Your Customers Will Give You Valuable Information...You Just Have to Ask!
By Grant Dunning
On behalf of dealers across the nation, I am fortunate to have the opportunity to survey hundreds of thousands of car buyers on an annual basis. This summer I tallied the results of a sampling that represented a cross section of dealers throughout the United States. The results are truly remarkable.
Over the three month period of JulySeptember 2000, we collected 6,020 surveys from car buyers throughout the nation. Let me clarify the content of the survey, they specifically deal with:
- The delivery process
- Advertising sourcing
- The car buyer's interest in additional information on extended service policies
- Why the customer bought the vehicle
- Questions asking the car buyer for referrals
As I share the results of this sampling, I want you to calculate the potential dollars that are being generated by this simple survey. Out of the total of nine questions, I am going to focus on the results of just two.
Extended Service Policy
Out of 6,020 surveys returned, a total of 3,674 car buyers were interested in learning more about extended service policies. That's right, an amazing 61% wanted additional information on these opportunities for increased revenue. This gives these dealers the chance to sell additional policies that were not sold at the time of delivery. The average consumer believes that the only opportunity to buy an extended service policy is at the time of purchase. Many customers change their mind after the delivery process. Asking this simple yet effective question allows you the opportunity to gain business that would otherwise be lost.
Referrals
This statistic is astounding. On the 6,020 surveys returned, we received a total of 1,050 names of potential customers who were interested in buying another vehicle. What is that worth? Fresh referrals from your most recent customersthis type of lead generation is priceless. For every 100 cars sold is your sales staff receiving 18 referrals? The answer is probably no.
Ask The Questions
The statistics above are a result of asking the questions. If you want to sell more extended service policiesask the question. If you want to generate more referrals from your customersask the question. If you want to find out where your advertising is workingagain, ask the question. I can continue to give examples, but you get the point. The statistics I've provided for you are genuine. The information was gathered directly from car buyers across the country. You must have a process to ask these important questions and gather this information. If you don't, you are missing out on opportunities to incrementally increase your sales!
Grant Dunning is the president and CEO of the OCT Group - a relationship marketing company working with more than 1,000 dealerships in all 50 states and Canada since 1986. For the past decade, Dunning has been designing sales follow-up programs that help dealerships improve their customer retention and loyalty. Dunning is an active member of TEC (The Executive Committee), an international organization of CEOs, and graduated from the University of Southern California. gdunning@dealeronline.com
