look promising as the situation returned to normal in the automotive industry but the trend of buying cars online didn’t stop. Instead, it ignited a shift in consumer behavior, upping their screen time, and contributed to accelerating the already promising growth of automotive eCommerce.
With this in mind, businesses have started to conduct in-depth research to see how they can increase their sales, even to the point of trying to obtain information on how to create an app that will meet the expectations and needs of their prospective customers.
Below, we look at other important strategies that could greatly boost and improve the business of automotive sales.
Enhance Your Processes
Nowadays, consumers appreciate convenience and speed and as an automotive business, you cannot afford to keep your customers waiting in stores or in the sales funnel for a long period. You should always stay up to speed and seek to adopt tools and processes that will cut the sales process while maintaining a high level of value.
Fortunately, there is a myriad of sales and marketing technologies that can help integrate your customer channels and keep you updated on your sales activities. There are so-called automotive intelligence software solutions aimed at transforming the way cars are bought and sold that will help you create a seamless customer experience while maximizing your sales performance.
If you wish to track your leads, manage customer lifecycles in your portfolio, create better customer engagement and follow credit applications simultaneously in one platform, invest in this type of technological tool and you’ll get the perfect balance of simplicity and customization.
Pushing Prices Down
Anyone who has worked in the automotive industry already knows that the market has changed significantly. Reviews from customers and information about prices are easily accessible in today’s world and this has all contributed to customers being only interested in finding the best deal.
It’s very challenging to match the lowest prices on the market at any time as it seems that automotive businesses are trying to find ways to cut costs wherever they can. Having a good manager’s gut feeling is therefore needed to tell them they’ve already pushed prices as low as possible while making sure their automotive business remains profitable.
Improve The Customer Experience
The overall eCommerce trend impacts all aspects of consumer behavior, as prospective buyers have come to expect the same convenience they receive from eCommerce frontrunners everywhere. Today, digital channels are increasingly used for research and exploration, especially when it comes to substantial investments like purchasing a car, as it gives consumers a sense of control over their purchase experience.
There are many ways in which customer experience can be enhanced, and personalized sub-sites or independent storefronts, that emanate from one branded eCommerce platform, are just a few we can mention. This will allow you to target specific verticals, create personalized experiences, and build separate destinations for resellers and distributors.
However, one should bear in mind that the physical dealer experience is still crucial and much-needed. Plenty of time is required for physical dealers to be fully replaced by eCommerce since most prospective buyers want to physically walk into a dealership and see, touch, and test-drive cars before buying the product.
Offer Special Customer Incentives
One of the most popular incentives for dealers to offer their buyers is free oil changes but this has become so customary at this point that customers assume it comes standard with their car purchase. For this reason, you may want to look at different options and offer unique incentives to your buyers as a way to increase automotive sales.
Some suggestions are gift certificates for wipers, tires, or breaks, offering reconditioning services, paint protection, or other service packages. This will increase customer trust and help you gain a good reputation and loyal customers.
Improve Your Team’s Communication Skills
One of the bullet-proof ways to boost automotive sales is to give customers a reason to interact with your business regularly. Encourage your team to share helpful information and content on popular social media platforms, send emails or make frequent phone calls, and set aside some time during each sales meeting to discuss how every team member can contribute to improving efficiency and communication with customers.
Detailed Sales Reports
Detailed reports are crucial to making the right decisions. This is especially true with automotive businesses as they have many levels of data that need to be included to produce relevant sales reports.
Different customer types, suppliers, product types or ranges, and geographical locations the business trades in add to the complexity. This is also an area where business intelligence tools are beneficial as they help users build their reports.
A little effort goes a long way and by implementing business-savvy strategies and being thoughtful with your approach, you’ll make sure to increase your automotive sales. Review your prices, implement software solutions, and offer unique incentives to drives leads and increase customer engagement.