CALL US AT 1.866.756.2620

Tag Archive: Auto Dealership

Steve Hall

A Triple-Dog-Dare: Stop stalling and solve that dealership problem

dare

Nothing could get me moving outside my comfort zone faster as a kid than my friends daring me! Granted, many times those dares weren’t the wisest actions to take, but peer pressure will make you do some amazing things. (And, no, I won’t share any stories.)

The power of a dare: action

There is no better case for how far a dare can take you than the 1983 movie classic A Christmas Story.  In one scene, a young boy named Flick has the gauntlet thrown down for him: the triple-dog-dare.

This kind of dare, we’re told, challenges your manhood along with your entire social status. And it can really make people do things that they normally wouldn’t. In the scene, Flick falls for the bait and ends up in the brutal cold with his tongue stuck to a frozen metal flag pole while everyone else runs away. Not exactly the result that he wanted.

I triple-dog-dare you to address a dealership issue

What I am going for in this blog is not to get you to take unwise actions but, rather, to take positive steps. I dare you to take action. Forget that, I’m going to go all in and triple-dog-dare you to take action!

I challenge you to address one of these issues for your triple-dog-dare. Or, if you’re tough enough, do all three!

1) Have the tough conversation with “that” employee. Most departments have one employee who just doesn’t get it. Maybe production is too low. Maybe the attitude is all wrong. It might be that attendance or punctuality is deficient.

Whatever the reason, you and I both know they are a cancer in the department. Yet, you have put off the tough talk with them. Sure, conflict is tough, and you may not want to lose the person. You also know in your heart that the conversation must happen.

Whatever the reason that you haven’t addressed the person, I triple-dog-dare you to face reality and do it today!

2) Meet with your boss and admit something that you don’t understand. People never want to admit that they don’t know something. Yet, if our leadership isn’t aware of a deficiency, they can’t help us improve.

If you’re not sure of how to improve profitability, margins or growth—or even the best way to lead your team—be direct and honest with your supervisor. Show them your vulnerability and your true desire to learn.

Not only will they appreciate the honesty, but it will improve the respect for you as a manager. Requesting training shows that you want to learn, not just be a smoke blowing know-it-all who really doesn’t know-it-all. I triple-dog-dare you to have an honest relationship with your boss.

3) Take charge of your career. Take time from your schedule to attend a training class or workshop. Buy a book on business or leadership. (Yes, an actual hardcover—without pictures!) And then, I challenge you to actually read it.

If you don’t take charge of improving your knowledge base, who will? Learn how to become a better leader of your people. Read the book within the next 30 days, highlighting items that jump out to you.

Not sure what would be the best book for you? Just e-mail me and I’ll give you a few suggestions.

Do whatever it takes to improve yourself. I triple-dog-dare you to get started on the path of self-improvement within the next seven days.

So, there they are: my “childish” dares. While I certainly don’t want to hear about your tongue stuck to a frozen pole, I do want to know if you accept my triple-dog-dares! Send me an email and let me know how it goes or comment below with your experience.

Permanent link to this article: http://blog.ncm20.com/2016/03/a-triple-dog-dare-stop-stalling-and-solve-that-dealership-problem/

Jessica Kain

Three Tips to Improve Your Digital Marketing

typing

Are you spending a lot of money each month on your digital marketing and internet operation but not getting the return on investment you want? It’s a common problem.

Without the right plan, marketing investments fail

Every day, dealers spend thousands of dollars to improve their website, do search engine marketing and buy every lead source and product in the market. Sadly, though, most dealers struggle to break even on their investments—their close rate is poor, and morale is broken!

Understand how clients shop to improve your marketing

None of us can argue that 100% of our opportunities come from our marketing; however, all of our results come from having an efficient and fail-safe process. Process and communication tactics are not always the shiny objects that dealers chase or want to talk about, but they are the only way we will meet and surpass our goals for our internet operations.

When creating your tactics, remember that the internet has changed the way we all live and operate. And, especially for auto shoppers, the vast availability of information about products has made customers incredibly smart and selective buyers.

3 ways to immediately improve your digital marketing

Fortunately, you can capitalize off these trends and make an immediate improvement to your digital efforts with the right strategy.

