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EFG Companies F&I

The Importance of Product Knowledge

dealHave you ever had a finance manager or loan officer complain about being burned out?

We all know that dealerships and lending institutions alike are trying to find ways to lessen the burden  when it comes to selling consumer protection products. After rapid expansion of menu’s, F&I managers and loan officers are struggling to comply with the 100%-100%-100% rule and keep their penetration numbers up.

Whether your menu is large or small, product knowledge is the most obvious yet least recognized key to keep managers from being overwhelmed and generate success. In addition, it helps managers craft questions for the beginning of the process to better understand which products best fit their consumer’s needs. When based on product knowledge, these questions are the key to creating logic hooks that turn “no’s” into “yes’s.”

Furthermore, product knowledge:

  • Increases comfort level with the product presentation process
  • Makes it easier to present different angles or benefits based on the consumer’s needs
  • Hastens recovery from curve balls

Consider your product penetration rate in your dealership or lending institution. According to Auto Finance Magazine, the average penetration rate for consumer protection products sold in the United States is approximately 40%. What would you do to increase your rate?

With over 35 years in consumer finance, the experts at The Transcend Group, a division of EFG Companies, know how to train your team to consistently meet and/or exceed performance goals by focusing on filling consumer needs in order to sign more loans, increase margins and foster consumer loyalty.

We provide management consulting and advisory services in the areas of corporate growth strategy, innovation and growth processes, organizational transformation, and talent management and development strategies.

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EFG Companies

New Customers. Same Dealership?

On the other end of a harsh economic recession, it’s become very clear that the Americans of today are drastically different from Americans in 2008. People not only tightened their belts over the past four years, they also completely changed their relationship with retail. From iPods to Cadillacs, Americans research online for the products that provide the most for their money and quality customer service.

Poring over blogs, engaging with friends on Facebook and Twitter, reading review sites, Americans are more knowledgeable about the products they purchase than ever before. And, as Generation Y continues to increase their purchasing power, they are leading the movement in the digital retail space.

Considering that consumers are making decisions online before even hitting a dealership floor or credit union office, how adept is your dealership or lending institution at directing the conversation? When asking your team to promote online reviews do you often hear the following?

  • Bad reviews will hurt my reputation.
  • My boss will see the negative feedback and I’ll be in trouble.
  • I’ve already asked them to do SO MUCH, I don’t want to ask for something else.
  • My customers aren’t online.

Training your team to overcome these common myths and ask for the review is essential in directing more and more customer traffic. One of the best ways to create an environment that fosters positive reviews is to choose a team member with a good foundation on review sites and use them as a spokesperson. As they reap the benefits of positive reviews, have them share their experiences and teach team-members the different ways they ask for reviews.

In addition, you can use your team’s competitive nature to increase reviews by posting weekly scorecards in the back office or break room, where everyone can see who received the most reviews and who received the least. It is also a learning opportunity as to what customers are more sensitive to or interested in.

You teach your sales people every day to ask for the sale. Asking for an online review should be a no brainer.

With over 35 years of consumer insights, EFG Companies and The Transcend Group know how to train your team to foster growth, innovation and transformation both online and off.  Learn how we can help you take control of your reputation today.

Categories
Dealership Marketing Featured

Is Your Brand Working for You Online?

Online Reputation ManagementOne of the biggest challenges dealerships face is convincing the consumer to get out from behind the computer and walk through their showroom floor. When nameless, faceless customers are researching and talking about you and your competitors without your knowledge, how can you address their wants and needs and incentivize them to choose your dealership for their business?

It is understandable to focus your efforts on what you know and can control. You know how to price, structure your inventory, and train your team to provide the best customer service. You are familiar with mail-outs, TV spots, and radio and newspaper ads because you’ve had decades to work with them. You know what to expect when it comes to return on investment and how to work within each of these mediums. However, these traditional mediums are losing traction in influencing your customer base.

According to a recent study from Automotive News:

  • 49% of customers base their car buying decisions based on online research.
  • 45% of online buyers visit dealership websites before walking on to a lot

It’s time to stop fearing the unknown and become knowledgeable directors of your online reputation. You are probably already engaging in some aspects of digital marketing. You may have an email campaign, and maybe even social media and SEO campaigns. But do you know what’s working and how your dealership ranks online compared to your competitors?

Online reputation management can be more than intimidating, but with over 35 years of consumer insights with EFG works with you to reallocate where your advertising and marketing dollars can be best utilized to generate a higher ROI. Our integrated communications plans include implementing differentiated messages in all modes of communication, designed to generate leads, facilitate customer loyalty, and significantly impact a higher degree of word of mouth.

  • With EFG Insights, our email management tool, we use strategic processes to identify and target the right audience for the right messages, enhancing email communications from a shot in the dark to directing qualified leads and driving customer loyalty.

If you are ready to take your online reputation to the next level, contact us today.