Inventory Shortage Reveals New Opportunities
See how your dealership can prosper in wake of the recent hardships.
by Lauren Walls | September 1, 2021
With dealerships struggling to maintain healthy inventory levels there must be other ways to continue to bring in revenue. Instead of cutting your ad spend, check out these campaign objectives to keep business coming in.
Follow up with customers who already bought a vehicle.
The question here isn’t how do we meet our financial goals, it’s how can we help our customers and form a lasting relationship with them. Reaching out to previous customers about their purchases can really strengthen your dealership’s core values. How are they enjoying their new vehicle? Is there anything they wish they could change? These questions open up to the door to many other opportunities such as referrals, and it puts the customer first.
There are plenty of people out there who want to modify their rides. Target people that own certain makes/models and showcase your accessories. These types of advertising campaigns work really well with Jeep and Truck owners, especially those who may be interested in offroading, camping, or industrial work. Showcase items such as lift kits, cold air intakes, custom exhausts, paint jobs, window tint, etc. Spike people’s interest by showing them options that pertain to their interests or needs.
If you are extremely low on inventory it may be time to shift your focus to some trade ads. Let your advertiser know what types of vehicles you are looking for. With access to third-party data and DMV records, we are able to target owners of specific vehicles and model years to ensure you are getting inquiries that are valuable and specific to you.
Service campaigns are a great way to keep continued revenue coming in. Prospect new clients or get previous customers to come back and have their vehicle serviced. Offer discounts to previous customers to get them back in the door or emphasize seasonal services such as AC and heat. View our Complete Service Strategy Guide to find out more!
While you may not have certain inventory on the lot, if you have a build your own vehicle tool on your website you can utilize this to continue to make sales. Since options right now are limited people may be more inclined to build their own custom ride. Custom orders can also save your dealership insurance, lot fees, and other costs associated with having inventory sitting on the lot. Since these orders have priority, you will most likely receive custom builds before you receive general stock inventory.
If your dealership is partnered with an insurance agency it may be beneficial to have some focus on offering auto insurance policies. This may not be a big-ticket item but with enough sign-ups, you could yield a decent kickback.
While business is slow it’s a great idea to think about some of these alternative campaign strategies and how they could be beneficial to your dealership. The data already collected in your database could be the key to surviving the semi-conductor shortage and we’re here to help show you how you can use it to your best advantage.