Reputation Management & How Dealers Can Use It To Make More Money
2016 was the beginning of the big push toward establishing your dealership’s brand and ‘brand management’, and it has only continued in 2017. What most dealerships seem to miss is the difference between their brand and their reputation (or that there is a difference in the first place).
Your brand creates an impression that makes a customer think or feel something when they think of your dealership. Your reputation is what gives your customers an expectation of your future behavior based on past experiences – either their own, or from other customers who have dealt with you.
Customers aren’t going to love your brand – they’re going to love you, and your reputation because that’s what’s tangible to them. The two pieces absolutely go hand-in-hand, but brand recognition alone is not going to spontaneously generate engagement; there has to be a reason why the consumer should pick you over your competitor.
You’ve probably heard before that the three major differences between businesses are product, price, and perceived value. Especially with new vehicles, you don’t have a better product than the next guy selling the exact same vehicle. Those identical vehicles cost the same amount from the factory, so if you want to differentiate yourself by price, you’re going to be giving up profit (and that’s clearly not a sustainable plan if you want to make money). That leaves only one option – perceived value.
Over and above an extra set of weather tech floor mats, or priority service appointment bookings, most customers just want to know that they’re going to be treated fairly.
86% of customers will pay more for a better experience
This is where your reputation comes in. When 84% of consumers trust an online review as much as a personal recommendation, reputation is the clear call-to-action for your dealership over the next one. If you’re spending any amount of money on a brand awareness campaign (print, radio, outdoor, television, branded PPC ads, and so on), why wouldn’t you care about what happens once the customer remembers who you are and decides to look you up?
And this is where we come in. Register for our Reputation Management webinar with Melina Beeston, our Manager of Dealer Development, to learn about how you can leverage your dealership’s reputation to make more money.
And remember, for every Strathcom Media webinar you attend, you will be entered into a draw for a signed McDavid jersey!