Here’s what I recommend:

  1. Go where they are. There are more than a billion websites, so discovering where your clients spend their time and putting your marketing there is key.
  2. Recognize the wealth of information available to them. Buyers research—a LOT— before making a purchase. Your marketing should speak to them respectfully and give them the information they need.
  3. Be real. Social media plays a significant role in the purchasing decision, with most people relying on their social networks to guide their choices. Don’t be afraid to include social media in your marketing mix, but be critical about choosing the right channels and voice for your dealership.

If you or your team members are looking to improve your internet or BDC operation for the better, then please join NCMi and Kain Automotive for a workshop on Mastering Internet Sales. We will provide you with an understanding of today’s digital-savvy customer and how to read the leads that hit your system. Working together, you’ll learn a proven, fail-safe process to improve digital marketing, and come home with the best communication tactics to engage your customers. The basis of this course is to set your dealership up to better connect, appoint, and sell today’s internet shoppers.

Permanent link to this article: http://blog.ncm20.com/2015/12/three-tips-to-improve-your-digital-marketing/

Lindsey Quinn

Automotive Cybersecurity: 4 Steps to Protect Your Dealership

hacker-photo

I doubt that data security keeps most dealers up at night. But it probably should, considering its staggering impact. Each year, cybercrime costs the global economy $575 billion—$100 billion of that in the U.S. alone!

Data breaches are an expensive problem, and hackers increasingly are targeting the automotive industry and its lucrative bank of social security numbers and financial information. Just take a look at these findings by NetIQ:

  • Automotive firms reported a 32% increase in reported detected cyberattacks.
  • More than 70% of organizations surveyed in their 2015 report had been affected by a successful cyberattack last year.
  • The average cost of a corporate data breach is $3.5 million.
  • The vast majority of security incidents involve a current or former employee.

The automotive industry will continue to be a tempting target for cybercriminals, but you can fight back by creating a solid data management and security plan. Expert David Spisak—ReverseRisk President & CEO—shared the four key steps you should take to control your dealership’s data.

  1. Take ownership. It doesn’t mean you have to do all the work; it just means you need to be actively engaged in every aspect of your organization’s data management.
  2. Find a good gatekeeper. This person will be directly responsible for executing the plans and processes that you approve for your organization. They will also maintain and monitor your firewall, conduct spot checks of employee internet access and create access reports for your review.
  3. Create formal access policies. Outline what type of access new and existing employees should have to your data. Be sure to develop a clear plan for closing data access for former employees, who are likely to be your biggest data security risks.
  4. Review access reports monthly. Weekly is even better. No matter the interval, review who is accessing your data network and take steps to address any issues.

These steps are just the start to securing your data and protecting your business. Join David Spisak in Park City, Utah, December 10-11 for more details on the data security risks dealers face and how best to prepare your store against these attacks.

Permanent link to this article: http://blog.ncm20.com/2015/10/automotive-cybersecurity-4-steps-to-protec-your-dealership/

Jody DeVere

Three Quick Tips for Marketing to Women

In automobile center

One of the basics of marketing to women is that marketing (in the traditional sense), is just one step. You can create a fantastic advertisement or marketing promotion, even incorporate compelling features based on feedback and input from women, but if the experience at the dealership is uncomfortable or stressful, you won’t get the sale.

In their book, Waiting For Your Cat to Bark?, co-authors Brian & Jeffrey Eisenberg help marketers understand how to deal with the reality that the customer is in control. They suggest becoming your own customer and going through your own dealership buy process. Pretend that you’re a prospect just at the beginning of a purchase, searching for information. What search terms would you use? What stores would you visit? What questions would you ask the salesperson? Then, how does your business line up to this?

Dealerships that want to succeed must take every interaction into account and understand that for today’s consumers, it’s action not words that motivate. (Especially when it comes to women, who make 80% of the purchasing decisions.)

“The experience becomes the brand,” say the authors, “…it’s about experience… theirs”, and I couldn’t agree more.

According to the authors, like cats, today’s consumers are independent, unpredictable and finicky but many marketers are still approaching them as if, like Pavlov’s dog, all they have to do is create a compelling message. However delivering an outstanding experience for women is the best marketing of all.

Three Quick Tips:

1. Be Patient:

Women consider how a vehicle is going to fit into their long-term lifestyle before making a purchase. They’re a lot more cautious and careful than men are and usually take longer to make their decision. They’re going to buy a car they’re happy with for years. Refrain from high pressure closing tactics, be patient and don’t rush her process.

2. Listen:

Women buyers like to tell “their whole story” to sales people. Having outstanding listening skills help build a relationship, understand her lifestyle car buying needs and create a friendly, enjoyable experience.

