Three Quick Ways to Impact Business Performance

by Laura Noonan, published in Dealer Marketing Magazine November 2011

Today, businesses are under pressure to produce more, with fewer resources. Striking the right balance between expenses for efficient operational tools and resources, and growing sales to support those expenses, presents a challenge for dealerships.

Finding ways to optimize operational efficiency in order to improve productivity, save time and resources, and reduce costs may sound like the elusive magic bullet…But, starting with ‘the basics’ (like your phone) and building image and analytics to support that solution, will go a long way toward positively impacting your business performance.

A company’s communication avenue between their customers and their sales and service departments is a major factor in making a business more efficient, and can identify areas for resource-savings.

Here is a look at three business challenges and how to overcome them:

1.       Efficient Lead Generation
Third-party lead providers can be effective at creating a lead database, but this service can be costly if the leads don’t live up to expectations. Another option is to develop a strong brand image and presence through consistent marketing and advertising outreach using all types of media to get your message to the consumer. Studies show that memorable phone numbers, when used in advertising campaigns, have a 75 percent average higher recall rate than toll-free numeric phone numbers, and a 57 percent average higher recall than URLs. Furthermore, other studies show that while consumers do shop online, many are researching a purchase, but actually make the purchase over the phone. A recent study conducted by American Express found that 90 percent of respondents said they still want their inquiries handled by live representatives over the telephone. Another study conducted by BIA/Kelsey & Constat Local Commerce Monitor Wave, found that 65 percent of businesses rate calls as their highest quality lead source. So, while there are many contact methods now available, the telephone continues to offer the personal touch—one that consumers and businesses prefer.

2.       Real-Time Customer Data
Providing immediate access to customer activity and information so executives can make solid business decisions, is a challenge nearly all companies face, regardless of size. With real-time call data, companies can identify their best lead-generating advertising campaigns. Call data can also be used to capture customer demographic profiles for precise targeting. And, real-time call recordings can be incredible eye-openers and assist a company in developing effective employee training programs, intervening with “at risk” customers on the verge of becoming former customers, and ensuring adherence to mandatory scripts for compliance purposes.

3.       Analyzing Sales and Customer Service operations
For some businesses, knowing what your sales and customer service teams are saying to callers is a mystery. You may have call recording on your incoming lines, but do you really have the resources to listen to every incoming call to identify the priority calls that need immediate attention? Probably not. There are speech-detection applications available now that will pinpoint exactly which calls matter most to your business and start saving time and resources. A speech-analytics feature will find specific spoken phrases within recorded calls, in real time. A service like this is a tremendous time and resource saver as businesses gain quick access to only the calls that contain those phrases, allowing them to narrow in and listen to the calls of interest. Many general managers use a speech-detection application to identify calls that cover pricing concerns, customer complaints, script compliance within their dealership and, in general, gather critical business intelligence. With all this happening in real time, immediate action can be taken by either addressing a staff training issue to reverse miscommunication, or putting an “at risk” customer on the top of the priority list, saving them from a bad experience.

Dealers are always on the lookout for new methods to increase efficiency, since leaner operations generally mean greater profit. A dealership’s communications system plays a significant role in improving business efficiency by ensuring they have access to real-time data to improve business decision making, streamline outbound efforts, and ultimately deliver the best customer service to retain those precious customer relationships.

Laura Noonan has 18 years of experience in the toll-free vanity 800 number and telecommunications industry. CallFinder™ is an innovative speech-detection technology, offered only by 800response that provides small to large companies with the ability to search for specific spoken phrases within call recordings in real-time. For more information, please contact Ms. Noonan at 1-800-NEW-SALES or email lnoonan@dealermark.com.