“If you know the enemy and know yourself, you need not fear the result of a hundred battles." -Sun Tzu’s Art of War Other dealerships in your area may not be your enemies and you’re not exactly at war with them. However, we can all agree that they are your competitors meaning there is a competition, and in every competition, there is a winner and a loser.
In a previous blog post we discussed Convenience as a Pricing Strategy. In that post we talked about how instead of discounting your services you can actually charge premiums by making your dealership more convenient for customers. One of the most common questions we get from dealers (especially in response to that post), is whether or not they should be using coupons to incentivize customers with cheap oil changes and other services they offer. In the previous post we were not saying that...
Today I want to try and give a little food for thought about your pricing and sales strategy by talking about one of my favorite subjects: pricing psychology. A good understanding of pricing psychology is a powerful tool for dealers because it shows that in the end it’s not the price that drives the customers behavior, it’s the perception of the price. In a sense, every pricing manager is also a perception manager.
You are a successful dealership. You've sold tens of thousands of cars. But, how many have you bought? When I say ‘bought’ I mean how many cars have you bought going through the same processes that your customers go through? Being in the car business affords you the luxury of NOT having to go through what your customer goes through and until you get that experience, you’re more in the dark than you could ever imagine.
Two weeks ago we did a blog post on the importance of managing your online reviews such as ones on your Google My Business Listing. After some feedback and seeing that some dealers were having issues with optimizing their My Business Listing, we thought it would be helpful to walk through some ways to optimize your listing, or if you haven't set one up already (very important), how to do so.
The Law of Marketing: Repeated exposure to the right people yields results. This hasn't changed. The internet adheres to it. Social Media adheres to it and everything that has not yet been invented will adhere to it. So how do you consistently get your product in front of the right people? Well, there are really only two choices to guarantee your message is delivered to the people most likely to purchase from you:
Shoppers spend more and more of their time online every year before ever making their way into a dealership. This has made managing your online presence more important than ever before.
At Edifice, we're always looking towards the future, but this week we take a look at the past for a bit of American industry history. Fourth of July is just around the corner and in honor of Independence Day we will be looking at (in our opinion) the 4 most influential cars in American history.
Picking up on our discussion of convenience as a pricing strategy let’s examine the results of the convenience audit we provided and address one of the major issues it most likely revealed. If you did not complete the audit or read part one, you can find those here: Most likely your audit revealed long wait times to get into the F&I office, as this is a common complaint among customers.
