Inventory—There are many definitions
When we think of inventory we immediately think of Parts, New and Used Vehicles, this definition might be incorrect. Among Webster’s many definitions one is; “the quantity of goods and materials on hand”. I think you have to consider prospects, ups, customer phone calls, internet leads, customer emails all as your (the Dealer’s) inventory. The dealer provided the land, building, bought the franchise and paid for or guaranteed the inventories, etc., so people would come and simply buy his/her product or service. How is your “inventory” now? Lean, not as many as you are used to?
There was lots of customers here yesterday, where’d they go?
Who is in control of your “inventory?” When was the last time you conducted an “inventory” audit by reviewing every up, call, email, net lead? So, who is watching over the “inventory” that visits your property (e-leads, phone, etc. are on your property too) and leaves without purchasing or scheduling an appointment? Your prospects are as important as your current customers as they thought enough about your business to drive, call, email or inquire about your product and services. Who reviews the overall “traffic” and results everyday? Should someone? Yes, and those who do always find additional gross profit opportunities as well as additional opportunities to add to your customer base. Some basics:
- Showroom log
- Phone log
- E-lead log
- All daily, weekly and monthly
- By department and cumulative
- Result of contact notated
- Action for follow-up
- Daily review of follow up efforts
By tracking your potential customers with the same vigor that you track your inventory, you will lose fewer of them.
By Larry Peranski, ConSept LLC