Posted on Thu, Oct 20, 2011 @ 11:52 AM
“Look back over the past with its changing empires that rose and fell, and you can see the future”- Marcus Aurelius
Every great warrior and leader knows that the key to success in the future lies in having an understanding of the past. So with that said what sense does it make to set up a dealership accessories sales program and never keep an accurate detailed record of activity? In it lies your plan for victory. A lack of record keeping could be a plan for failure. Here are three keep points you should track and analyze throughout the history of your accessory selling program.
Record Keeping #1 - Customer Access
When a customer agrees to view accessories they should always create a unique log in ID and password. A good accessories selling system will be able to track where they logged in from, what they looked at, etc. Plus, the customer may be associated to the sales consultant for future sales credit.
Example: Analyzing your customer’s activity will help you understand what accessories are most viewed in your catalog. You should know the year, make, model and sub-model. It’s an easy way to advise your sales team on hot items to present to future customers.
In short…your sales consultants should take the time to register all customers.
Looking for a complete guide for selling accessories in your dealership? Get a free copy of the Accessories Profit Playbook
Record Keeping #2 - Sales Consultant Log-ins
All sales consultants should have their own login credentials. Not only does it give them commission credit for their sales it gives management an idea of who’s doing what? And let’s not forget about Customer Access discussed above!
Example: The dealership may use the individual performance reports to inspire “spiff” based activity contests. Spiffs based upon the most number of registered customers. Perhaps spiffs for the greatest penetration. Tracking at the sales consultant level allows you to manage, plan and reward for success.
In short…reviewing your sales consultants activity allows for success planning.
Record Keeping #3 – Pricing
This is essential to remaining competitive. You do not want to spend time and resources promoting a great program however pricing yourself out of the market? This is also very important if you’re stocking high volume items…price them to sell!
Example: You’ve seen it on every news program, read about it on every website, and even seen your customers with it, the IPOD. So you decide that the Personal Audio Link will be a hit in the accessories catalog. You get about one purchase out of a hundred views…while this is a hot item based upon views, nobody buys. Be sure to compare your pricing.
It’s mostly likely priced too high. There are several mark-up options available. Based on your observations pricing it correctly will make it sell.
Insignia Group, the leading provider of accessories sales systems and training has helped dealers maximize profits for over 10 years. Supporting 20+ brands and dealerships nationwide, we help our customers establish and grow their Accessories Profit Center. Call 888-579-4458 to learn more or schedule a demo.
Posted on Mon, Oct 10, 2011 @ 09:46 AM
Everyone wants a piece of the 29 billion dollar pie but unfortunately dealerships are not getting their fair share, according to SEMA. Dealerships only capture approximately 5% of the lucrative accessories revenue stream.
Considering that 56 % of buyers want accessories for their car at the time of sale, this is a great opportunity? As you and I know, purchasing from the car dealership comes with lots of perks like; extended warranties, better quality, better installation, better services and more. Naturally the dealership stands at an advantage point when selling vehicle accessories.
So, why is it that so many dealerships are not cashing in?
Here are 3 tips to help you sell more automotive accessories at your dealership.
1. Be Consistent:
You should be offering 100% of your customers, accessories 100% of the time, the exact same way. Once you have a standardized accessories selling process, stick to it. Referrals represent a tremendous amount of your dealership prospects. Has someone ever recommended a product or service to you and it wasn’t what you expected? As a result you probably never purchased or used that service again. Maybe it wasn’t that bad but it wasn’t consistent with your expectations set by the referral.
For example, a friend or family member told them how they got to see the stripes and rims on their Chevy Camaro before buying it. Or perhaps how they added a remote start and an IPOD interface to the Hyundai Genesis…and it was included in their payment. Bottom line, they came expecting vehicle accessories, presented to them in a particular way. Whatever process you follow, be consistent. All of your dealership sales consultants should be trained on how to offer accessories according to your process.
2. Pre-loading:
People buy what they see. Not all of your customer have an imagination or a strong sense of what the possibilities are when it comes to accessories. That’s why it’s so important to pre-load a variety of show vehicles, to plant a seed of desire and possibility into the hearts and minds of your customers. Are you aware of all the possibilities with accessories? Take a slower moving model on your lot, deck it out with chrome wheels, a rear spoiler, window tint and striping. Now, set it out front and watch how fast it sells. For more ideas on how to package accessories on your show vehicle check out the article “4 consumer points to consider when selling car accessories”.
3. Track your Sales:
If you don’t keep track of what you’ve done, how will you know your sales penetration? Tracking and analyzing your sales provides you with a point of reference and a road map to success. Before adding an automotive accessories sales solution, many dealerships don’t know where they stand on accessories. This causes many missed opportunities for increased revenue. Be sure to invest in an automotive accessory sales solution and begin tracking your progress. You’ll know who is presenting accessories, the per vehicle accessory sale, total revenue and much more.
Insignia Group, the leading provider of accessories sales systems and training has helped dealers maximize profits for over 10 years. Supporting 20+ brands and dealerships nationwide, we help our customers establish and grow their Accessories Profit Center. Call 888-579-4458 to learn more or schedule a demo.
Posted on Wed, Oct 05, 2011 @ 03:03 PM
“A car is the largest object you’re ever going to wear.”- BMW Designer Chris Chapman
The Lipstick Index and Accessories
I know what you are thinking. What does lipstick have to do with the automobile industry? Well they have a lot to do with each other when you are thinking accessories and the best time to sell them. According to Leonard Lauder of Estee Lauder, when the economy takes a downturn, they sell more lipstick. The same can be said for accessories in general. According to the New York Times people are focusing more on affordable luxury. Rather than spending money on something they cannot afford, they spend a small amount on a large quantity of items to improve what they can afford.
This translates in the automotive accessories business because people will buy an affordable vehicle and then accessorize to give it an “upscale” look and feel. Or simply add a few items to personalize their ride!
Automobile Accessories Market
Since the turmoil of the automotive industry in 2008, automobile accessories have still managed to climb in popularity. According to Foresight research, 44% of all buyers spend at least $250 and intend to spend a whopping $1,810 on accessories. Average accessory dollars spent and intended to be spent per new vehicle sold equaled $815 and availability of accessories was influential to selecting a dealer by 23% of all buyers.
Keeping Up with the Trends
If you haven’t started selling accessories now is the time. Check out our Accessories Profit Playbook to help you get started. According to the SEMA 2011 Market Report, the following are the top 10 most popular generic accessories Click on the 2011 SEMA Market Report for detailed information on OEM and Aftermarket accessories and what’s popular by brand.
- Remote Engine Start
- Floor Mats, All Weather
- Heated Seats, Front Only
- Leather Seats
- IPOD Interface
- Back up Camera System
- Headrest DVD System
- Vent Visor Front and Rear Set
- Drop Down DVD System
- Window Tint
Insignia Group, the leading provider of accessories sales systems and training has helped dealers maximize profits for over 10 years. Supporting 20+ brands and dealerships nationwide, we help our customers establish and grow their Accessories Profit Center. Call 888-579-4458 to learn more or schedule a demo.