Although the automotive industry’s survival relies solely on profits, it still isn’t enough for you to see eye to eye with your competitors.
That’s why you must move beyond the traditional approaches and not merely wait for the next customer to walk in the showroom, but make your way to ramp up the sales.
But how can you do it?
Here, equity mining plays a vital role in increasing revenues while allowing car dealers to harness data efficiently, identify prediction problems, and alter manufacturing planning if required.
To understand what’s best for your dealership, feel free to click here and schedule a free equity mining process and training session today. Professional Success South offers professional sales training and business consultancy in Palm Springs, CA. Contact us now!
Let’s dig deeper into what equity mining is and how it can be critical for your dealership’s progress.
Equity Mining In Automotive Industry – The Naked Truth
Equity mining is similar to data mining, but it only focuses on existing clients having a higher chance of purchasing another car. An equity program is used to pick potential leads based on the factors, including company incentives, residual values, existing car’ (s) equity, and interest rates.
Once chosen, the sales representative then contacts the prospects, proposes an offer, and seals the deal. Not to forget, the terms and conditions do not change much during the process, and customers can continue with the same payment as before.
However, not only this but equity mining is also helpful in several other ways. It can pump money back into a car dealership company by offering leases, selling new cars, or trading new vehicles with the old ones.
Note that the owner will need prepaid maintenance, insurance, and other car-related services when you sell a new car. Plus, they might also go for upgrades and modifications that can turbo boost your ROI.
On the other hand, when you trade-in used cars, the vehicle may need part replacements and maintenance. Ultimately, this also benefits the finances of a dealership.
How Equity Mining Boosts Your Bottom Line
1. Re-energizes Your Marketing Strategies
By knowing the number of your potential loyal and fruitful customers, you can streamline your marketing strategies accordingly. This way, you can target the right customers for your upcoming campaigns and see your revenues increasing in no time.
2. Improves Customer Retention Efforts
Since equity mining provides access to all of your customer data, you can easily curate customized offers to fulfill their needs and requirements. Ultimately, this allows you to increase customer satisfaction, which in turn improves the customer retention rate. However, it would help if you focus on the customer data and the latest market trends simultaneously to offer precisely what your customers are looking for.
3. Spots Invisible Opportunities
With the help of equity mining, you can quickly identify which customer has not yet availed the maintenance or other car-related service. Or you can discover customers whose leasing or financing is coming to an end and plan offers and conditions for them accordingly. These are a few potentially profitable insights that you might not know of without the equity mining program.
If you plan to use an equity mining tool or upgrade your current dealership management software, Professional Success South is here for you.
We ensure you stay ahead of your competitors at all times by revealing modern sales strategies to you. Click here to get started with our sales training and business consultant training sessions in Palm Springs, CA, today!