If this situation sounds familiar, it means you’re concerned, and that’s a good start. The next step is to address the problem, and fortunately, it’s not too difficult to tackle.
Marking a lost sale is just one click away, so why isn’t it done?
With Autologica Sky DMS, for example, marking a lost sale is as simple as clicking a button and selecting the reason. That’s it.
If this isn’t being done at your dealership, why? It simply comes down to instilling the habit in every sales team member. There’s no other secret, and this can be achieved through brief training sessions and clear and firm work processes.
Lost sales extend beyond just vehicles
People usually relate lost sales with the salesperson in the showroom, but this is only half the truth. Lost sales can also occur in the parts department, and addressing this issue is crucial for improving sales.
Incorporating the habit of marking lost sales also requires defining clear and representative motives for why each sale was lost, such as:
- Lack of inventory
- Price
- Delays in being attended
- Difficulty finding the part in inventory
- Insufficient credit limit for the customer
- Poor product quality
Acting on the Information
If salespeople are already in the habit of marking lost sales, then it’s up to management to act on this information. Generating data is pointless if no action is taken. Based on that analysis, management can decide which problem to address first. For example, some dealerships take actions such as:
- Training salespeople to better understand products and equipping them with tools to assess customer needs.
- Implementing techniques and amenities to ensure a positive customer experience.
- Effectively communicating the value of original parts, services performed by trained experts, and the benefits and safety of a particular vehicle model.
- Providing various channels to address inquiries.
- Emphasizing the importance of responding to every inquiry.
Get to the true reason for each lost sale
One final point is to cultivate a more proactive attitude towards every lost sale. Once you detect that a customer is losing interest or signals that the sale may not happen, it is important to discover the true reason.
When a customer provides generic responses, it is crucial to extract the real reason behind their hesitation. A simple “maybe later,” “I changed my mind,” or silence are not enough. With a polite but persistent approach, you can show genuine interest in understanding the customer’s thoughts to offer something tailored to their needs. Sometimes it’s about building trust, other times about demonstrating the value of the product, or offering payment options.
Lost sales mark the beginning of refining a sales process to become increasingly successful, and dealerships that address these points can capture a larger market share.
