When it comes to choosing a new vehicle, digital is becoming ever more popular for consumers. While online sales played a small role as recently as 2019, the advent of more in-depth consumer experiences, increased digital trust and health concerns have seen online car transactions increase by 1228% during 2020 among some retailers, according to the Leasing Broker Federation.
As has been the case in many industries, the events of 2020 have accelerated existing trends in automotive sales and leasing in an industry that has long been ready for change. However, the industry at large has been slow to adapt, with just one in five dealers offering a full online sales transaction option. For automotive finance brokers this shift provides a huge opportunity. However, to embrace it, firms will have to update their lead generation, sales and customer management systems to attract, convert and retain customers.
This guide will walk you through the digital sales journey, explaining the technology, processes and tools you need to create a seamless online customer journey that drives long term growth.
Planning your transformation journey
Attempting to implement a host of new technology and processes at once is challenging for any business. To manage change efficiently, brokers should target progressive digital transformation across key service areas that drive the online selling process.
Phase 1: Online Presence
Implementing the core functionality required to facilitate digital sales.
- Website Optimisation
- Digital sales functionality
- Lead capture
- Catalogue integration
- Search functionality
- Online quotes & proposals
- E-signature
Phase 2: Connected Process
Optimising your processes and team structure to improve performance and service levels.
- CRM optimisation
- Service benchmarks
- Partner integration
- Specialised internal roles
Phase 3: Enhanced Efficiency
Automating elements of your sales cycle to save time within your team and devote resources to value-add areas.
- Sales process automation
- Customer engagement benchmarking
- Upsell & renewal quotas
- Content & support automation
By implementing new technology progressively, you can effectively align your business model and processes with your customers needs and expectations, seeking feedback and revising as you develop your systems.
Creating your online presence
Car buyers now spend 61% of their time researching and shopping on the internet, before they ever speak to a broker or dealer. This is a fundamental shift that gives more power and control to buyers and changes the role of brokers.
Your online presence plays multiple roles:
- Providing an experience that matches the needs and habits of your customers
- Distinguishing your brand in an increasingly-crowded market
- Providing a way for the right customers to find your business, from SEO to targeted ads
The digital shopfront
Your website is the first experience most customers will have with your brand. It’s also the first step to differentiating your brand. With a range of options available to your customers, it’s essential that your website not only looks professional, but also facilitates a streamlined experience. 75 percent of consumers admit to judging a company’s credibility based on their website design.
Broker websites also need specific functionality to power the sales processes and connect with your deal and customer management systems, which will affect your choice of provider
Website creation options
Many brokerage firms are still running websites from legacy providers which lack the modern feel and features that customers are looking for. There are a range of cost-effective ways to update your digital presence, depending on the time, resources and specific goals of your firm.
Traditionally, all websites were custom-built by dedicated designers and developers but many businesses now choose to use a website building tool that can be managed internally. While these are practical, fast and inexpensive for traditional e-commerce businesses, they lack the specialised functionality required to deliver vehicle financing.
Specialised website platforms such as QV Automotive Website aim to combine the best of both worlds. Partnered with market leading provider myDVS, you can also create a website that connects seamlessly with the tools and features automotive brokers need to deliver a connected customer experience.
Driving Website Traffic
Once your website is live, you need to help potential customers find it. By leveraging simple digital marketing techniques you can ensure that relevant leads will find and engage with your web presence.
SEO (Search Engine Optimisation)
Search Engine Optimisation, is the process of tailoring your website so it’s easy for search engines to find.
1. Update Your Website with the Right Content Search engines regularly scan your website to decide whether it is relevant to consumer searches. Research the keywords that customers are already using to find your website and integrate customer questions from sales conversations into your website content.
Google prioritises customer-experience focused content. A great way to create a high-traffic page is to create an FAQs page on your website, covering your most common customer questions.
2. Optimise Your External Business Profiles Create a free Google My Business Profile to increase visibility on Google Search and Maps and encourage existing customers to leave reviews on your Google My Business Page.
Target High-Value Leads with Ads
While the majority of your website visitors should come from organic traffic, ads are a key tool for attracting high-value, targeted leads for a low cost. While online advertising might seem like an option for larger firms only, Google advertising can be very effective and low cost.
You retain full control over how much you spend, and you can continuously optimise your strategy to improve results. All you need to get set up is a Google Ads account and an idea of who you want to reach. You can effectively manage your budgets by focusing on the following:
1. Focus on locations
Customers are increasingly focused on local services and the trust of having support near at hand. Google’s geo-targeting features allow you to target potential customers by location to capture more valuable leads in your area. Smaller areas will generally yield fewer, but higher quality leads.
2. Target words carefully
Paid advertising can quickly become expensive if you focus on search volume instead of quality search terms. Focus on exact match terms to increase your ROI and avoid low-value leads. Longer, more specific terms, known as long tail keywords, will yield more valuable results. For example, “Ford Car Broker Newcastle” indicates a more engaged prospect than “Ford Car”. Find out more from Google here.