3. Trust:

Women have become nearly every family’s chief purchasing officer. She looks for a salesperson who wants to be a part of her buying process, who shares her values regarding honesty, respect and trust.

According to a study called “Elevated Expectations: The New Female Value Equation,” 97 percent of women expect good customer service everywhere they shop. Eighty-three percent buy more when in a store with good customer service. The study also found that 89 percent of women choose one store over another, with similar merchandise and prices, if it offers better customer service.

When women have bad customer service experiences, 80 percent say they will not go back to that store, even if it was just one bad encounter. And 94 percent say they will tell other people about the bad experience. Women expect “Nordstrom-quality” service everywhere they shop, but they rarely find it.

There is great opportunity for dealerships to raise the bar by focusing on how to improve the experience of women customers and increase their dealership’s positive “brand image,” grow market-share and increase positive word-of-mouth, both on and offline.


Jody DeVere is the CEO of AskPatty.com and a new guest contributor to the Up To Speed blog.  Through AskPatty.com, Jody provides automotive education to women consumers and certification and training for automotive retailers on how to attract, sell, retain and market to women. She is also a featured subject matter expert on NCM OnDemand, NCM Associates’ new virtual training and communications platform.

Permanent link to this article: http://blog.ncm20.com/2015/09/three-quick-tips-for-marketing-to-women/

Robin Cunningham

What Does a General Sales Manager Do Really?

whiteboard

At the NCM Institute we conduct our Principles of General Sales Management I & II classes about every other month. They are often two of our most attended classes, so there’s lots of energy, and we are working with Variable Managers who have had some years of success in order to have claimed the title of General Sales Manager.

Often, even before introductions, I will ask the class something like: So exactly what is a General Sales Manager? Is it someone who has more experience than the other Sales Managers? Or someone who can cover for the Used Vehicle Manager or F&I Manager on their days off?

We get a lot of looks like: Is this a trick question? Or is there something else we are missing? It for sure depends on the size of the store. In some bigger stores the GSM might very well have had success at the New Vehicle, Used Vehicle, and F&I Management levels; and he or she is in a position to oversee the other Variable Managers. In smaller or medium sized stores the GSM may not have had that same breadth of experience. Or in the case of Used Vehicle Department, they may not have had much experience managing the used vehicle challenges in the Internet era, where everything has changed.

We find there is very little commonality in what a General Sales Manager is and exactly what they are responsible for. So we tell our students that the way the NCM Institute approaches this is that they are the “General Managers of Variable Operations.” That sure sounds like a cool title to have, but what exactly does that mean?

As with every class we teach we start with the discussion of Accountability Management & Leadership. This takes most of the first morning, especially since we are now talking about individuals who will be leading, coaching and managing every aspect of Variable Operations.

Within Accountability Management we refer to the Six Primary Elements of Accountability, and they are:

  1. Planning your work and working your plan
  2. Clearly defining and communicating your expectations
  3. Inspecting what you expect
  4. Measuring what you intend to manage
  5. Rewarding positive results and responding to negative results
  6. Developing and implementing a systemic structure

By this point in time, most of these managers realize they are in for a very different experience than they had anticipated. We then dive into their numbers using the NCM 20 Group Composite and Profit Trend Analysis tools. We start looking at New and Used Vehicle retail unit sales, year over year; per vehicle retail gross, year over year; total New and Used gross, year over year; net F&I income, year over year.  Then we look at several expense categories like: Advertising, Selling Expenses, and Employment Expenses, year over year. How are we trending? Do we know? What are our strategies, based on the knowledge we do have?

After the Financial Management discussion (which we often call “A Punch in the Nose”), we circle back to a full discussion of the second Element of Accountability Management: Clearly Defining and Communicating Your Expectations.

We start this discussion by asking if any of the students’ dealerships has a current organizational chart in use; written job descriptions and objectives; and are any of the processes they use, like the Road to a Sale, in writing? We get them to reflect on just what tools they really have in place to lead, coach, train and manage with. By this point they realize we have huge upside opportunity for improvement and we still haven’t actually begun to talk about what they thought they came to us to learn.

Then we move into the discussion of Opportunity Management and Prospecting. We begin breaking down the sources of all of the Opportunities to do Business. We agree there are four sources:

  1. The walk-in customer
  2. The in-bound phone call
  3. The in-bound internet lead
  4. The salesperson self-generated lead (be-backs, repeat/referral, circle of influence, etc.)

