Integrate Phone Lead Data with Your Auto Dealership CRM to Maximize Profit

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1 Integrate Phone Lead Data with Your Auto Dealership CRM to Maximize Profit CallRevu Call Monitoring Software Automates Lead Capture Abstract Auto dealerships that integrate call monitoring into CRM systems collect more accurate phone lead data to maximize sales and service opportunities.

2 Phone Lead Management Successfully Populating CRM Systems The Problem CRM Systems are a centerpiece in today s automotive dealerships. In order to maximize your CRM system, the accuracy and timeliness of the data that is entered into them is key. Unfortunately, much data is entered in manually or not all. This is especially true with new leads that make first contact with the dealership via a phone call. The goal of the sales agent taking a sales phone call from a new buyer is to set a face- to- face appointment. On average only 1 in 4 calls result in an appointment. A typical sales process requires all callers be entered into the dealer s CRM system, however dealers state that un- appointed sales calls are less than 50% likely to be entered and owned by a sales agent in their CRM system. Thus, the tracking and follow- up process breaks down on the very first step of lead management entering in the lead. To date, entering phone leads has been a manual process, or at best, a computer- aided manual process. Most customers and/or sales leads generated in a car dealership are received orally. It is up to the sales agent to enter the data into their CRM system. Unlike web leads, who s data is entered by the buyer into a website form and fed into the CRM system, phone leads have little text data associated with them. Auto dealers often utilize a call tracking service that can feed basic data into a CRM. Standard call data fed into CRM systems typically include: 4 Call Date/Time 4 Call Duration 4 Caller Phone Number 4 Phone Number Dialed 4 Dealer s Phone Number that received the call 4 Call Recording file or link to the file 4 Associate data and common data linked to phone numbers known as Reverse Lookup Data. When this basic call detail is fed into CRM systems today, they typically get funneled to a holding area where sales agents are supposed to review them for the calls they took and then append the records. This process is not practical and thus seldom performed. The comparison between a web lead which contains contact names, phone numbers, addresses, car interested in, buyer comments and more hails in comparison to the phone lead data that get fed automatically into CRM systems. Phone calls contain the same data as web leads, but since they are relayed orally it seldom gets inputted in to the CRM system.

3 The problem isn t small. For every web lead that hits the dealership, there are six phone calls that ring the dealer s phones. Important data is exchanged but not entered into their CRM system at anywhere near the accuracy levels and timeliness of the dealer s web leads. What may be more of a problem is the loss of the conversation s nuance and the impact of them. The Impact If a contact isn t entered into a CRM system, the follow- up rates on that contact drop dramatically. If follow- up conversations aren t entered into the system, defined process steps can be delayed, or forgotten altogether. An example of this is the caller who calls to finalize a vehicle they have been preparing to purchase. Note that the following is an actual call transcription with names and numbers changed for anonymity purposes: July 13, 1:30 p.m. EDT Kelly answers. Caller asks for a Honda New Sales Manager. Sounding frustrated, caller says she has been dealing with a lousy Sales rep. Caller said she called seven times yesterday (July 12th) about car that she was trying to put a deposit on, and states that she did not receive a return call. Agent asks for the person the caller spoke with. Caller refuses to give the name of the Sales rep to anyone but a Manager. Agent explains that she needs more details in order to transfer the call to the correct manager. Caller asks firmly for the person she needs to speak with if she wants to buy a new car right now. Agent places caller on hold. Caller hangs up while on hold for about 3 minutes. Call ends. July 13, 1:38 p.m. EDT Kelly answers, transfers to sales. Chastity answers. Caller: Carol Lastname, # , asks for New Sales Manager. Jason answers. Caller says she is dealing with JR yesterday and he failed to return her call. Caller wants to deal with someone and wants to leave a deposit on a vehicle. Agent asks what car she is looking for. Caller says she is looking for a Pilot EX 4WD for $33,000 and she wants to pick it up now. Agent says they don t have it for delivery right now and says they can locate the vehicle. Caller says that both the Sales rep and Rachel said that the car was in stock. Agent says it s not in their showroom but they can place an order for the car. Caller asks what they have in stock with exactly the same price. Agent says they have a more expensive EX- L for $30,870. Caller asks if she can get it for $30,000. Agent says no and explains why. Caller continuously claims that JR is a liar. Agent promised to call back. Caller says thank you, call ends. This lost opportunity would be beyond the $2,000 average profit on this sale, plus the additional $1,000 per year of net profit on service, all the potential referral business, and the next purchase in 42 months! $10,000 risk if not entered and owned in the CRM. In fact this caller had called three months prior to enter into a new lease. This prospect was not entered into the dealer s CRM system.

