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Equity Mining Solutions

Discussion in 'Other Cool Technologies & Services' started by Mitchell Brenner, Sep 16, 2011.

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  1. Mitchell Brenner

    Mitchell Brenner
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    We recently signed up with Xtream Service for our equity mining and we love what we've seen so far. (Two sales in a week). My question is to anyone using any of the equity software solutions (Autobase, Xtream, Auto Alert) what is a best practice for mining the Service Lane customer that we are notified is coming in and has equity? Are you having the salesperson/BDC greet the customer prior to service? Are you having them contacted after the service, before the service? Any advice would be great!
     
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  3. DanMorgan

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    We just got Autoalert and the results are great so far! The system really had great scripts for both the conversation and even leaving VM's. It also has alot of information there to show if you even have a possible shot to make deal. (High, Medium and Low priority). We try not to focus on the low's but the Highs and some Medium alerts are really good shots at at least keeping the customer where they are at right now.

    the script doesn't lie. The customer came up because of a client we have intersted in their trade. Talk only about the trade and get the customer in.

    It'll only get better from here!
     
  4. Jeff Kershner

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    I've worked with dealers using both of these mentioned programs with great success.

    Here are a few links to other conversations on AutoAlert.

    http://forum.dealerrefresh.com/f5/anyone-using-deal-activater-autoalert-etc-1312.html

    http://forum.dealerrefresh.com/f44/anyone-using-auto-alert-1157.html

    Xtream Service seems to have a slight advantage since they some form of integration with the manufacturer but at the same time they only have a few manufacturers on-board - Acura being one of them.

    AutoRevenue / Dominion has a product as well - Deal Activator. I like how it integrates in with their online service scheduler.

    The issue with many of these programs is the fact that you are reliant on PEOPLE to make it happen. AutoAlert is only has good as your team making the calls. I believe this could be said for Xtream Service as well.
     
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  5. craigh

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    I think you linked to an internal clarivoy image.
    https://clarivoy.manuscript.com/def...achment&ixAttachment=2496&sFileName=image.png

    But since you bumped this thread, I will say that we've been looking at equity mining alot lately.
    It's pretty exciting and I can see some really neat ways that this can be done.

    Trying to find some unique ways to combine this data with our marketing products and then tie that even further into the websites. Try to create an end-to-end experience for customers that are in a position to move.
     
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  6. Alex Snyder

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    In regards to equity mining solutions on the whole, I rarely find a store who is super thrilled with any solution after about 6 months. It seems like too many of these solutions "blow their load" right away and then the remaining trickle seems like a waste of time in comparison to the immediate pop that initially came in.

    Anyone experiencing long-term excitement? If so, what is different about your solution?
     
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  7. craigh

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    Best solution I've seen is a drip-drip system to each sales person.
    They each get X leads per week and that way you never run dry.
    It also forces them to do a better job of closing every lead, rather than just moving onto the next in the pile of 1000 customers who "qualify" for the weekend event.
     
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  8. Jeff Kershner

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    Alex, that seems to be the average lifecycle. I've used over a half'a dozen different ones over the years. The one we are using right now didn't even make the 6 month mark. Most are standalone (not part of the CRM) and require as much work and dedication for the sales team as a CRM. The most success I have had is when we have a dedicated "concierge" handling the "portfolio" and working from the software/service exclusively - with a mix of automation. But damn they need to be good on the phone!

    Speaking of automation - @craigh@craigh I still really like your Bumper product!
     
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  9. craigh

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    Thanks :)
    I am barely on here because I am trying to keep up with all the feature requests right now.
    Being in a 3.0 release means every client has a "it would be nice if it..." request that we need to evaluate and, in many cases, build into the product.

    Today we looked at follow-up campaigns for any customer that did not open the email or visit their personal webpage from the letter.

    The next on my list to evaluate is recurring campaigns for a constantly updated customer database - how can we automate a "thank you for coming in for service" email that sends to all customers who serviced in the past 7 days, did not previously receive this email, etc. We then send them the CSI prep template and the dealers have consistently seen higher CSI results when they seed the email with all the same terms they expect to see on the CSI survey. So if Hyundai asks customers how they felt about the "atmoshpere" in the service department, we make sure the email they get says we hope they enjoyed the "positive atmosphere" in the service department.

    This same email logic is going to be used to send letters for customers who are in an equity position, which we can then drip-drip automatically so that greedy sales people can't jump the line.

    Honestly, I am having way more fun with this than I do with CMS product where I am constantly fighting iframes and inventory providers.
     
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  10. Chris Leslie

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    I totally get and understand why this seems to be the case. When a new tool is launched and it mines years of data it's going to dump a lot of new leads into the system overnight. Day 2 and beyond are just a trickle compared to Day 1.

    The key to Equity Mining is that it should be completely automated up until there is a response from the customer. However, that may happen.

    Most people I talk to don't have any automation built into their lead management process.
     
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  11. Alexander Lau

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    Owner Marketing/Equity Mining
    Data segmentation and analytics tools that help identify and target potential customer opportunities based on lifestyle and historical purchase patterns.

    https://www.drivingsales.com/vendor-ratings/category/owner-marketing

    Which includes the majority of which I had posted in that Clarivoy spreadsheet image (which they deleted). It's not rocket science to be able to find that stuff. easy...
     
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    #10 Alexander Lau, Jun 18, 2018
    Last edited: Aug 6, 2018

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