We show them how each category has its own closing ratio and per vehicle income opportunity. We spend a couple of hours showing them how they can help their people focus more on the self-generated leads, which close at 50%, so they can start weaning them off the dealership-generated leads that most salespeople (and sale managers) count on for most of their sales.

Then we get into the discussion of Recruiting and Orientation which elicits some really great conversation. Then we spend a lot of time discussing Training Disciplines and Techniques. Because most of the managers in our GSM class have had quite a bit of experience, the level of interactive discussion amongst themselves, is the most we have in any of our NCM Institute classes. And we know from the evaluations from our students that they value the content of these in-class discussions as much as everything we bring to their attention.

We then wrap up the class with the (much-needed by this point) discussion of Time Management. They are wondering how in the world they are going to be able to fit all of these new, critically important ideas and processes into their daily, weekly and monthly schedules. They come away knowing it’s all very doable, if they make the commitment to begin mastering Accountability Management. They have written a number of Guarantee of Action Plans that will be sent back to their GM or Dealer to begin the buy-in and then implementation process. They can clearly see how they and all the other Variable Operations team mates they lead, can become increasingly more productive and profitable.

gen_sales

Click here for information on all NCM Institute classes.

Permanent link to this article: http://blog.ncm20.com/2015/09/what-does-a-general-sales-manager-do-really/

Steve Hall

Three Hours Lost: Your Top 10 Service Time Wasters

Clock

When we ask service managers how important technician efficiency is to profitability, they most often say that “it goes hand-in-hand” or “if they aren’t efficient, you won’t make money.” While I agree with this, let’s look at it another way: time.

Here are the top 10 time wasters I’ve seen in service departments.

  1. Talking (non-productive talk)
  2. Waiting for the first job of the day
  3. Getting authorizations from customers
  4. Waiting on advisors
  5. Waiting in line in Parts
  6. Looking for or waiting on special tools
  7. Walking to Parts and back
  8. Phone calls, texts, e-mails and using tablets or laptops
  9. Smoking
  10. Arriving late or leaving early

How many hours lost?

I ask managers to make this list during each of my training sessions at the NCM Institute, and then I have them to assign time lost by activity. Sure, there are minor variations each class. But what doesn’t change is that we routinely come up with 2½ to 3 hours spent each day, not working on vehicles!

I know it is unreasonable to think that every minute can be spent on productive work, but how many of these lost minutes can we pick up?

Getting time—and money—back.

Let’s look at an example: We will figure an average shop of 12 technicians and gain just 15 minutes a day in actual production. We will use an $85.00 an hour effective labor rate and a gross profit percentage of 75%.

The numbers would look like this:

12 technicians x 15 minutes a day = 180 minutes of production gained a day (3 hours a day gained)

3 hours gained x $85.00 ELR = $255.00 in labor sales gained per day

$255.00 x 75% gross profit (labor) = $191.25 labor gross gained per day

$191.25 x 300 business days per year = $57,375 additional labor gross profit per year!

Add in corresponding parts gross generated from the labor sales, and you could earn more than $95,000 in additional fixed gross profit per year (and that is figured at 100% efficient). If they are 125%, the numbers are even larger! All of this from just gaining 15 productive minutes per day from each of your technicians.

Take the time to evaluate all of your technicians’ daily time wasters. Find ways to reduce the wasted time. Ask them for ideas and creative solutions. (And, once they know you are paying attention, some of the time wasters may just disappear.)

Go ahead, do the math your own numbers and find your potential: you’ll be amazed!

service_parts_senior

Permanent link to this article: http://blog.ncm20.com/2015/08/what-are-15-minutes-a-day-worth-in-your-service-department/

Steve Hall

Service Managers: How Well Do You Communicate With Sales?

ServiceAdvisor

Processes…even the best processes don’t work if employees don’t understand them. It’s Monday morning in the service department. The day is off and running and a flurry of customer activity abounds.  Things are busy, but running smoothly. Just the way you (the service manager) designed it.

Now it’s about 8:45 and the sales department is just leaving their Monday morning sales meeting. A fairly new salesperson comes into service, walks up to you (the service manager) and says, “I sold a car Saturday, stock number Z1576A. We spot delivered it, but we need to have a spoiler installed that’s not in stock. Can you take care of it for me?”

