leveraging reviews to impact the bottom line
TRANSCRIPT
- 1. 1Leverage Reviews toImpact the Bottom LineJack SimmonsDealer Training Manager, Cars.com
- 2. About Me Jack Simmons Dealer Training Manager, Cars.com 35+ years of automotive retail experience Connect with Me: dealers.cars.com/facebook dealers.cars.com/twitter [email protected]
- 3. the potential financial impact of a dealerships onlinereputation in sales, service and F&ILearn how to foster a reputation-driven culture, from processes torewardsopportunities for cost-savings from reviews, includingprocess improvement and staff retentionIdentifyhow consumer-generated content influencesshopping behaviorUnderstandGoalsDefine
- 4. ObjectivesMonitorListen to feedbackfrom across theinternetShare feedback acrossthe dealershipAskDeliver a positivecustomerexperienceAsk satisfied customersto write a positivereviewPromoteShare positivereviews withprospectsReward sales, servicestaff for successRespond Acknowledge andreply to feedbackCorrect any underlyingissuesat the store
- 5. I attribute 10-15 percent of total sales permonth specifically to customers who comein after reading reviews. Another 30-40percent are likely influenced by them.-Brian HefnerGeneral Manager, Tom Wood Toyota
- 6. 6Visitors who read a reviewconsumed, on average,2.2times more pages per visitWhat We Know About Reviews In 2012Source: Cars.com Internal Reporting
- 7. 7Visitors who read a reviewconsumed, on average,2.2times more pages per visitWhat We Know About ReviewsAnd spent2.13times longer on the site In 2012Source: Cars.com Internal Reporting
- 8. 8Visitors who read a reviewconsumed, on average,2.2times more pages per visitWhat We Know About ReviewsAnd spent2.13times longer on the siteOn average,40%of reviews were read on a visitorsfirst visit In 2012Source: Cars.com Internal Reporting
- 9. 9Visitors who read a reviewconsumed, on average,2.2times more pages per visitWhat We Know About ReviewsAnd spent2.13times longer on the siteOn average,40%of reviews were read on a visitorsfirst visitmeaning60%are read on subsequent visitsSource: Cars.com Internal Reporting
- 10. 10Submitted3.4times more email leads thanvisits that did not read a reviewWhat We Know About Reviews Shoppers who read reviews:Source: Cars.com Internal Reporting
- 11. 11Submitted3.4times more email leads thanvisits that did not read a reviewWhat We Know About ReviewsSubmitted4.2times more chat leads than visitsthat did not read a review Shoppers who read reviews:Source: Cars.com Internal Reporting
- 12. 12Submitted3.4times more email leads thanvisits that did not read a reviewWhat We Know About ReviewsSubmitted4.2times more chat leads than visitsthat did not read a reviewViewed4.1times more Map & Directions pages Shoppers who read reviews:Source: Cars.com Internal Reporting
- 13. 13Submitted3.4times more email leads thanvisits that did not read a reviewWhat We Know About ReviewsSubmitted4.2times more chat leads than visitsthat did not read a reviewViewed4.1times more Map & Directions pagesViewed5.4times more Driving Directions pages Shoppers who read reviews:Source: Cars.com Internal Reporting
- 14. 14Submitted3.4times more email leads thanvisits that did not read a reviewWhat We Know About ReviewsSubmitted4.2times more chat leads than visitsthat did not read a reviewViewed4.1times more Map & Directions pagesViewed5.4times more Driving Directions pages Shoppers who read reviews:Visited5.9times more dealer websitesSource: Cars.com Internal Reporting
- 15. 18onaverage25Ifyoungerthan 34Source: GoogleShoppers Use More Sources
- 16. How Has Consumer ShoppingChanged?
- 17. The Loyalty LoopSource: The Consumer Decision Journey McKinsey Quarterly, June 2009
- 18. RatingVolume(4.7)(3.1)Which Dealer Would You Choose?
- 19. Your Brand Online How are you communicating your dealershipsbrand strategy through the channels you own?
- 20. Why Brand Matters More NowThan Ever
- 21. Tom WoodToyota
- 22. Maguire Promotes Reviews inRadio Spots
- 23. Communicate Your Value
- 24. Promote Your Reviews
- 25. What happens when youdont deliver on thebrand value youpromised to provide?
- 26. Dealer Review ImprovementProcessPubliclynotifycustomerObjectivelyanalyzereviewsInspectrelatedprocessesImplementprocessimprovement
- 27. How jetBlue Made it BetterYou deserved better a lot better from uslast week, and we letyou down. Nothing ismore important thanregaining your trust.-David G. NeelemanFounder and ChiefExecutive, JetBlue
- 28. How One Dealership Overcamea Negative Review
- 29. Great Response ProcessListen andAcknowledgeTake theConversation Offline
- 30. Leadership andCulture Influence
- 31. A Reputation-Driven CultureStarts at the TopConrad [GM] gotbehind me 100percent.-Ricky LopezInternet SalesDirector, Greenway Dodge
- 32. The Buck Stops Here
- 33. Recruiting and Training
- 34. Top Employee
- 35. Compensating for ReviewsIn order to receive abonus, each salesperson at Greenwaymust obtain threereviews per month.
- 36. Staff Incentives Bonus for Maguire Automotive for eachpositive review the sales consultant receives.
- 37. The Bottom LineSeldom do good hires turnbad, or bad hires turn good.Impress upon your storesleadership team theimportance ofrecruiting, training andcompensating the rightpeople.Source: The Hiring Process: recruiting, Interviewing and Selecting the BestEmployees, Purdue University, 2005
- 38. Consider ThisHow much would your store pay for a goodemployee?What effects have you seen from a bad hire? How much would you pay to avoid that experienceagain?How much is honest feedback worth to you?Source: The Hiring Process: recruiting, Interviewing and Selecting the BestEmployees, Purdue University, 2005
- 39. If two to three employees starttogether, the ones that get reviews willquickly go from selling six to nine cars permonth to ten plus.-George DunnDirector of BDC, Maguire AutomotiveMaguire Automotive Sees ResultsImpact the Bottom Line
- 40. RecapMonitorListen to feedbackfrom across theinternetShare feedback acrossthe dealershipAskDeliver a positivecustomerexperienceAsk satisfied customersto write a positivereviewPromoteShare positivereviews withprospectsReward sales, servicestaff for successRespond Acknowledge andreply to feedbackCorrect any underlyingissuesat the store
- 41. Consumers who read reviews on Cars.com aremore engaged: they spend twice as much time on site andview twice as many pages.2xVisitors to Cars.com who read reviews are 5x more likely tocontact a dealer.5x91% Price isnt everything 91 percent of shoppers said theywould use reviews when deciding on a dealership.Managing Your Reputationis Good for You!Source: Cars.com Internal Reporting, DriverSide/Kelton Research Study, April 2011
- 42. Questions?