Pundits may still be arguing about whether the Obama Administration's "Cash for Clunkers" stimulus program is working too well. However, auto dealers across the country know that the program has brought buyers out to their lots in numbers not seen for years. Savvy car sales managers have prepared for this moment by deploying the next generation of auto industry CRM systems.
Long time dealers know the frustration of seeing poor returns on major media advertising buys. In a down economy, fewer Americans have the disposable income to purchase or lease new vehicles. That makes reducing customer churn the number one concern of sales managers. Automotive CRM systems help retain dealer customers by automating messages and activities that build loyalty and maintain dealers' relationships with customers.
As more customers look for new car deals online, "Internet Sales Departments" have evolved from small desks on the fringe of a dealer office to a central hub for new buyer leads. Sales managers can filter leads cultivated by manufacturer websites, dealer sites, or third-party promotions. Traditional dealers can use web-generated surveys and CRM software profiles to determine the best negotiating strategy. More modern dealerships can track the websites used by prospective buyers to offer no-haggle prices that compete with the best deals found online.
More importantly, CRM software allows dealers to invite customers back for service appointments and for special events. Instead of filling dealerships with prospects during community fundraisers, dealers can preview new models and stage special community events for their most valuable customers. CRM software identifies the drivers most likely to upgrade their vehicles within a specific model year, so marketing teams can pinpoint prospects instead of blasting their budgets on big media buys.
Cash for Clunkers is already driving some of the hardest-to-reach customers back into dealerships, especially Americans who don't purchase new cars as often as average drivers. Dealers hope that their investment in CRM software can pay off by converting those frugal shoppers into regular service bay visitors and referral sources.
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We're getting mixed signals from the feds with respect to CFC. Consumers are spending, but dealer stockpiles are growing at an outrageous pace. A dealer I spoke with said that his dealership has only been reimbursed for 2 percent of their projected recovery money. Scary stuff. With respect to CRM, more customers + more data = more CRM. Good stuff.
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