Long Term Follow-up - Does it really matter?

[eddyshaf]

@Jeff Kershner - I am not sure that the 50% engagement rate on new leads is accurate - my recollection is that it is higher, but perhaps @David Marod can clarify for us.

 

[David Marod]

So without sounding too much like a sales guy, I gave you a bit of a snapshot. When we start with a dealer some are as low as 28% of leads engaging, this is a store using auto responders, canned CRM responses etc. After best practices and some coaching and the installation of our product we have stores as high as 80% so the 50% represents an average or snapshot in time. I hope that makes sense. Our value add is automated engagement which stores can do manually by good replies, paying attention to email delivery etc like many of you do.

 

[eddyshaf]

My personal experience with closely tracking engagement metrics across several stores within a group via manual documentation in the BDC is that the engagement rate approaching 80% is accurate. Also able to confirm and duplicate those results with a high volume Chevrolet Dealer in Mexico.

In all cases, a speedy, relevant response either preceded or followed closely by a phone call was found to be most effective in creating engagement.

 

[joe.webb]

@Jeff Kershner - I am not sure that the 50% engagement rate on new leads is accurate - my recollection is that it is higher, but perhaps @David Marod can clarify for us.

If you can give me 3-4 months, our next gen of our lead monitoring software called TaskTeacher can give you the real answer on this. We'll be able to see lead handling follow-up and the corresponding results from long-term activites on each individual lead in perpetuity, and have the data to support or dismiss the concept of a long-term follow-up focus.

 

[eddyshaf]

If you can give me 3-4 months, our next gen of our lead monitoring software called TaskTeacher can give you the real answer on this. We'll be able to see lead handling follow-up and the corresponding results from long-term activites on each individual lead in perpetuity, and have the data to support or dismiss the concept of a long-term follow-up focus.

@Joe Webb - I appreciate your very generous offer to share that type of proprietary data with the group - thanks for stepping up!!

 

[usedcarricky]

When I shop a store my average response time frame is about 5 days.

- 50% of email communication stops after just three days.
- 75% of email communication stops after 5 days
- 90% of email communication stops after 7 days

IMO: an email lead is a marketers dream bc the customer is giving you the opportunity to retarget them. If your email process is set up
properly you can continue to deliver your message indefinitely. We are in the age of instant everything which means we miss out on everything that takes longer than 30 sec, 140 characters or 7 days...

I personally get emails all the time from Amazon and 95% of them get no conversion. However when they send me the right message at the
right time... I'm a buyer and that has made my desk an Amazon waist land of technology.

 

[eddyshaf]

@usedcarricky - thanks for the AWESOME image to accompany your comment!!

I also very much appreciate your feedback on this issue - amazing that 90% completely stop after 7 days - astonishing in fact. Are you specifically referring to emails sent from the sales person via the CRM or the complete cessation of all communication including email marketing blasts and/or eNewsletters???

 

[usedcarricky]

@usedcarricky - thanks for the AWESOME image to accompany your comment!!

I also very much appreciate your feedback on this issue - amazing that 90% completely stop after 7 days - astonishing in fact. Are you specifically referring to emails sent from the sales person via the CRM or the complete cessation of all communication including email marketing blasts and/or eNewsletters???

what I have found is that most of the communication between dealers and customers is lacking in strategy... mainly because there is no process in place to manage the life cycle. For example Life Cycle Marketing. If customer does (A) we respond with (B) if customer does (B) we respond with (C). Different touch points require different responses.

 

[eddyshaf]

Strategy is not the strong point of most salespeople - as Hunters we are sell what you can see, not see what you can sell...

This thread was started to specifically address Ghost Leads - and in that Life Cycle, the customer has done nothing, essentially, after lead submission. What is your individual experience with these types of leads?

 

[usedcarricky]

Strategy is not the strong point of most salespeople - as Hunters we are sell what you can see, not see what you can sell...

This thread was started to specifically address Ghost Leads - and in that Life Cycle, the customer has done nothing, essentially, after lead submission. What is your individual experience with these types of leads?

to your point... Day 4 Manager email had by far the strongest response rate... followed by an email asking for suggestions on how to make the process more efficient.

What I found was that most customers didn't respond to sales people because the information sent was irrelevant.