BLOG FOR SPECIAL FINANCE CAR DEALERS
Increase your Lead Contact Ratio
In the last post I discussed what drives people to the Internet and the differences between traditional internet leads and subprime leads. Now I would like to write about what to do when we make initial contact with an internet lead, sounds simple enough, but even if utilize an automotive call center, you’re likely to make contact with fewer that 80 percent of the internet leads you receive.
So before we discuss what we do with an internet lead when we get them on the phone lets discuss how to improve our chances of getting them on the phone.
Timing is extremely important, internet leads should be contacted within 15 minutes of receipt of the lead. To help keep track of this, each incoming lead in LotPro’s Lead Tracking CRM is stamped with the incoming time and the time of first contact.
Within LotPro, new leads will have a lead status of new; leave them in this status until initial contact has been made. Doing so will initiate automated tasks within LotPro that includes a series of emails, phone calls, and letters to mail. It will also enable you to determine your conversion rates between each of the sales gates. Knowing your conversion rates is the first step in determining your strong areas and where you may need additional help.
When attempting to establish initial contact with the lead utilize every phone number provided on the application. If it’s during the day, call them at work. If the lead is unable to take an incoming call, you’ll at least be able to verify that they work there and obtain the proper phone number to verify employment.
Do not assume that the home number listed on the credit application is the leads home phone number, often, leads will list their cell phone number here, if your unable to contact them at work, call the home number.
Record each call attempt, and the information you gained from the attempt within LotPro’s lead log. If you leave a voice mail message, do not disclose your franchise information. Disclosing your franchise information prior to speaking directly with the lead will increase the amount of leads that you are unable to make initial contact with, and increase the amount of calls you will have to make before you get the lead on the phone. Why? As I mentioned in the last post, the special finance lead is not expecting a call from your specific store. Some of the leads will have a pre-determined opinion of your store or the franchise you represent.
For example, if you represent a Korean automaker in Detroit, or a domestic automaker on the west coast, chances are the new car models that you carry are not in your leads top ten list of dream cars they’d like to own. You may have hundreds of used cars on your lot, covering a wide array of makes and models, but in the mind of the lead they will be limited to selecting a new or used car model from within the franchise you represent.
The only way to overcome these pre-determined opinions is when you have the lead on the phone, not in an email or voice mail message. In fact, with sub prime automotive leads, do not send an email auto responder; attempt to contact them via phone before sending an email.
When leaving a pre-contact voice mail, always refer to your self as the local representative of Auto Credit Express.com. The purpose of the voice message is to get the prospect to call you, not to set up a meeting or sell them a car.
For example you could say something like: “Hello, this message is for Corwin Fitzsimmons, Corwin this is Dave LaLonde your local representative of Auto Credit Express DOT com. Recently you were online and applied for an auto loan. I have some great news for you, please call me back today before 9 pm or tomorrow before 10 am, my direct line is 248 370 6635”
As time goes on, you will have more leads in your funnel that are still in the new status, that is to say, you have not yet made initial contact with them. In addition to these leads you will also have to process new leads.
To ensure timely processing of the special finance leads assigned to you, I recommend that you block at least three periods per day for lead and customer follow-up calls, one period of the day in the morning, one in the afternoon, and one in the evening. The duration of the period will vary based on the amount of leads in your funnel.
One last tip on improving your new lead to contact ratio; if after a few tries you are unable to contact the lead, and they have not returned your calls or responded to your emails, it does not mean that they have purchases a car or that they are no longer in the market. It may mean that they have a pre-determined opinion of your store or the franchise you represent. Call the lead via your cell phone, that way your stores caller id will not display.
Let’s review the highlights of what we covered so far
- Call new leads within 15 minutes of receiving them.
- Call leads where you expect them to be right now.
- If leaving a message; do not identify your franchise until after you speak with the lead.
- Do not utilize an auto responder and do not identify your franchise information via email until initial contact has been made.
- Block out phone time during varying times of the day to contact leads.
- Until initial contact is made do not change the leads status, leave it in the new status and follow the automated task list generated by LotPro.