We built you one. Focus your budget on cars that need additional attention. Learn how.
If your dealership is buying leads from your OEM or 3rd party vendor, then one of the best ways to save money is through what I would call “Bad Lead Reporting & Rejection”. This functionality is available as part of some ILM/CRM solutions. If you purchase a lot of leads, it can potentially save you enough money to purchase your ILM/CRM solution.
OK, so what is Bad Lead Reporting & Rejection?
Bad lead rejection can save you money on duplicate leads, leads with no or bad contact information, under age leads, bogus leads, etc, etc. If you are buying leads at $15-$30 a shot, the savings adds up very quickly.
Lead aggregators try to weed out duplicate leads, but aren't aware of what other lead providers are sending you. They don't try to send you duplicate leads, but they also want to sell you as many leads as they can. So it puts the responsibility on you to report duplicate leads and ask for refunds when appropriate.
Most lead suppliers will gladly refund your money if you tell them quickly and can prove why it was a bad or duplicate lead. The problem is it can be very tedious to manually figure out and report which leads were duplicate or bad when you are managing hundreds of leads a month. This is where an intelligent ILM/CRM can save you a lot of time and money.
I did a query across all of our VinSolutions ILM/CRM customers for the last 500,000 leads received. I found that about 20% of all leads received in our system were caught by the system as a duplicate or marked bad by a salesperson.
Wow. 20% of leads are bad? Sounds like there is a lot of money to be saved.
For example, if you purchase 200 leads a month at $20 each, that is $4,000 a month. You should be able to save about $800 a month at 20%. That is enough to pay for your ILM or part of your CRM every month.
As a suggestion, don't purchase a stand alone product that only does duplicate lead reporting. Those programs only catch duplicate leads and can't track leads that the salepeople evaluated as bad. With your CRM you could also potentially catch showroom ups that later submit Internet leads. You could argue against paying for those as well!