You look at him, as if he’s a nobody and snipe back, “Where’s the ‘We-Owe?’ Did you already order it, or not? When is the customer scheduled to come back? Do you even know the color code for the spoiler or do you want me to just guess?” The new salesman looks puzzled and slightly embarrassed.

He thought his job was to sell cars, which he did. He thought the service department was supposed to help him when he needed it. Maybe he misunderstood the relationship. He thinks, “They just seem so nice to customers and so grumpy to the sales department. Why?”

What the new salesperson was not privy to was the sordid history, and possibly the proper and much-improved process. The service department knows they can’t order or install the spoiler without proper documentation and basic information from the sales department. That happened before recently, and they got the speech, “Don’t EVER do anything on a vehicle without receiving a sales manager-signed We-Owe.” They also know the salesperson doesn’t get a CSI survey to submit on the service department, so I (the service manager) can “teach him a lesson” on how to interact with service without the repercussions of a negative CSI survey.

Unfortunately, this type of scenario happens way too often. With turnover in the sales department, often times the sales managers are stretched just to train the salespeople on product knowledge and the vehicle sales process…and they never get to train the other necessary dealership processes.

This is where the service managers need to take charge.

We need to realize that if we want the sales department to be a “bell cow” to our customers on how great we are, we need to start treating them great. One way that I have found that improves this relationship quickly, along with strengthening processes, is to attend sales meetings on a regular basis.

When you (the service manager) attend a sales meeting, several positive things happen. Here are a few:

  • You get to know the people, and they get to know you. You are on the same team and this relationship helps everyone. You get to learn who people are. Now they have a name, not just the new salesperson who “knows nothing and wants everything.”
  • You get to answer their questions. Open communication between sales and service…now that’s REALLY a good thing!
  • You can train on a process or two – departmental or inter-departmental – every time you attend. Short, precise instructions to make the processes flow better. Yes, as you have turnover, you will have to re-train the process, but if you don’t, who will? Also, refresher topics can even help long-term people.
  • You will get a better understanding of what they have to deal with and you may become slightly more open to training someone…not just “barking” at them.
  • You may even learn a few sales training tips to help make your advisors more effective.

Whether you attend the whole meeting or just do your part and exit, it will be time well spent with one of your most important clients. The goodwill from this effort pays large dividends. Become a leader, a mentor, and have success the old fashion way: one person at a time.

At the NCM Institute, we believe every department should better understand the dealership as a whole. With that in mind, some of our clients purchase an annual training subscription and cross-train managers in different departments. Sales managers learn about service; service managers learn about used vehicles; parts managers learn about service; and so on. This greatly helps them understand the daily struggles each department has and helps them learn the importance of working together as one unit. Check into a more affordable way to help make your team stronger and ask about our annual NCMi training subscription and bundling options.

bundle-money

Permanent link to this article: http://blog.ncm20.com/2015/08/service-managers-how-well-do-you-communicate-with-sales/

Mark Shackelford

How Well Do You Understand the Internet Process in Your Dealership?

Snip20150806_1

As e-Commerce continues to play an ever increasingly-significant role in your dealership’s operations, how well do you understand the tools your potential clients are using in the purchase of and subsequent maintenance for their new or pre-owned vehicles?

More and more information tells us that your customers have already moved towards buying and paying online. Today, and more importantly, tomorrow’s millennial consumers are sourcing their purchases via the Internet where products are now shipped directly to their homes. These transactions are mostly generated as a result of reviews found online or through a Google search where reviews are part of the results.

What if, after doing an Internet survey of more than 200 dealership customers recently, I was to inform you that over 50 percent of the customers shopped on the Internet, the dealership did not ask the online consumers for an appointment, and over 60 percent of the shoppers did not even receive a price! Are you shaking your head in disbelief, or is this what customers are experiencing with your dealership, too?

Simply put, there are high-value customers out there looking on the Internet for products and services and they are willing to use your services, even if you’re not the cheapest price in the marketplace. That’s right…the lowest price doesn’t always get the deal. What these millennial customers are looking for is engagement from your business!

Your presence on the web is vital to that engagement (as well as to your future success in the automotive industry). Your image and reputation are a big part of that engagement strategy; so, too, is your ability to be found by the shoppers you most want to attract.

What is your marketing strategy relative to the markets around you?

