While heavy news coverage of the financial turmoil is hard to avoid, you don’t need to let it overwhelm your dealership operations. It is hard to avoid feeling the "recession depression,” but you can either let the media send you into panic mode or view the downturn as an opportunity.
Here are some ways to thrive in tough times:
1. Don’t be afraid to discount: Consumers are holding their wallets more tightly. The key to unlocking their dollars is in discounts. Big department stores are holding huge sales and offering more coupons than ever. Reevaluate your pricing strategy and offer discounts off your most popular products and services.
2. Leverage the Internet: Are you selling products and services from your Web site? Can you expand sales channels on eBay or another online venue? Are you reaching your customers with e-mail marketing? Is your Web site optimized for the search engines? It doesn’t have to cost a fortune to implement an online marketing and sales strategy. Simply adding coupons and gift certificate purchases to your Web site can uncover a whole new revenue stream.
3. Form a mastermind group: Get together with your staff or assemble a small group of people who understand your business and brainstorm opportunities. When several people get together with a blank piece of paper and some good energy, magic can happen. Ask for ideas – you might be surprised by the results.
4. Tap into new niches: Are there product or service niches you’ve been considering? Can you uncover a new market for your business? Pick a new product, service or segment and then develop a plan of attack.
5. Reach out to customers: Overlooked opportunities come from existing and past clients. The fact that they have already done business with you makes it far more likely that they will do business with you in the future. Make sure you are marketing to them, reaching out and reminding them that you’re there. Ask for referrals and offer a powerful incentive such as a cash reward or gift card for referrals.
6. Survey customers: Much can be uncovered by asking your customers for feedback. Develop a short list of questions that include ratings on your products, services and staff. Ask specific questions such as, “How can we improve your experience with us?” Tools like SurveyMonkey.com can help you accomplish this easily. Evaluate the survey results and take action to make improvements.
7. Keep your eye on the prize: Sharpen your own skills. Take classes, read books and network with others in your industry so you can learn from them. Get involved in your state association. Look for joint venture opportunities. Determine your priorities. Where should you be spending your time? What can you do to make your company bigger, better and stronger? Leave the worrying to your competitors and instead seek out opportunities and stay positive. When you put the right energy and focus into your dealership, the results can be extraordinary.
Click here for more ways to strengthen your sales efforts.
– Source: Tire Review Business Toolbox
