Thursday, April 2, 2009

How to use MarketVision Part 2-Increasing Closing Ratio

How to Use MarketVision Part 2-Increasing Closing Ratio

A lot of dealers have started to shy away from the events with a gift for coming in recently. However, with times like they are, consumers need more incentive now than ever to take action. This post will discuss ways using MarketVision can help increase closing ratio and turn some of those "gift getters" into buyers.

Salesperson Interaction

1. The MarketVision kiosk has replaced the prize banner! This will avoid the common occurrence of people coming in and checking what they've won without ever talking to anyone.

2. To use the MarketVision kiosk every customer must be accompanied by a salesperson. This is ensured by the kiosk requesting a salesperson ID before allowing anyone to scan.

3. Salespeople must use this initial interaction to the fullest extent! Use the time in line for the kiosk or filling out the information to get to know the customer. This is the perfect time for quality bonding and rapport.

4. Don't rush the customers! If there is a line for the kiosk that is okay! People are used to standing in lines for everything from groceries to ATM's this is YOUR time to get to know them.

5. The last question the kiosk will ask is what vehicle they are currently driving--you now know a potential trade-in. When the customer receives their voucher from the kiosk it will offer them an additional $250-$750 for their trade (depending on the year). GET EXCITED for them! "Wow, this is the first time I've seen a $500 voucher, that could really help out with getting you a newer car for a similar or cheaper payment than you have now! Let's take a look at your current situation and see if we could help."

6. After the kiosk interaction you can request them to fill out any additional info you might want on a registration form (soc # for credit reasons for example).

7. Give them their prize and THANK THEM for coming in. They may not be in the market right now, but if they know there are friendly, helpful salespeople at their dealership they are more likely to start the next car search with you.

Follow Up

1. Log on at the close of business every night and print out lead reports from the day by salesperson. These reports will have all the contact information entered in the kiosk.

2. Pass them out the next morning before the sale begins to the respective salesperson.

3. Set the expectation that these people need to be called or emailed sometime during the day during any downtime. Many dealers call to "check on their experience at the store" or have a quick 2-3 question survey to ask. Be sure to double check there is no way you could help them with finding a new vehicle.

4. After the sale every person who registered on the kiosk will be receiving a First Class follow up letter with a Buy-Back message. Be on the look out for these. If they've been in twice in two weeks, odds are they are an excellent prospect.

5. Continue to follow up. Add these lead lists to your CRM and get them on your email campaigns and future database mailers.


1. All sales people have strengths and weaknesses. During or after the sale take a moment to see what each person's individual closing ratio was. Some sales team members may need a little extra coaching on how to handle this type of traffic.

2. Consider having your best closer do a training session before the next sale on how he or she handles traffic.

3. Apply any "best practices" to the actual process across the board. MarketVision helps ensure everyone follows the same process so every customer gets the best experience they can at your dealership.

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