In the Wall Street Journal last month, it was reported there are now more women drivers on the road than men. The last several years the auto industry has witnessed a big and not so surprising shift in the car buyer demographics particularly in terms of gender.
This leaves many dealerships shifting their paradigm in terms of how to re-strategize their business and marketing plan to truly optimize sales to women. And, itâ€™s leaving other dealers unsure as to exactly how to do that!
Women Walkouts: A $4 Million Cost Analysis
Dealerships donâ€™t even know that they can increase their sales another $4 million dollars a year. How? Most walk 10-15 women out their door each month and donâ€™t even know it. By paying more attention to women and providing critical respect + trust the whole way through the sales engagement process; those browsers can be converted to buyers. Easily.
Did You Know?
Today, when a woman walks out your store dissatisfied without making a purchase, itâ€™s a matter of concern, because:
- If she isnâ€™t buying from you then she IS going to buy from your competitor
- If she isnâ€™t buying from you then there is a good chance she will be writing a review on a car dealer review platform about that experience
- If she isnâ€™t buying from you, you not only lost the sale, you lost the RESIDUAL REVENUE
- RESIDUAL REVENUE = Vehicle + (Service Drive Visits X 3-6 years)
+ Future Vehicle(s)
- THIS is happening at your store EVERY DAY; It’s what you DONâ€™T KNOW THAT YOU DONâ€™T KNOW
Double Check Your Automatic Response, â€œThat Doesnâ€™t Happen Here, We Treat Everyone the Sameâ€
Women shop at 1.9 dealers before buying a vehicle, or the equivalent of 30% more dealerships than men. Why is that? They want to get it right, and avoid getting it wrong. Donâ€™t be so quick to think she is not leaving your store. An unhappy potential car shopper walking out of your store costs you a fortune – literally. Hereâ€™s what is put on the line when this happens:
1. You Lose the Opportunity to Make a Quarter-of-a-Million Dollar Sale
Women buy or lease an average of 8 cars in their lifetime. At todayâ€™s average price of $32,500 that money adds up quickly. Plus service drive visits over the long haul; that is a huge chunk of gross profit and sales, too.
2. You Lose a Customer for Life, or at least a Long time
Lose the loyalty that this woman and family + friends bring. Not to mention, her many referrals. Huge miss!
3. You Lose More Potential Buyers
Women are influential. This can work in your favor or against you. So, whether she is just looking around and browsing, you need to offer the ultimate shopping experience so that she walks out your door feeling content. If that happens, sheâ€™ll spread the word and – return to buy. If it doesnâ€™t, she will walk and talk. Itâ€™s a pretty simple formula. Which side of the $4 million will your dealership be on? In todayâ€™s hyper-competitive market, its time to pay much closer attention.