Our biggest fear as retailers in the beginning of the new year isn’t a so-so economy. It isn’t declining interest in what we sell. It’s the other “guy” in the room. The e-guy. The competitor that lurks in the Wi-Fi.
Call it cyber attacks or data breaches or whatever you like, but this stuff is scary. One online report said the average cost per stolen record was $150-$200. That’s per record! Can you imagine if you had a couple hundred or couple thousand records stolen from your system? It could mean the end of a dealership.
[dropcap]H[/dropcap]ere’s a Murphy’s Law scenario that happens occasionally at our dealerships. Somebody calls in sick on a day that ends up being one of the busiest in the entire month. As a result, for stretches of time you have a customer backup at the parts counter and probably also in the service department. Let’s say
Technology is fundamentally changing what we do and how we do it. Just look at book buyers.
When you work in an industry that caters to just 3 percent of the American public, phrases like “customer retention” and “customer relationship management” aren’t just idle business chit-chat.
Unlike the fuel tank gauge that we chose not to fix, the lack of closing ratios isn’t anything we could’ve repaired. It was – because of a lack of efficiency in our business systems – like a part that we ordered ages ago and never received.
Fifty thousand dollars. It’s not a huge sum. In fact, let’s be honest, if you heard yesterday’s state lottery was at $50,000, you wouldn’t even bother looking to see if your “lucky” numbers were in fact, lucky. But how about adding an additional $50,000 to your service department revenue in 2015? Worth considering? For most