Customer satisfaction driven stock turn
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A dealership’s customer satisfaction rating has a direct impact on stock turn, according to data from independent automotive review site JudgeService, which will present its findings during its best practice session at this year’s one-day expo, Automotive Management Live.
Taking place at Birmingham’s NEC, the event brings together leading industry suppliers, franchised dealers, independents and manufacturers on 8 November.
Providing delegates with the opportunity to compare products and services in the extensive exhibition’s hall and to listen to expert speakers as part of AM’s series of ‘insight theatre’ sessions, Automotive Management Live has fast become the ‘must attend’ event in the trade’s calendar.
Leading the JudgeService best practice session is managing director Neil Addley who will illustrate the prominent role of customer reviews by drawing on data from over hundreds of thousands of surveys, gathered from more than 1,000 British car dealerships.
Commented Addley:
“The figures are quite astounding. Logically, most of us would assume a link between businesses with good customer service and increased sales, but we were staggered when we analysed the data to find the two so intertwined.”
“The dealers with more positive reviews and an impressive rating using the instantly recognisable five-star system, are also the ones with the highest stock turn. Whilst this could also be indicative of a tightly run ship, interestingly, dealerships where issues were raised but responses were swift also performed well.”
“We have found that capturing reviews from different, critical micro-moments of a buyer’s journey is also key in building a robust online reputation, which helps build trust with consumers.”
“It is not surprising that a good reputation and increased sales go together but having the data which clearly demonstrates how these complement each other is enlightening. In a digital world, a dealer’s online reputation is proving to be a genuine driver of traffic, which leads to enquiries and sales manifesting itself in a faster stock turn.”
“For us, the key is using data to drive business improvement to create ‘raving fans’.”
Stats from JudgeService’s wealth of data provides some fascinating insights into dealer operations, how different elements influence consumer perception and, ultimately, purchase decisions. The data includes answers to questions such as:
What matters more to consumers? Offering finance or the cleanliness of a site?
How many prospects have not been followed up?
How much does the salesperson’s attitude affect stock turn?
Addley added:
“Studying, dissecting and acting on feedback data is the key to a successful dealership. As important as it is to acquire as many reviews as you can, consumers (and the government) will find out if these are genuine or not. So, don’t take customer feedback for granted. Analyse your responses and identify which aspects of your business can be improved, as we can prove that your customer satisfaction rating at the critical moments of your customer’s journey, has a direct impact on stock turn.”
Once again, entry is free for dealer and manufacturer visitors to Automotive Management Live although prior booking http://www.automotivemanagementlive.co.uk/online-registration is essential.