When is "lost" actually lost when it comes to sales leads?
This is a recurring question that every dealer must ask themselves. Too cautious about closing your leads as lost and you run the risk of cluttering your dashboard with cold leads, and compromising your sales peoples efficiency in managing leads. Too often we see dealers that don't want to close their leads as "lost", and these inevitably end up as Overdue or Stalled leads.
Conversely if you are to aggressive in qualifying your leads as lost then you might be burning your potential customers too soon. It's not a good look when customers are still actively in the market and salespeople choose not to follow up with them due to a perception they won't result in a sale.
It's a delicate balance - something that dealers manage in different ways. Some will use AutoPlays Role Management Settings to restrict who can mark a lead as lost in their dealership, whilst others will set the account up to allow anyone to close leads as lost, but notify managers when this happens.
The important thing to remember is that closing a lead as 'lost' doesn't necessarily mean you should stop talking to these customers - it just changes the method of communication and clears up the dashboard in Sales Pipeline, allowing salespeople to focus on more active leads. All 'Closed Lost' leads can still be filtered to, and reports such as the Closed Lost Reason Report allow you to identify these leads in bulk, AutoPlay has built in tools such as Live Leads which let you target recently closed lost leads with bulk eDM's - allowing dealerships to re-qualify leads enmasse in a way that might be hard to achieve with individual personalised follow up. Whatever your approach, there should at least be an approach as there's still juice to be squeezed from these leads - something Manukau Hyundai recently experienced first hand.
Case Study: Manukau Hyundai Targets Closed Lost Leads
Recently Manukau Hyundai hired a new salesperson. To get them started they decided they would allow the new salesperson to have a crack at leads that the dealership had previously closed as lost.
To do this the dealership ran a Closed Lost Report from 1st July 2018 to 31st March 2019. By exporting this list of leads via the 'Export' function in reporting.autoplay.co.nz the dealership was able to come up with a list of potential leads for the new salesperson to follow up with.
The new salesperson set about managing these leads and in just a month had achieved 16 sales from the pool of leads the dealership had previously classified as 'Closed Lost'.
There is nothing wrong with closing leads as lost! However this story proves the value in following up Close Lost leads as there is potentially money to be made. Whether you follow up individually like Manukau Hyundai did, or you target these leads with bulk eDM's or Live Leads - the important thing is to have awareness of these leads, and a dedicated process for your dealership to verify they are truly lost sales opportunities.
If you would like to talk to AutoPlay about how you can identify and re-target your Closed Lost leads contact firstname.lastname@example.org and one of our account managers will get in touch.
AutoPlay Sales Pipeline is a pre-sales lead management tool designed for dealerships, dealer groups and automakers