Some consumers shop online within a 20-30 mile radius while others are going out as far as 500-1,000 miles out, depending on what they are looking for. Focusing on certain geographical areas for targeting your message and directing your marketing, such as Equity Alerts, have been found by many dealers in NCM 20 Groups to be very successful and quite possibly the key to your continued and future success!

Although buying third party leads may have resulted in delivering a vehicle to a consumer, many of NCM’s 20 Group member dealers are finding that by analyzing Google Analytics and having the right SEO (Search Engine Optimization), SRP (Search Results Page) and VDP (Vehicle Display Page) plan for their websites, they are able to drive more organic searches, thus minimizing or even eliminating the need to buy these types of leads.

Most of you have probably figured out that these leads are in your market already, or in your current database. Doing a better job of mining your own customer database, both in sales and service, will yield many opportunities in those departments, and the Internet can and will play an important role in helping you accomplish just that.

As business owners, we need to fine-tune our people and processes to ensure we are giving the consumers what they’re looking for. Make sure your e-Commerce strategy is incorporating those Internet management best practices that will drive the engagement your online customers want – and your dealership needs!

KAIN

Permanent link to this article: http://blog.ncm20.com/2015/08/how-well-do-you-understand-the-internet-process-in-your-dealership/

Jody DeVere

Surprising Facts About Selling Luxury Vehicles to Women

Young Woman on Phone

Luxury car dealers, do you know your audience? If you’re like most that I’ve spoken to, you may be selling cars with the wool over your eyes, assuming that the affluent male is your crème de la crème, and some wealthy widows, female executives, and women entrepreneurs rounds out your market. But a recent study seems to show that just isn’t the case, and as the CEO of AskPatty.com, a website dedicated to providing automotive resources to women and helping auto dealers like yourself attract and retain more women customers, it surprised me, too!

The Shullman Luxury, Affluence and Wealth Pulse, Autumn 2014, has revealed some very intriguing findings on who is actually buying in the luxury market. First of all, it’s not all affluent people. In fact, 61% of buyers with a household income of $250,000 or more don’t own a luxury car! Interestingly, it seems that the Millennial generation of women are driving more luxury vehicles than one might assume. While most of us are targeting the older crowd, it seems that millennials are more interested in a luxury lifestyle than boomers or generation X members!

According to the study:

“The $75,000-249,999 affluent segment is the primary buyer of all the luxuries consumer spending , including luxury vehicles. The second-largest buying segment for all luxuries was mass-market America (those with less than $75,000 in household income). The very high-income buyers (those with $250,000+ incomes), although fewer in number, typically spend the most on average for each luxury bought and tend to buy more luxuries per adult than the other two income segment. … The number one luxury buying generation today, according to this survey, is the Millennial generation (18-34 years of age in 2014) who constitute 45% of luxury buyers.”

So, let’s take a moment to consider our target – the new target: the millennial woman!

Facts About the 18-34 Segment of Women Today

So, if we’re going to be selling to millennial women, we need to understand how they operate. They’re not baby boomers, and they’re not Generation X, so those approaches are going to ring false with this group. It’s also worth noting that in my experience at least, these are women who are actively working in advertising much of the time, so the trite marketing methods are going to fall flat. They know all those tricks!

Today’s millennial women are a technologically connected, diverse, and educated. They prefer the speed and convenience of smart phones and email to telephone conversations or walk-in business. In terms of work, they tend to have more job market equality than previous generations, and are earning four year degrees at a higher rate than male counterparts. This higher income translates to higher overall household income for their families, and it also means a new kind of family – one where the mother is the sole breadwinner.

Millennial women share some things in common with boomers and Gen-X-ers. They are also brand influencers who quick to share their opinions with friends, family and their online communities. A majority of social media outlets are predominantly female users, and they use them to speak their minds! Millennial women want to be included in the conversation, rather than being told what to do or what to purchase. They value inspirational messages, important causes, and most of all, they support brands who support them.

Marketing to the Meme Generation

When it comes to advertising to millennials, remember that this is the generation of the “meme.” That means that iconic, engaging visual marketing plays an important role in what resonates with them. Don’t shy away from humor, and focus on making your messaging instantly accessible and simple. Ever looked at Pinterest? It’s just a wall of photos, but to the millennial women, it’s a wall of ideas, conversations, and opportunities to do something amazing. Consider this: 58% look to Pinterest or Instagram for inspiration for everything from meals to makeup to home décor. Most of all, these women are “social shoppers,” social media users who value the opinions of their social media peers more than anonymous reviews or snappy slogans.

