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This week, Tesla launched a Roadster into space during the test flight of SpaceX's latest rocket. Like something out of a futuristic science fiction, the Roadster made it all the way past Mars. Meanwhile, the rest of us have our feet firmly on the ground. Despite what Elon Musk may believe, selling cars isn't rocket science.
The key to success in today's economy is transparency. Customers are willing to go out of their way for it, and they don't need to go all the way to outer space. Many dealers are embracing transparency, developing more consistent online and offline experiences, and gaining a competitive advantage over dealers that resist it.
As famed advertising guru Alex Bogusky insightfully put it:
"Transparency is not a choice. The only choice is, does it happen to you, or do you participate in it?"
What's next after you choose to participate? Here are 3 steps you can take.
1. Offer transparency, especially when it comes to pricing. You don't need to be a one-price dealer. Put a realistic price online, and ensure your sales team is quoting a similar price in the showroom. Dealers that show realistic pricing online increase PVR by $785.
2. Deliver a trustworthy experience, online and off. Don't let third parties get between you and your customers. Create a completely native online experience, keeping customers on your website and avoiding bait-and-switch tactics. 94% of customers will be more loyal to a brand that provides complete transparency.
3. Treat customers and employees openly and honestly. You'll win more customers and inspire your employees, improving the customer experience and ultimately increasing your overall profitability.
Dealers that embrace transparency will succeed as more customers seek, and even demand, it. By being open and honest when it comes to pricing, services, and financing, you can increase profitability, earn new customers, and build loyalty and trust with customers and employees alike. It's not rocket science.
Want to learn more ways to succeed in the transparency economy? Download your free guide, "Clear Is the New Black."
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