Watch This Episode Of Dealership Digest On How To Get Your Dealerships Market Share Back In A Down Market
Listen To The Episode On Spotify
In This Episode Of Dealership Digest You Will Learn:
- How To Get Your Market Share Back In A Down Market
- The Mistake Dealerships Make To Lose Market Share In The First Place
- Strategies And Processes You Can Use To Continually Increase Your Market Share
Looking at market share is a great way to see how your dealership is doing in comparison to your competition. If the market is up as a whole, and your dealership is even, well then you're really down in market share. The goal for most every dealership is to increase market share year over year and times are changing.
If your dealership isn't paying attention to the changing customer and market, then you will continue to lose market share. If you can capitalize on the changing market then you can increase market share and move ahead of your competition.
But how do you do this in the digital age? Dealerships across the World are being faced with new hardships of the digital market and only the strong will survive.
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The truth is, the most adaptable dealerships are the ones who will increase market share, while the stagnant dealers will lose market share. To always be growing you have to make sure you're auditing your sales and marketing processes to be most efficient in the market you're in.
This means if Carvana is stealing some of your market share, then you have to create a better experience for your customer than Carvana does... but how are you doing that?
Are you resting on your laurels and forgetting about the progression of your customers or are you building a dealership that provides the experience your customers want?
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Traditional dealerships are being tested in the digital age to start thinking outside of the box to keep their market share and it will only get more difficult.
If your dealership doesn't start hiring the right team, following the right processes, and using digital to your advantage then you may not be around much longer.
This is a hard pill to swallow for some dealers, but a pill that needs swallowed nonetheless. As dealerships get more efficient at targeting customers and turning them into customer leads, it will get harder for old school dealerships to keep up. As these dealerships with huge digital pipelines get better trained sales teams that close deals profits start to soar.
If you ignore the market and the changes of the consumer then your profits will turn to nothing and you will be left shaking your head.
But if you start to focus on how you can improve your digital experience for your customer then you will start to get back some of your market share.
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Don't be the last dealership in your area to pay attention to your market share. As times and our market share changes, these are great indicators that our market is changing. If your dealership ignores these indicators then you will continue to lose market share. If your dealership learns from these indicators then the sky is the limit.
Start listening to your customers and the market so you can provide the experience they want as a dealership. Your customers are telling you what they want, and all your dealership has to do is listen if you want to get back your market share. Customers buy from dealerships who listen to them... is your dealership listening to the market?
If your dealership hasn't been listening to the market, how are you going to make the right changes to get your market share back?
Are you going to sit by the wayside and watch your competition grow or are you going to make the changes to better your customers experience?
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These are just some of the differences that equate to your dealerships market share and after watching this episode of Dealership Digest you will have a deeper understanding of how to get your market share back in a down market.
If your dealership needs to get your market share back then watch this episode of Dealership Digest because it is exactly what you're looking for.