Cause-related marketing also works with millennial women, as long as you take care to ensure that your cause means something. They’re quick to spot practices like “pink-washing” (that is, coloring a product pink for breast cancer awareness month but not actually providing any meaningful support for the cause), so choose your charities wisely and remember that transparency is key! When you commit to a cause, it should embrace your entire company. For example, consider TOMS Shoes. Their message is clear, simple, cause-driven, and instantly accessible: for every pair of TOMS Shoes you buy, they will donate a pair to a child in need. This clear, concise message, coupled with transparency and accountability, has made the company absolutely huge with millennial women. To date, they have provided shoes to over 10 million children.

So let me ask you again, luxury car dealers: do you know your audience? Are you shifting your practices away from the older executives and widows to encompass the generation of Pinterest projects and Tumblr blogs? If you’re not approaching your marketing plans with the goal of making instant accessibility the core of your brand, then you could be missing out on the number one buying segment of luxury vehicles today.

Permanent link to this article: http://blog.ncm20.com/2015/08/marketing-to-the-meme-generation-surprising-facts-about-selling-luxury-vehicles-to-women/

Steven Banks

A Beginner’s Guide to Managing Data

Snip20150723_1

We all have our inadequacies, both as individuals and as businesses. And it’s no coincidence that a business’ shortcomings often parallel the shortcomings of the individuals behind it. For instance, a business atmosphere that is too fast paced and rushed is often the result of an impatient dealer or manager. (When my wife recently accused me of this unfortunate quality, I explained that I have more patience than anyone because I never use any. She didn’t buy it, in case you were wondering.)

On the flip-side, a carefree and lackadaisical business atmosphere could be the result of an unorganized and unenthused manager. To the same effect, strengths tend to overlap as well, and we often forget that our personal fortes can make a positive impact in the day-to-day operations of our dealership.

One strength that can always be improved upon in dealerships is Data Management. It is very easy to become intimidated by newer nomenclature, and in the automotive world, “data management” absolutely fits that description. It is new, it is intangible, and it is constantly changing. BUT, the dealerships that are embracing data management, and effectively using it, are reaping the benefits.

So what’s in it for you?

Here are three reasons you can benefit from improved data management.

1. Turning numbers into actionable intelligence:

Properly analyzing and managing relevant information can transition your CFO and team of controllers from the mindset of accountants to that of trusted business advisors.

According to a USA Today/Gallup poll, accountants are considered the most trusted business professionals over any other position. If one of your mechanics needs a wrench to perform a specific repair, a hammer in hand would be useless if not dangerous. Similarly, data is the tool that your accounting team needs to ensure they are performing at maximum efficiency, and without the right kind, things can become extremely difficult. When you combine the right data with a high level of trust, it enables them to move beyond traditional accountants and solidifies their role as trusted advisors.

2. Deepening the understanding of cause and effect:

How do you figure out the meaning behind poor performance or even revenue that seems to suddenly vanish? Knowing where to derive data and accurately dissecting it can literally make the difference between driving profit and losing revenue.

Example: Turn wholesales into a profit center by focusing on more than just the number of units sold and whether or not you made money from them. Instead, monitor how those deals impacted BOTH front and back end gross. If your actual comp percentage shows different from commission percentage, giving attention to this could explain why. If you pay 25% commission on front end gross but lose money on the wholesale, you could potentially be paying commission on a deal that already is costing you. If you use the right data, you can properly analyze each wholesale deal and adjust commission accordingly, which guarantees you aren’t throwing away additional cash.I would recommend that your dealership invest in a data management platform, as I’m willing to bet that your DMS system doesn’t provide data reporting this granularly.

3. Knowing what to improve at all times:

The most powerful data available, arguably, is having up-to-date industry trends. You should be monitoring your dealership’s pulse and comparing that with the beat of the industry. Leveraging this method is a great way to provide fast and easy dealership comparisons so you know where you need to improve and where you are maintaining a competitive advantage.

Data management is extremely powerful, but knowing what to look for and when to look for it can be overwhelming, so remember to keep it simple! Look at the big picture before diving into the details. As you can see, the question isn’t whether or not data management can be beneficial, but rather how it can benefit you. And hopefully this lays a foundation on where to start.


Learn More:

databanner

Permanent link to this article: http://blog.ncm20.com/2015/07/a-beginners-guide-to-managing-data/

Older posts «