Women’s Wednesday #70: What is Your Trust Dashboard?
Posted: March 7, 2018 by Anne Fleming, Car Buying Advocate
Your Trust Dashboard Part 1
Do you know the #1 reason women choose a particular dealership to buy a car over another? It’s TRUST. Surprised? Many dealers think the lowest price is the top reason. Research shows women seek a trusted advisor first to help them navigate the myriad of choices when selecting a vehicle. This means your dealership’s perceived level of trust by guests and buyers has a direct impact on your bottom line.
How do you grow trust and convert this to more women customers?
You Can’t Grow if You Don’t Know
First, learn about your women customers, specifically:
1. What percentage of your leads are generated by women?
2. What percentage of your business is generated from women?
3. What percentage of your service drive business is generated by women?
Nationally, women purchase 45% of the cars. This is a great benchmark for determining how your individual dealership is performing when it comes to female market share.
Once you know your own numbers, create a benchmark “Dashboard” to show your starting point. Include the statistics from above and create goals and a timeline for increasing performance.
Gain Valuable Insights:
- What percentage of your women-prospect leads convert to buyers at your dealership?
- What is your average retention rate for women in the service drive?
Once you implement plans to increase sales by increasing trust, track your progress. Keep statistical information front and center for your front line team and employees. Engage them in the process to reiterate ideas and create new programs. Evaluate what is working and investigate areas that are not improving.
Their success is your success.