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28 July 2021 – Theuns Louw: AutoSLM Social Media Marketing

The importance of Customer Lead Time

Customer Lead Time is undoubtedly a buzzword in today’s fast paced automotive dealer environment, and everyone involved needs an in-depth understanding as to why it is important. Customer Lead Time can be defined as the time it takes from when a customer completes a lead-form or submits their information, till the moment they receive a follow-up call from the sales team. Ideally, every business has a Customer Lead Time. The promised Customer Lead Time is the promised customer wait time for a call-back. The Expected Customer Lead Time is the actual wait time (a random variable) experienced by the customer.

In the automotive industry, every sales manager knows how important it is to lessen the time interval taken from lead inception to the point where a follow-up call is made. Below are some major reasons why it is important to understand Expected Customer Lead Time:

  • Competitive edge, customers complete multiple lead forms from different dealerships

  • Lower Customer Lead time plays a significant role in improved sales conversions

  • Direct influence on customer satisfaction

  • High Customer Lead Time leads to rising or stagnant inventory levels

  • Provides an alternative overview of Business Performance

  • Lower Customer Lead time leads to improved lead quality in the long run

Expected Customer Lead Time reduction is a great way to improve productivity and increase sales. A qualified lead costs a dealer upwards of R60 per lead, so from a ROI point of view alone it is crucial that sales teams process leads with Expected Customer Lead Time in mind. 

AutoSLM Digital Advertising can help bridge this gap with our ‘Targeted Lead Generation’ aimed at generating qualified in-market leads for the vehicles your dealership is currently selling. Give us a call if you would like to find out more about our advertising services, we can help optimize your sales process today! 


 
 

15 June 2021 – Theuns Louw: AutoSLM Social Media Marketing

 

How Does Cryptocurrency Work?

 

How can a currency be truly digital? Can’t people just “copy” their bitcoin to make themselves artificially richer? Wouldn’t that then cause hyperinflation? Couldn’t a hacker just break into your wallet and take everything you own?

These are valid questions that many asked when Bitcoin was first envisioned. The answer to all of them is essentially the same, and that’s “Blockchain.” The core technology that makes the concept of cryptocurrency work is Blockchain. It’s an old idea made new, acting as a kind of ledger system that manages and records every cryptocurrency transaction.

This helps to ensure that Bitcoins, for example, can’t be used in duplicate to pay for two different things. Better yet, the way it’s constructed makes it impervious to the traditional attacks of hackers and those who would seek to disrupt or change the record.

The Blockchain record is shared across many computer systems to aid in security strength, and instantly recognizes any time someone tries to tamper with it or change it in some way. It’s simple but effective.

 

Why Are Many Established Companies Using Their Cash Reserves to Invest in Cryptocurrency?

 

While many were skeptical about cryptocurrencies like Bitcoin at first. Below we’ll use Bitcoin’s example, since it is the oldest and most established cryptocurrency.
The rise in value of Bitcoin and others, however, has changed many minds. Those who invested their money in Bitcoin back in 2015 could do so for R4520 per coin. The beauty of Bitcoin too is that you never had to buy a full coin in order to invest.
Bitcoin breaks down almost infinitely into smaller units. Those smaller units are now very valuable because a single Bitcoin in May 2021 is worth R511,000 (value of as May 28, 2021 @ 11:25)

 

No Influence from Inflation

 

Bitcoin was created to have a fixed number of coins — 21 million. Currently there are about 18 million in circulation. Once the final 3 million coins have been digitally “mined,” there will be no more.

Further to that, the government has no way to manipulate or artificially distort the value of Bitcoin, which leaves it safe from the effects of inflation. It can’t be oversupplied, nor can it be subject to government corruption.

 

High Returns

 

Between 2015 and 2020, the value of Bitcoin was on a rocket ship upward trajectory. Businesses of all sizes could invest a fairly modest sum to get massive returns in a relatively short period of time.

A small business that invested R40,000 to buy 10 Bitcoins in 2015 now has an asset worth more than six million rand. In these uncertain times, such an asset is an effective bulwark against financial disaster.

 

No Central Banks

 

Changes in government policy can send seismic tremors through the business world. Such a system means that countless business successes or failures depend greatly on governments and politicians. Many businesses prefer not to take on that kind of risk.

Cryptocurrency can be exchanged peer to peer without any interference or interruption from any central bank, making it a convenient and expedient payment method.

