How to convert my lost leads
When talking about lost leads, it is important to first focus on how you lost that lead in the first place. Attempt to find the root cause of the reason the lead decided not to purchase from you.
Ask yourselves the following questions:
Did the customer understand your product/service?
Did they understand the type of finance you were offering and the value of their part exchange? Did they get a chance to demo the vehicle? A test drive is a great way to get a customer to understand the dynamics and performance of a new car and to show off its clever toys.
Was the product/service relevant to their needs?
Did you (or they!) qualify them correctly? Did the car meet their needs in terms of size or practicality, economy or fuel type? Did it meet their emotional needs? A GT driver will rarely feel at home in a hybrid!
Was this customer part of your target audience?
More of a marketing question but really important – not much point in advertising BMW 8 Series at new drivers (unless they are really lucky!).
What could we have done differently?
Probably most important of all as this could help sell to this customer AND fix issues for future customers. Did we get on, fully understand their needs, explain the part exchange valuation and finance options, offer a demo, introduce them to a manager? And in the present circumstances did we use video and online reviews to show the vehicle effectively and answer questions in a timely manner?
Once you have thought about the answers to these questions, it’s time to start to re-engage your lost lead.
Re-engagement
There are many ways you can begin to re-engage a customer, what is important is that you strike while the iron is hot. Lead response time is a big factor in whether or not a customer is willing to re-engage with your company or not.
Research by InsideSales.com found that 50% of buyers purchase from the vendor that responds first. Therefore, it is absolutely crucial you invest time into responding to your leads in a timely manner.
It’s recommended that you have processes in place that ensure your lead management is on top form, to avoid potential sales slipping through the cracks.
Matt Heinz of Heinz Marketing once said, “focusing on the non-sexy processes can make a huge difference on whether you have the first-mover advantage in the conversation”.
When it comes to contacting a lost lead, using a wide variety of communication methods is encouraged, however, it is absolutely imperative that a phone call is one of these methods. This is because the sound of the salesperson’s voice (during the call or over a voicemail) increases brand familiarity and trust.
How to use lost lead surveys
A great method to re-engage a lost lead to provide them with the opportunity to explain why exactly they fell off the path.
A quick, interactive, and unobtrusive survey that provides you with the data to re-target those customers in a more impactful way is the key to converting those lost leads into new sales.
JudgeService’s lost leads solution, ProAct, does exactly that. We contact your lost leads on your behalf and find out the reasons why they did not purchase upon enquiry
Using a third-party tool like ours ensures you are getting honest and accurate answers, identify where a competitor is outperforming you and where there is room for improvement.
Get yourself in the best position possible to convert your lost leads and take advantage of this limited-time offer by contacting JudgeService today!
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