The True Value of a Lost Sale
Published: January 2024
How often do you focus on conversion data? All the time, right?
Of course, you look at the people who have purchased vehicles, but do you look at the people who haven’t bought, and the reasons why they haven’t converted into a sale?
At Marketing Delivery, not only do we provide CRM touchpoints for converted customers, but we proactively reach out to individuals marked as ‘lost’ to delve into the reasons behind their decision not to make a purchase, gathering valuable insights to enhance our understanding of customer behaviour.
Encouragingly, we’ll often find a significant proportion of these customers are actually still in market (on average 33%), which means we can re-engage them via our Stock Alerts emails and bring them back into the sales pipeline.
Our Lost Sale Surveys also capture qualitative insight as to why they didn’t purchase originally in the hope the retailer can work with them to secure a sale. In 2023, the most frequent feedback we saw was Vehicle Price, including monthly payment (28%), Vehicle Availability (27%) and Part exchange Value (22%).
On the flip side, for those who tell us they’re not still in market, we’ll still ask for the reason they didn’t buy from our retailer client and give customers the opportunity to elaborate. Typically, our Lost Sale Surveys will include questions such as ‘Were you made to feel like a valuable customer?’ and ‘What could we have done to secure your business?’.
This insight is absolutely invaluable to our retailer clients; it helps them look at operational processes, their customer journey, and marketing automation to identify how they can adapt their business going forward to help increase their conversion rates.
Retailers typically have their own ‘Lost Sale process’ which may or may not be based on customer insight. However, we tend to see the best results are those that lost sale around the 14-day mark. It’s important not to do it too soon to ensure the enquiry is kept active, but also don’t keep hold of it for too long and miss the window to re-engage with an appropriate message.
Marketing Delivery clients experience the advantages of our automated marketing platform, VoiceBox, which streamlines tasks and operations on their behalf, ensuring efficiency and effectiveness. By re-engaging with the customer as soon as their status has changed, we can help deliver them back into the pot or drive the qualitative insight retailers require.
In 2023 alone, our lost sale conversion process has helped to drive over £8.5 million* in additional revenue to our retailer clients.
Get in touch and find out how Marketing Delivery’s VoiceBox can help you improve your conversions and drive more revenue.
*Average Profit Per Unit of £1,250
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