 

Security

 

No matter how much financial institutions invest in online security, they will always be more vulnerable to attack than the cryptocurrency Blockchain network. The decentralized model of Blockchain and its digital ledger make things transparent, safe and actually much simpler in many ways.

 

 

Case Study: Tesla and Bitcoin

 

How does all this tie in with the automotive industry? Elon Musk and his company Tesla have been making huge waves in the world of cryptocurrency in recent months. According to reports from Tesla in early February 2021, the company invested $1.5 billion in Bitcoin in January 2021. What’s the reason behind this?

The driving force here seems to be that Musk and Tesla are planning on allowing Bitcoin as payment for its products. The company’s Securities and Exchange Commission (SEC) filing in earl February made clear that the investment was “to provide us (Tesla) with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”

They added, “Moreover, we expect to being accepting Bitcoin as a form of payment for our products in the near future…” The question, then, is what does ‘near future’ indicate?

In any event, the most would further strengthen the company’s credentials as an automotive pioneer, because currently there are precisely no car companies that are willing to accept payments in Bitcoin. The $1.5 billion is the liquidity they need to offer this.

 

 

Implications for the Future: Simplifying Car Purchases

 

Car buyers would be able to complete transactions for their new cars without involving a bank or a finance company. Instead of arranging complex paperwork, calculating interest rates, working out monthly repayments, buyers could complete their transactions with a simple push of a few buttons to transfer cryptocurrency directly from their digital wallet to new car dealerships.

 

Conclusion: It’s a Game Changer

 

In whichever way you look at this, positively or negatively, Tesla has once again made history in the automotive world. Not content with being the wild child of the EV world, Musk is now widening his rebellious tone by going against the established grain and investing in a controversial and volatile thing like Bitcoin.

On one side, establishing it as a method to buy Teslas, and other cars in the future, could be exactly the boost cryptocurrency needs to become a more viable alternative to fiat currency.
On the other hand, Musk is also taking a huge risk, betting that Bitcoin won’t just go down the drain one day suddenly. It all seems to hang on how many other companies will eventually follow Tesla’s lead, helping to establish cryptocurrency as a more mainstream financial option in the automotive world.

One thing is for certain – the crypto industry is here to stay, despite its price volatility in short term risk, the underlying technology is approaching mainstream adoption and will inevitably offer alternative payment methods within the automotive industry.

 

Contact us to learn more about our image enhancement service and how it can help your dealership generate more sales.

 

 

Monthly Tips from the Support team 
Load Shedding Tips:  
  • Did you know you can access AutoSLM on your phone or ipad?
  • The web “app” looks and works exactly like your computer so there is no need to re learn any functions.
  • With the pinch and zoom functions you are able to perform any and all of the functions you do at the dealership. 
  • Simply log in via any browser on www.autoslm.co.za and then bookmark the page.

 

Enquire Now

 

 

 

 

When we review the status of the business on the system dashboard we find that the basics are not always in place. Without a strong grasp of the fundamentals of lead management, dealerships waste huge amounts of money digging for clever ways to generate more leads when in reality much of the opportunity already flowing through the business is being wasted!

 

AutoSLM has a simple and fundamental approach to lead management and activity tracking – All leads (including walk in and call ins) must be followed up to conclusion and never left hanging.

 

If your dashboard shows that there are overdue contacts then this means you have to take action by re-enforcing with Sales Executives that each and every lead must be followed up to conclusion – including asking the tough questions – “Have we reached a conclusion here Sir/Ma’am? Will you proceed with the deal or can I close this engagement and follow up with you in a few days or weeks?”

 

If your Sales Executives do not reach a conclusion on each lead generated then you will never know whether a lead generation investment worked.

 

Lead pipeline (diary) review should be part of your Sales Management daily operating procedure in order to show the team that you are interested in how they are doing and what challenges they are facing. We find this time and again by reviewing the telephone call content of a lead path through the business – too often the opportunity just peters out because of failure to follow up in time with the prospects expectations. Once the trust is broken it is the end of the relationship.

 

Drumming up more and more leads is a waste if you do not have a handle on what happens to them after they hit your business so there needs to be good balance.

 

 

 

Direct marketing works when you approach it like this…

Direct marketing works when you approach it like this…

Below is an article we found that will help you get started (and for those already doing this, it will help improve your mindset) and approach the opportunity in the right way. You Don’t Need 10,000 Subscribers – Here’s Why… “More subscribers, more sales.” This is the...

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