Improving sales conversions – a crucial KPI for 2024

The ’24 plate’s six-month new car span will have a significant impact in delivering Zero Emission Vehicle (ZEV) Mandate targets. Converting customers to buy battery electric vehicles (BEVs) will be crucial.

A key tool here is, Dealerweb Showroom, part of CitNOW Group, which helped nearly a third of all UK franchised retailers increase their sales conversions last year.

The importance of conversions

Managing sales and the product mix will be essential for many retailers to support their manufacturer’s 22% car and 10% van BEV targets for 2024.

A customer’s decision-making process to buy a BEV is around double the time of an ICE buyer; they need greater confidence to finalise a purchase. This is why conversion levels are such an important KPI. Increasing BEV interest to purchase will rely heavily upon enhancing conversions earned by building customer confidence.

Benchmarking and accelerating BEV buyer timescales

BEV product supply and pricing may be out of a retailer’s control, but factors that are include benchmarking performance, as well as creating and sustaining a great end-to-end customer experience. Both matter in the journey to optimise conversions.

BEV market share grew year-on-year to 14.7% in January. It means we have an overall benchmark, but the granular data provided by our RTC Insights platform is helping retailers understand their position in greater real-time detail, facilitating planning and action.

Shortening BEV buyer time to increase conversions is about rapid responses to enquiries and building customer confidence. In today’s always-open digital world, overnight enquiries cannot wait until the morning; digital tools can help here. The ability to respond to customers through their choice of communication channel will enhance omni-channel experiences and, in turn, have a positive impact on enquiry numbers.

Next in the customer journey is bringing a car to life. We know the showroom visit is the cumulative point in the customers research and buying experience. However, effective engagement can happen right from the very beginning.

Potential BEV buyers will value learning more about the vehicle, usage, and ownership before they commit to a showroom visit. Great sales interaction, supported by high-quality digital assets such as those provided by CitNOW Imaging, coupled with personalised videos facilitated by CitNOW Sales, can all be compelling in explaining driving and living with a BEV, and in addressing concerns or misconceptions. Its success lies in placing the buyer in control.

CitNOW Group’s Dealerweb Showroom platform, which is used by over 1500 franchised retailers, proved integral in improving sales conversions last year. It has been proven to help facilitate a seamless and tailored customer journey, and simultaneously provide process consistency, reducing errors and enhancing productivity,

Dealerweb Showroom supports lead generation and the sales process management, from enquiry to vehicle configuration, through order management and F&I, and onto final handover. It also provides comprehensive, real-time reports into the business leadership, enhancing productivity and profit.

Managing the new car mix requires fresh thinking on building buyer confidence and new levels of management control. It’s time to consider the tools and processes that can help.