Evolution of a Social Media Dealer

transcript

Presented byAdam Boalt

evolution of asocial media dealer

Hi, my name is

Adam Boalt

rBackground

President & Founder of GOSO

Consulted for over 30 of the Fortune 500 companiesbuilding high-end web and social media solutions

Featured on Forbes, MSNBC, Wall Street Journal.Recently interviewed the Speed Channel aboutsocial media

Won many awards, recently won first prize inWashington, D.C.’s first technology innovation contest

Just recently published the e-book,Social Media Best Practices forAutomotive Dealers

rBackground

A few things you shouldknow about Social Media.ev

rA few things you should know about Social Media.

It’s not a fad,it’s a communication trend(like newspaper, radio and tv)

It’s not some shiny objectthat you have to have butdon’t know why

It’s still in its infancy stage,so it’s not too late to get intothe game

The technology is secondary,focus on strategy and process

You have to identify yourbusiness goals and thenwork backwards

The conversation existswith or without you.

Customers are continuing to connect toeach other and discuss your brand ordealership whether your involved or not

Your Brand

It’s important to takeownership of thatconversation.

Your Brand

rIt’s important to take ownership of that conversation.

Listen to your customers,before you engage inconversation

It’s important to take ownership of that conversation.ev

Participate in thecommunity and don’tdirect the message

Building the rightSocial MediaStrategy.

rBuilding the right Social Media Strategy.

There is no right or wrong, it’s aboutdelivering the right customer experienceat the right time

Do you even knowwhere your customersare today?

rDo you even know where your customers are today?

Where, what and which conversationsare happening?

rDo you even know where your customers are today?

Why and how does a customer careabout your brand or dealership?

So why is the engagementat this level becoming sucha struggle for so many?

rSo why is the engagement at this level becoming sucha struggle for so many?

The amount of customers joining social networksis growing exponentially every day

It’s veryhard to scale

Real-time isn’t fast enough

So what needs tohappen in order tocreate a successfulSocial Media Strategy?

rSo what needs to happen in order to create asuccessful Social Media Strategy?

Don’t completely changeyour process

Continue to work with your CRM

rSo what needs to happen in order to create asuccessful Social Media Strategy?

Understand that it’s amindset change

Anticipate what a customer wants and needs Build a meaningful relationship over time

Define the businessvalue regardless of theentry point.

rDefine the business value regardless of the entry point.

Walk up

Phone up

Web up

Identify metricsand goals.

rIdentify metrics and goals.

Social media doesn’t have tohave a direct ROI

Increase multipliers of othermarketing channels

rIdentify metrics and goals.

Create Key Performance Indicators

rSome Key Performance Indicators (KPI)

Increase response rate

Lower your cost per lead

Improve your cross selling

Improve up selling

rSome Key Performance Indicators (KPI)

Increase your value per transaction

Lower your marketing spend

Increase referrals/recommendations

Life Time Value or Customer Loyalty

How do weget started?

What departments or programs doyou want to improve?

Variable OperationsWhat are you currently doing to capitalize on referrals,testimonials or recommendations?

Are you asking them to share their experience with their friends?

Do you ask a customer for a video testimonial?

Do you take a picture of them getting into their new vehicle?

rVariable Operations

Keep in mind that each of your customershas an average of 150-200 friends.

Why aren’t you selling them a vehicle?

Fixed OperationsAre you currently sending out surveys? Are you sharing the positive experiences online?

rFixed Operations

Are you currently promoting specials on yoursocial networks? Get your customer to come back

rFixed Operations

Cross-sell between departments, encourage themto purchase a new car or see if they have a friendin the market

What does thefuture hold forDealers or Brands?

Here’s some social media use cases...

Use Case #1:Monitoring

rUse Case #1: Monitoring

How are you monitoring your potential customeror even your existing customers?

Brand monitoring/reputationmanagement

Rapid social response:immediately resolve anynegative sentiment

rUse Case #1: Monitoring

How are you monitoring your competition’scustomers?

Capitalize on your competitors angry customers

Trace their negative sentiment andacquire their customers

Use Case #2:Geo-Location

rUse Case #2: Geo-Location

Location based customer acquisition is huge

Twitter, FourSquare, etc. are becomingever more popular

If a customer is nearby, encourage themto come in for a test drive

Use Case #3:CRM Mapping

rUse Case #3: CRM Mapping

Build social graphs aroundyour customer

Understand your customerssocial influence

Know which of their peershave purchased or serviced avehicle with you

Build aRoad Map

next steps ››

rBuild a Road Map

Be proactive, not reactive

Understand your market demand

Change your mindset to becustomer centric

Adapt your business rules withemerging technology

Questions?