The new business quote capture rate is the measure of the percentage of quotes given to prospective customers that turn into repair orders. Increasing the new business quote capture rate can have a huge impact on growth and profits as each quote that turns into a repair order results in a new customer being acquired. Qualification of prospects to eliminate wasted time will improve the acquisition rate without adding new customers but the time saved can be used on more productive activities. Obtaining contact information will support marketing and sales efforts and presentation technique will improve image and relationship building. A relationship is always more valuable than a sale. Analyzing reasons for business won and lost will identify strengths and weaknesses allowing for continuous improvement in quote capture for new business.
- Qualify Prospects – Building quotes takes time. A prospective customer that won’t answer questions or supply contact information will most likely not become a buyer. Asking information about the vehicle such as how long they’ve owned it or how it’s used will help to establish the viability of the prospect.
- Get Contact Information – The value of a prospects email address for sales and marketing purposes cannot be overstated. The phone number is an equally valuable piece of information for quote presentation and follow up purposes.
- Offer Options – People love to shop and they hate to be sold to. Offering more than one alternative to a repair situation provides the opportunity to shop. Presenting the alternatives in a good – better – best format can increase earned business.
- Don’t Offer Prices Verbally – Providing only a verbal quote has the effect of confining the relationship to price only. When a quote is emailed to a prospect and reviewed with them over the phone – presentation becomes a factor and the opportunity for image and relationship building is enhanced. Also, the email address and phone number of the prospect are confirmed.
- Follow Up – When a quote is provided to a prospective customer they may make a decision at that point. However if they’re considering other options a follow up may be required. The follow up should be scheduled and acted on.
- Record and Analyze Wins and Losses – When a prospect decides to become a customer the reason for business won should be recorded. If the prospect decides against becoming a customer the reason for business loss should be recorded. Analyzing reasons for business won will indicate areas of strength that should be taken advantage of. Analyzing reasons for business not won will indicate opportunities for improvement.
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