A new paradigm shift has hit the automotive industry. It’s equity mining, dealers using software to re-invest in customers who’ve already done business with them and identify opportunities their competitors can’t access.
When done right, equity mining opportunities are so valuable some dealerships are assigning a dedicated person from their sales team to work them.
Working Cold Leads
Equity mining identifies customers to engage before they even consider entering the buying process, which results in easier, more natural conversations.
As our National Director of Customer Experience Jeff Landwehr points out, by the time a customer interacts with a dealer, they have done a ton of research and their guard is up. They are prepared for battle. That’s what life is like at the top of the purchase funnel – competitive and potentially combative.
Know Your Sales Team
Not all leads are created equal, and that’s especially true of leads obtained through equity mining. A Revenue Radar lead needs to be handled with more subtlety and patience, soft skills more common in experienced sales people.
This is where Erik Post, Sr. Customer Success Manager sees an opportunity for change within a dealership. “I see this as the next iteration of dedicated sales staff. Take one are two people dedicated to equity mining and give them all the resources to nurture those leads.”
To hear the entire conversation, check out the DealerSocket podcast.