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\n2017 is upon us! Here are some New Year’s resolutions for auto dealers that are sure to make this next year a great one.<\/h2>\n
The turn of the new year is a time when people like to reinvent themselves. They make promises to exercise, eat healthier, achieve work goals, and forge relationships, among other things. Businesses, if they’re smart, follow suit. But committing to gym memberships and diets aren’t what car dealerships need. That’s why we’ve created this list of 10 resolutions for auto dealers to help you plan for success in 2017.<\/p>\n
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1.\u00a0Create a budget <\/a><\/h3>\nBudgeting gets a bad rap, but it doesn\u2019t need to feel like such a chore! When you\u2019re creating your annual auto dealership budget, it\u2019s a chance to plan for a fantastic upcoming year and organize all of your thoughts so you can take action. It\u2019s also a perfect time for reflecting back on the year that is about to end \u2014 what worked? What didn\u2019t work? And how can you use that knowledge to make next year better?<\/p>\n
A survey of 200 U.S. adults age 18 and older, conducted by Total Dealer Compliance, showed that almost 65% of consumers believe dealership business practices are unethical. But 50% of people would be more likely to shop at an auto dealership that displays its code of sales ethics in the showroom. Where you post this code of ethics in your dealership is up to your discretion. Think about what would work best within the design of your showroom, as well as what would be most visible for both employees and customers.<\/p>\n
In a 2015 survey by Accenture, 32 percent of participants said that dealer websites are \u201cextremely influential\u201d when they\u2019re deciding to buy a car. Another survey from Adobe found that 38 percent of people will stop engaging with a website if the content\/layout is unattractive. Seems like updating that web design is an excellent way to increase your 2017 customer base by over a third!<\/p>\n
Dealership compliance has spread like wildfire since the passing of Dodd-Frank and the formation of the Consumer Finance Protection Bureau. There are numerous strict regulations, from F&I to marketing to inventory, and it\u2019s your job to stay on top of them. Because there are so many regulations to adhere to, it\u2019s wise to strategize so that no one in your dealership ends up breaking the rules. Blaming non-compliance as \u201can accident\u201d won\u2019t save you in a courtroom.<\/p>\n
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5. Get creative with the advertising<\/a><\/h3>\nQuality photos of your inventory are necessary, but most auto dealerships already know that. Go one step further and invest in video. In late 2013, Google released a report called \u201cDigital Drives Auto Shopping,\u201d and the results were very clear \u2014 84% of car buyers plan to watch auto videos the next time they shop for a car. The report also found that an online video was the top ad format for driving brand consideration.<\/p>\n
And remember, those numbers are from the end of 2013; online video\u2019s impact has only increased since then. There are many ways to use online video for advertising, so make sure to play around with it and find the style that works for your brand.<\/p>\n
Social media, as a whole, is only growing. In today\u2019s world, if you want to run a successful car dealership, you need to learn how to use this tool properly. See what tactics connect best with followers and compile research. Once you have an idea of what\u2019s working, begin turning your page into a well-oiled marketing machine.<\/p>\n
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7. Incentivize your sales teams<\/a><\/h3>\nSpiffs are short-term incentives based on a particular focus of your choosing. Salespeople earn bonuses \u2014 usually cash \u2014 for achieving specific goals that you\u2019ve set. This is a widely accepted way in the auto industry to boost morale and encourage some friendly competition among your team.<\/p>\n
The Bureau of Labor Statistics has shown that women only make up about 21.4% of all employees at auto dealers. However, an analysis conducted by Frost & Sullivan found that 51% of all licensed drivers in the U.S. are women. Even more surprising? Women influence 80% of car buying decisions. Road & Travel Magazine believes that number is even higher; they say that women control 95% of all auto purchases. The obvious conclusion? More women on your sales teams.<\/p>\n
Reputation is everything \u2013 and not just in your personal life, but in business as well. It\u2019s not who you are \u2014 it\u2019s who people perceive you to be, based on your actions. Reputations form because opinions spread. When someone has an experience at your dealership \u2014 good or bad \u2014 and they share their views with another person in face-to-face conversation, with 500 of their closest friends on Facebook, or on an online review site like Yelp, it contributes to your reputation within the community. Make sure you’re doing everything you can to make your reputation a favorable one.<\/p>\n
Introducing new technology to your sales team is a smart move. CRM software is one of the top resolutions for auto dealers who are ready to see better sales numbers.<\/p>\n
If you\u2019re considering CRM software for your dealership, it\u2019s important that you train your teams to utilize its benefits. Integration into your business strategy will create a smooth transition.<\/p>\n