Internet Closing Percentage

[jmcreavy]

Elise that is a MONSTROUS close ratio!!! The highest I personally achieved was 17% close ratio with pure raw data that includes bad leads with bad information that you could not connect with.

Zhendrix I completely understand what you're saying. It seems darn near impossible to get Sales people on the same page to properly mark customers so that we know how to continue follow-up with them. Did they truly buy elsewhere or are they just holding off for financial reasons?

I would love to go through a month of yours Elise to see the Leads you had and your follow-up. I'm sure there is quite a bit I would learn!

 

[Jeff Kershner]

Elise that is a MONSTROUS close ratio!!! The highest I personally achieved was 17% close ratio with pure raw data that includes bad leads with bad information that you could not connect with.

Zhendrix I completely understand what you're saying. It seems darn near impossible to get Sales people on the same page to properly mark customers so that we know how to continue follow-up with them. Did they truly buy elsewhere or are they just holding off for financial reasons?

I would love to go through a month of yours Elise to see the Leads you had and your follow-up. I'm sure there is quite a bit I would learn!

I won't speak for Elise of course but I'll chime in and reinforce Quality over Quantity. And as we are seeing within this thread, there are MANY variables and different ways people/dealers measure their performance.

"Quality" = Quality of Leads but also a Quality Response to the customers request. You'll find dealers or "internet sales reps" that are closing at an above average rate are going above and beyond and providing the customer with an above average experience (initial response).

1. Answering the customers question(s)
2. Using something like AIUA to formulate their responses.
3. Using Video vs Text (walkaround video of the vehicle of interest or personal introduction)
4. A plan for long term follow-up / lead nurturing

 

[Bill Simmons]

I won't speak for Elise of course but I'll chime in and reinforce Quality over Quantity. And as we are seeing within this thread, there are MANY variables and different ways people/dealers measure their performance.

Jared

I also like to segment leads into different types to Jeff's point of quality over quantity. For example one segment would be factory leads, another leads from your website, another for inventory listing sites. Take a look at these segments and their individual closing percentages and may help you to focus on the sources that are sending you the highest quality leads. Of course we want to give all leads and prospects a quality response but by knowing which ones close better for you cannot hurt anything1

 

[jmcreavy]

Jeff that is great information! I had the pleasure of getting training from David Kain who helped provide insight on how to better manage and hold the Internet / BDC accountable to provide better performance results.

Essentially stating that quality responses and consistent follow-up will provide top results.

I also like the info on looking at the lead to show ratio to see how many of our leads are coming in, but then also how many of the leads that come in are closing.

 

[Jeff Kershner]

David runs a stellar program plus he's knows as the nicest guy in the business.

Here's a supporting article what was just published over on Wards - Second-Fastest Responders Show Better Closing Rates | Internet Newsletter content from WardsAuto

I also like the info on looking at the lead to show ratio to see how many of our leads are coming in, but then also how many of the leads that come in are closing.

It's a real eye opener when you not only track your Lead to Show and Show to Close but also your Show to Lost, where the customer is at your dealership to work a deal, leaves and goes down the road to your competitor to make their purchase. This is a real eye opening stat that most dealers never get see (other than maybe a more broad pump-in / pump-out report).

 

[jmcreavy]

David runs a stellar program plus he's knows as the nicest guy in the business.

Here's a supporting article what was just published over on Wards - Second-Fastest Responders Show Better Closing Rates | Internet Newsletter content from WardsAuto



It's a real eye opener when you not only track your Lead to Show and Show to Close but also your Show to Lost, where the customer is at your dealership to work a deal, leaves and goes down the road to your competitor to make their purchase. This is a real eye opening stat that most dealers never get see (other than maybe a more broad pump-in / pump-out report).

I've always felt that the FASTEST to respond will not always win because that first quick email gets pushed down in the customer's inbox by spam and other Dealerships who respond slower.

The key to being the fastest and being able to get customers to open your email is to then send another email that is more thought out and well put together 15 - 20 minutes after your first email in my opinion.

What are your thoughts on this Jeff?

 

[skeetle]

You don't want to be the fastest. Think how an e-mail box works. As e-mails come in, the older ones get pushed down towards the bottom. But moreover, the fastest is probably an autoresponder, with no content that pertains to the specific customer.

Call first - if you leave a message, tell the you're sending them an email & if they wouldn't mind, please reply to it so you make sure it doesn't get caught in their spam folder. But if you don't hear from them - you'll call them later in the day.

And then call them later in the day & say "just wanted to make sure you received the e-mail I sent to you."

There's specific things to say in this instance, but that sounds like a blog post in the making....

 

[jmcreavy]

Megan - It's funny that you say what you did about the inbox of an email account as I've preached that to MANY people for several years now. Especially with the amount of spam we receive on the daily, the longer time goes by the more likely the first email becomes the bottom or 2nd page email that most people NEVER check.

I do not agree with not being the fastest though. During the day I do NOT have an Auto-Responder, only during off-hours. During the day the ISM's respond right away with a phone call and an email with a video of them in it. Then an hour or so later they send another email along with another phone call. This way we can say "We sent you some information earlier and wanted to make sure you got it along with anything else you may need." If the customer didn't see it, now they will check their inbox or spam folder.

I want to be the fastest, but also most consistent. So sending several emails within the first day with Value Items packed in along with a couple phones calls if a valid number is present. Leaving voicemails such as "I got great news and send you an email, if I don't hear back soon I'll try again later today," which is a classic Elise Kephart line that I stole.

 

[yagoparamo]

You don't want to be the fastest. Think how an e-mail box works. As e-mails come in, the older ones get pushed down towards the bottom. But moreover, the fastest is probably an autoresponder, with no content that pertains to the specific customer.

Call first - if you leave a message, tell the you're sending them an email & if they wouldn't mind, please reply to it so you make sure it doesn't get caught in their spam folder. But if you don't hear from them - you'll call them later in the day.

And then call them later in the day & say "just wanted to make sure you received the e-mail I sent to you."

There's specific things to say in this instance, but that sounds like a blog post in the making....

Megan,

With your experience have you found out if customers dislike getting called on email leads?

I myself dislike this, for starters I can't answer my phone because I'm in meetings, etc (so that's why I send email request) and second people don't understand what I say anyway (accent is even harder over the phone).

When I send an email I expect an email. I'm unique or have you found this to be the case with your leads?

 

[craigh]

Megan,

With your experience have you found out if customers dislike getting called on email leads?

I myself dislike this, for starters I can't answer my phone because I'm in meetings, etc (so that's why I send email request) and second people don't understand what I say anyway (accent is even harder over the phone).

When I send an email I expect an email. I'm unique or have you found this to be the case with your leads?

I'm with Yago on this one. If I wanted a phone call I would have just initiated it myself.
I know customers still take the phone call and sometimes they get closed on that call or convinced to come in, but I still think there's a certain percentage or customers that choose their communication method on purpose, not just for convenience.