Evolution of a Social Media Dealer

evolution of a social media dealer Presented by Adam Boalt

evolution of a social media dealer Background Hi, my name is Adam Boalt President & Founder of GOSO Consulted for over 30 of the Fortune 500 companies building high-end web and social media solutions Featured on Forbes, MSNBC, Wall Street Journal. Recently interviewed the Speed Channel about social media Won many awards, recently won first prize in Washington, D.C.’s first technology innovation contest

evolution of a social media dealer Background Just recently published the e-book, Social Media Best Practices for Automotive Dealers

evolution of a social media dealer A few things you should know about Social Media.

evolution of a social media dealer A few things you should know about Social Media. It’s not a fad, it’s a communication trend (like newspaper, radio and tv)

evolution of a social media dealer A few things you should know about Social Media. It’s not some shiny object that you have to have but don’t know why

evolution of a social media dealer A few things you should know about Social Media. It’s still in its infancy stage, so it’s not too late to get into the game

evolution of a social media dealer A few things you should know about Social Media. The technology is secondary, focus on strategy and process

evolution of a social media dealer A few things you should know about Social Media. You have to identify your business goals and then work backwards

evolution of a social media dealer The conversation exists with or without you. Your Brand Customers are continuing to connect to each other and discuss your brand or dealership whether your involved or not

evolution of a social media dealer It’s important to take ownership of that conversation. Your Brand

evolution of a social media dealer It’s important to take ownership of that conversation. Listen to your customers, before you engage in conversation

evolution of a social media dealer It’s important to take ownership of that conversation. Participate in the community and don’t direct the message

evolution of a social media dealer Building the right Social Media Strategy.

evolution of a social media dealer Building the right Social Media Strategy. There is no right or wrong, it’s about delivering the right customer experience at the right time

evolution of a social media dealer Do you even know where your customers are today?

evolution of a social media dealer Do you even know where your customers are today? Where, what and which conversations are happening?

evolution of a social media dealer Do you even know where your customers are today? Why and how does a customer care about your brand or dealership?

evolution of a social media dealer So why is the engagement at this level becoming such a struggle for so many?

evolution of a social media dealer So why is the engagement at this level becoming such a struggle for so many? The amount of customers joining social networks is growing exponentially every day

evolution of a social media dealer So why is the engagement at this level becoming such a struggle for so many? It’s very hard to scale

evolution of a social media dealer So why is the engagement at this level becoming such a struggle for so many? Real-time isn’t fast enough

evolution of a social media dealer So what needs to happen in order to create a successful Social Media Strategy?

evolution of a social media dealer So what needs to happen in order to create a successful Social Media Strategy? Don’t completely change your process Continue to work with your CRM

evolution of a social media dealer So what needs to happen in order to create a successful Social Media Strategy? Understand that it’s a mindset change Anticipate what a customer wants and needs Build a meaningful relationship over time

evolution of a social media dealer Define the business value regardless of the entry point.

evolution of a social media dealer Define the business value regardless of the entry point. Walk up Phone up Web up

evolution of a social media dealer and goals. Identify metrics

evolution of a social media dealer Identify metrics and goals. Social media doesn’t have to have a direct ROI Increase multipliers of other marketing channels

evolution of a social media dealer Identify metrics and goals. Create Key Performance Indicators

evolution of a social media dealer Some Key Performance Indicators (KPI) Increase response rate Lower your cost per lead Improve your cross selling Improve up selling

evolution of a social media dealer Some Key Performance Indicators (KPI) Increase your value per transaction Lower your marketing spend Increase referrals/recommendations Life Time Value or Customer Loyalty

evolution of a social media dealer How do we get started? What departments or programs do you want to improve?

evolution of a social media dealer Variable Operations What 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?

evolution of a social media dealer Variable Operations Keep in mind that each of your customers has an average of 150-200 friends. Why aren’t you selling them a vehicle?

evolution of a social media dealer Fixed Operations Are you currently sending out surveys? Are you sharing the positive experiences online?

evolution of a social media dealer Fixed Operations Are you currently promoting specials on your social networks? Get your customer to come back

evolution of a social media dealer Fixed Operations Cross-sell between departments, encourage them to purchase a new car or see if they have a friend in the market

evolution of a social media dealer What does the future hold for Dealers or Brands? Here’s some social media use cases...

evolution of a social media dealer Monitoring Use Case #1:

evolution of a social media dealer Use Case #1: Monitoring How are you monitoring your potential customer or even your existing customers? Brand monitoring/reputation management Rapid social response: immediately resolve any negative sentiment

evolution of a social media dealer Use Case #1: Monitoring How are you monitoring your competition’s customers? Capitalize on your competitors angry customers Trace their negative sentiment and acquire their customers

evolution of a social media dealer Use Case #2: Geo-Location

evolution of a social media dealer Use Case #2: Geo-Location Location based customer acquisition is huge Twitter, FourSquare, etc. are becoming ever more popular If a customer is nearby, encourage them to come in for a test drive

evolution of a social media dealer Use Case #3: CRM Mapping

evolution of a social media dealer Use Case #3: CRM Mapping Build social graphs around your customer Understand your customers social influence Know which of their peers have purchased or serviced a vehicle with you

evolution of a social media dealer Build a Road Map next steps ››

evolution of a social media dealer Build a Road Map Be proactive, not reactive Understand your market demand Change your mindset to be customer centric Adapt your business rules with emerging technology

evolution of a social media dealer Questions?

http://www.dealerrefresh.com	422
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Evolution of a Social Media Dealer

by boalt on Apr 22, 2010

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Evolution of a Social Media Dealer — Presentation Transcript