Leveraging Social Media
Social media gives you the tools to build your own audience of leads, customers and partners over time. By engaging regularly you can create a community that drives long term engagement with your business. Get started with a free post scheduling tool.
Effective Lead Capture
Once a visitor is on your site, you need a way to turn that visit into a new lead. This means offering them something of value in exchange for their contact details.
Make it easy for customers to give you their information with clear, easy-to-understand calls-to-action on relevant pages, such as options to talk to an expert, download content or sign up for updates.
QV Automotive Websites make it easy to capture customer information. Integrated directly with the QV Accelerate platform, it automatically captures website enquiries as an opportunity. This means less administrative work for you, so you can focus on your customer relationships.
The Digital Sales Process
The modern automotive purchasing journey is all about empowering your customer. This means giving them the information, functionality and support they need to research the available options and then pursue it on their terms. When it comes to customers’ least favourite part of the car sales process, the most common answer was filling out paperwork and contracts.
Stage 1: First impressions
The first step is to help the customer find the vehicle that best suits them. In terms of functionality, this requires three key elements.
Information: The most common reason for choosing a car – 38% of research respondents – is that vehicle’s precise specifications. Your website needs to provide the full details of every model you can offer.
QV Automotive Websites integrate directly with industry-standard CAP vehicle data databases to ensure you always have the latest inventory and specification information.
Visuals: Consumers still make choices based on looks when it comes to choosing a vehicle. Integrating your website with a data and imagery provider maximises visual appeal while also ensuring that your sales catalogue is current and accurate.
QV IMAGES provides access to IMAGIN Images – the largest car image database in the world – with a huge archive of high-quality images to use on your website and documentation.
Searchability: Customers expect the ability to filter, search and narrow down options among the vehicles available by common specifications such as cost, brand and location.
Stage 2: Capturing interest and creating a deal
Once they have chosen the vehicle that suits them, you need to make it easy for them to get in touch and facilitate a smooth, seamless sales process from proposal to delivery.
Capture: Use simple forms to register interest from leads, as well as capturing the details and consent required for initial checks and verification.
Follow up: 35–50% of sales go to the vendor that responds first, so speed matters. By using Automated Communication from QV Systems you can create instant follow up emails for your leads to let them know you are managing their enquiry.
Track: By centralising your communication and customer data in a CRM system you can create, track and share proposals in real time with your customers to speed up the process and provide a better experience. With centralised customer information, you can also cut down on repeated information by auto-filling contracts and applications with data already supplied by the customer.
Accelerate CRM by QV Systems is an auto finance optimised CRM that connects every part of your customer journey with up-to-date information, visibility and transparency to help you deliver a connected experience at scale.
Tailor: The proposal process is also an important time to work closely with dealers to ensure you can secure the right vehicle. The level of interaction between Leasing Brokers and manufacturers has increased since the first lockdown, moving from 39% staying frequently in contact to 54%.
Stage 3: Closing the deal
Research shows that customers who can run the whole car buying process digitally are more satisfied than those that need to come on-site, with digital experiences rated ten percentage-points higher. Not only does this make life easier for your customers, but it removes another obstacle between initial enquiry to finished deal to help you increase your rate of sales.
Digital Documents: Track and secure key documentation online for a shared record of progress with your client, with less risk of lost paperwork or delays in processing. QV Systems’ Document Manager autogenerates proposals, quotes and contracts, as well as auto-attaching documentation to quotes and orders.
Virtual Handshake: Close deals with more flexibility, traceability and convenience for your customers by using tools such as E-Sign technology, integrated with QV Systems.
Managing digital customer relationships
The first sale is only part of the journey. Brokers need to work to retain, engage and develop relationships over the customer lifecycle. The first step in creating a consistent customer journey over their lifetime is centralising customer data.
Accelerate by QV Systems tracks up-to date information on each lead, deal and contract in one place, from enquiry to in-life customer management. It also enables you to automate elements of your customer lifecycle management to spend less time on manual processes and more time on service.
QV Email Marketing Services can bring you close to your customers. Get up and running fast, with tailored technology, support and education to grow your business online.
Leveraging your team
Moving to an online sales process does not mean the end of your in-person sales team. In fact their role becomes even more important. The difference is that their time will be spent more on client-facing activity that builds relationships and confidence in the sales journey, rather than merely facilitating the sale.
Trust is a key element of the automotive purchase or leasing process. The goal of your team is to inspire, maintain and grow trust with leads, customers and partners by responding to their unique needs, combining a personal approach with your technology toolkit of data, automation and process.
For example, instead of focusing on gathering information and manual underwriting from a client, a salesperson could automate that process and then use the time to focus on tailoring financing options according to the personal circumstances of the customer, using both the data gathered and personal interactions.
Accelerate your firm
Consumer expectations around auto-financing are changing, with new customer expectations, risks and competition. The success of your business will depend on your ability to recognise, adapt to and embrace these changes. QV Systems provides everything brokers need to prepare your business for a digital future with market-leading technology, insights and support, developed from years of experience and an explorative spirit.
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