4 The Solution Phone call transcription is available today in a myriad of forms. When the term call transcription is heard, most think of 100% computerized speech- to- text technologies. In reality quality transcription services are computer- aided processes where humans still listen to much of the recorded call and relay the details of that call into key data points with concise notes. If the calls warrant an immediate attention, they transcribers send alerts. Transcribed phone calls are data files fully able to feed into CRM systems. When compared to a web lead the data from a transcribed phone call speaks for its own value. Consider the following sales leads to a car dealer: Data Field Web Lead Transcribed Phone Lead Contact Information Opportunity Information Notes Entered by buyer, some data may not be accurate Form controls Third-party address verification Entered by buyer Very accurate Usually limited to three sentences Buyers offer limited information to sales agent, verbally Sales agents trained to collect key information Discussed with sales agent Very accurate Agent trained to probe for opportunities The nuance of the call speaks volumes Action Items Promises to call buyer back with information Appointments Transcribed phone calls provide key data points and information on important sales leads and insight in how to best manage them.

5 Actions Necessary In order to reap the benefits of all sales call opportunities, CRM systems must adopt their data input services to accept transcribed and summarized phone call data and promote it. Data included in the summary of a call, when integrated with the CRM would allow for automated ownership by the sales representative and for all the programmed follow up procedures to be executed. Below is the original call from the caller Carol profiled in the Impact section of this paper. This un- appointed sales call was actually fed into the dealers CRM system from their call tracking provider where it sat in an unclaimed bucket with no follow up triggered. If the transcribed phone call data were fed into the CRM system under the appropriate XML tags, the agent would be reminded to call this prospect back and be armed with all the information he would need. Data Field Contact Information Call Tracking Data Fed into CRM Systems MADISON TRADING Carol Lastname Transcribed Phone Call Data Fed into CRM Ststems (Alternate phone, address and if provided) Call Details :47 Duration: 5.1 min. Call Recording URL :47 Duration: 5.1 min Call Recording URL Tracking Number Dealer Website Service Dealer Website Service Agent Information Opportunity Information Current Vehicle Comments Jason Douglas Lease Department Confirmed Phone-up 2011 Honda Pilot (Appointment date/time if set) 2009 Honda Odyssey Carol asked for rates on a 2011 Honda Pilot. Agent says they have a special on the Pilot and provides information. Caller says she wants to put the minimum down. Agent says they will have the 2011 model she is looking for in stock tomorrow, at the price of $30,805. Caller wants the 2011 Pilot EX- L with the DVD and sunroof. Caller wants to Lease it for 3 years, and for about $12,000 to $15,000. Agent says they have the Stimulus Program and provides information. Agent says he ll check and will call back.

6 With less than 50% of all un- appointed sales calls entered in their CRM, there is significant opportunity to capture and generate appointments, shows and sales with 100% management of all phone leads. Transcribed phone call data has great value in all areas of an auto dealership including service calls, parts department calls, follow- up calls, return calls and outbound calls. Ensuring this information gets into the dealers CRM system is a must; otherwise the value is greatly diminished. Seamlessly integrate your phone callers lead information and interaction into your CRM to make the most of every auto sales and service opportunity. Contact CallRevu National Sales Manager Bob Homberg at to stop losing deals today Composed by Michael Markette, Partner and Chief Technology Officer CallRevu, LLC.