The Cost of Inaction: What is it Costing You?
The Automotive sales industry is one of the most difficult businesses to achieve lasting success in. Between the cutthroat competition, constantly changing customer needs and wants, and brand-new techniques and technologies emerging every day, dealerships can never get too comfortable.
In the digital age every second you aren’t moving forward, you’re falling behind, and nothing is more expensive than the cost of inaction. Dealer’s often obsess over ROI, which is important, but ignore the COI which can end up costing them greatly in the end.
Every day a vehicle sits on your lot, it is costing your dealership $40 on average
(Digital Dealer 2018)
Every day a car stays on your lot, you are losing money. This means you want to attract as many potential car buyers as possible to your dealership to sell as many cars as possible. Seems pretty simple, right? If that is the case, then why do dealerships continue settle for subpar photos while there is an endless sea of options on third party sites? With 90% of all sales beginning with an internet search, if your photo doesn’t stick out it blends in. Because of this you need photos that will optimize the aesthetics of your photos and attract customers to your VDP. If you aren’t placing value on the first and most important representation of your vehicle online, you are handing customers to any competition that does.
The American Automotive Manufacturing Industry is a Prime Example of the Cost of Inaction
Not striving for the best in all areas in your dealership can have a ripple effect and greatly weaken your brand equity. When car buyers see that you are using an inferior product or service when there is much better available, they will start to wonder why. The perceived value of your dealership can greatly suffer or prosper based on the quality of your dealership. Staff can also be greatly affected by this as well. Not only does being surrounded by excellence make employees more productive, it attracts the highest quality staff as well.
Along with utilizing the best employees and vendors, ensuring that you are up to date with the best technologies is more important than ever. With rapid technological advancements, staying at the forefront of these trends is vital to not falling behind your competitors. Even if you are a top-level dealership, if you are behind on new technologies your dealership will lose momentum and be at a great disadvantage. Across all industries countless companies have gone out of business underestimating the importance of new technologies, techniques, or platforms. With the emergence of the internet and engagement on the rise, the importance of these technologies will only continue to grow.
“The price of inaction is far greater than the cost of making a mistake”
For all these reasons your dealership can not to stand still and expect business to increase or even stay the same. If you are not actively seeking how to improve and utilize the best techniques and technologies for the sake of saving a dollar, you will not last in the rapidly evolving modern business environment. By not aligning yourself with companies who are at the forefront of the industry, you are bound to pay the price one day and realize the true cost of inaction.
Call Essential Auto Photography at (888) 510-3966 to Optimize Your Dealerships Online Presence Today!