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Issue link: https://read.dmtmag.com/i/74170
FEATURE STORY By Bob McCann MANAGING ONLINE LEADS FOR HIGHER SALES CONVERSION RATES inquiries requesting more information. Every online lead matters. When a prospect enters your dealership, you have no idea how close he or she is to signing a check, or even if a sale is to be made, yet you put your best foot forward to make a positive first impression to the potential buyer in front of you. It's like second W ith nearly 90 percent of buyers researching products online, you are bound to receive email nature at this point, isn't it? You don't even think about it. You just do it. Online leads should be treated with the same dedication and professionalism. They probably deserve even more attention than other types of leads for two reasons. First, there is fierce online competition just a few clicks away. Second, you don't have the added benefit of the face-to- face connection. If you ignore an email inquiry for hours, chances are you're wasting your time responding at all. The prospect probably emailed other dealers; one of them was the first to respond and will most likely be the one making the sale down the road. With that in mind, you should treat all online leads equally; respond promptly and on point; and follow up consistently with prospects until they are ready to commit, and with existing customers to drive more sales. Response time; deal or no deal A common misconception is that online leads have a lower perceived value when, in fact, they are as valuable as walk- in prospects. They express interest in your business, products and/or services. These inquiries are just another way of talking to customers and beginning to build a relationship. Start engaging as soon as possible without assuming anything. For example, a brochure request is not of less importance than questions about a specific model. Online prospects expect immediate access to accurate and helpful information designed to eliminate options. In other words, they're looking to choose what they perceive as the right product and dealership for them. The first expectation is a prompt, relevant response. Despite the competition, you stand a very good chance to be noticed and chosen. In fact, ARI's latest Mystery Shop results revealed that 40 percent of leads still go unanswered, so get the upper hand and you will convert more leads into sales over time. Studies have shown that the sales Your lead management solution should provide the Response Rate and the Average Response Time, so you can immediately evaluate results and set goals for continuous improvement. It should also allow you to create a more detailed report as needed. 20 conversion rate drops significantly after two hours. The most successful dealers begin their outreach within 30 to 60 minutes of receiving a lead. If you're just getting started on improving response time, aim for 60 minutes on average, and implement a plan of action to reduce that number over time to 30 or less. With the right lead management solution in place, you can reduce response OUTDOOR POWER EQUIPMENT www.outdoorpowerequipment.com