In a recent analysis of over 2,000 showroom sales enquiries, we identified that top performing dealerships achieved an average sales conversion rate of 31.3% – significantly outperforming the industry average of one-in-four.
And from our lead tracking analysis we could also see that 80% to 85% of all incoming enquiries were closed within the first 4-days of their showroom visit.
So what happens to those ‘hot leads’ that are not converted in this initial 4-day window and how can you maximise ‘Lost Sale’ opportunities?
The major reason behind ‘Lost Sales’
With an average of 3-5 new incoming sales leads per week, it doesn’t take a genius to work out that hard-pressed dealership sales staff can only manage a pipeline of so many leads, before last week’s unconverted prospects fall away – and are left without any meaningful follow-up!
And this is precisely the area where these ‘high conversion’ dealerships maximise their chances of converting every possible sales opportunity.
Every enquiry that’s been closed-off as a ‘Lost Sale’ triggers a customised message that opens the door to potential re-engagement, with a surprising number converting back into a ‘new’ enquiry and subsequent sale (in a recent campaign, 46% of ‘Lost Sale’ enquirers replied that they were still in the market for a car!)