According to that quote, wisdom is the awareness that you don’t know everything. As dealers, you know that you don’t know every potential prospect out there. You know that you don’t know everyone who needs parts and service right now or will need them in the not-too-distant future. And you know you don’t know every single opportunity to get more business from your current customers.
In this case, what you don’t know is hurting you because the unknown means missed business opportunities; And missed opportunities mean you’re missing out on sales and increased revenue. What you don’t know is costing you.
So how do you make the unknown known? Simple. . .data. Well, maybe for you, it hasn’t been as simple as it sounds. Navigating through the quintillions of bytes of data produced daily on the internet (not an exaggeration) to find specific information that can move your business forward can be taxing and even discouraging. Especially when you don’t know how best to utilize the data you’ve gathered.
Perhaps it’s time to take a different approach. Instead of endlessly sorting through available data without clear direction, begin with learning what data can do for your business.
Data Leads You to New Prospects
Data Tells You When Prospects Are Ready to Buy
Knowing who you’re looking for is only the first step. If you don’t reach them at the right time, they can become a lost opportunity. Thankfully, there are data insights that reveal the best time to reach out to a prospect.
For example, you can use a web identification service to find out who’s currently looking through the inventory on your website and even identify what they’re looking at. Randall-Reilly’s new web identification service “Priority Prospects” takes it a step further and scores the leads for you. The higher the score, the more likely the prospect is to buy from you, revealing which leads to prioritize. The data a web identification service provides reveals clients who are currently interested and gives you insight into what to offer them. So, as you might have guessed, it’s crucial to connect with these prospects immediately.
Another way to determine the right timing to reach customers using data is by looking at data points that reveal when they’ll need equipment and parts replacements and servicing, e.g. equipment age and warranty cycles.
Data Allows You to Have Informed Conversations with Customers
Most buyer’s have completed 70% of the decision-making process for a purchase before they speak with a sales rep. That means their mind is already 70% made up on what they want and where they’re planning to get it from before you’ve had the chance to interact with them.
The first step here is to realize that not everyone who walks into your business is technically a new prospect. They may have already researched your dealership or interacting with your website. As you’re identifying new prospects and determining prospects ready to buy, build a prospect list that your sales team has access to. That way, if someone who has previously interacted with you online walks in, your sales team isn’t starting from square one with them.
Data Provides Ways to Reach Prospects
It doesn’t matter how much data you gather if you’re not utilizing it properly. Feeding that data into the right online platforms allows you to reach prospects online. For example, to find your audience on Facebook, you can match email addresses and phone numbers to Facebook profiles and display ads in the News Feeds of the specific prospects matched. Facebook’s only one of the few. You can use other social media platforms like YouTube, LinkedIn, and Instagram, and you can use other online platforms like Gmail and display networks.
What you don’t know can be daunting, but there’s endless data out there that allows you to be in-the-know. Learning what data can do for your business and the specific data you need to move forward is the first step to conquering the unknown.