BLOG: Time to do it all? - NextGear Capital UK
Guest blog from Graham Filmer, Rocket Performance Group
Finding the time to do what we have to do, let alone what we want to do is a challenge I hear consistently on my business travels. It seems none of us are alone. In our professional lives, many of us will use this time pressure as a benefit of our product or service offer. Key words such as ‘convenience’ have featured in the web copy, presentations and press releases I have written for clients – and with good reason.
Lessons from DIY and stocking on demand
As an example, I can paint the exterior of my house over a weekend, but I hate heights, don’t have the equipment, or more importantly skill and would rather be out with my family because I spend too much time travelling. Cost of painter = £770, value of my weekend, safety and enhanced quality of work – much more than £770, decision made, hire that painter.
Above anything here, it was the ‘opportunity cost’ that swung my final decision. What better use of my time could I make by opting to choose to do something I wanted to do? The same decision process needs to be true in business?
All the time I meet people who by their own admission miss out on maximising their own time by selecting to make what they know is a less productive/desirable course of action, or worse making no decision at all. In an almost bizarre way they are, it seems, afraid to make a positive change that could benefit them. We live in an increasingly dynamic world, we have to try and change or risk being left behind.
Monetise the Value of Time in Car Retailing
Car retailing is an example where the pace of change means affirmative action is required. Consumers and business buyers have radically changed how they find and buy their cars. 90%+ start the process online and perhaps worryingly a rapidly growing number want to conclude the entire process online as well. Online saves them time – they can find the car they want, review it, compare it establish insurance and running/finance costs – when and where they want.
Today’s dealer needs to trade on this change – unless you are a web design expert, recognise that car trading is your area of expertise and invest in a web expert to help. Typically, you can make more money by trading cars than building and maintaining a website. And if this is not true become a web business, you are wasting your time in car sales!
The smart car dealer can match this desire for convenience. Create a strong, vibrant and friendly online presence. Add in some genuine personality, back this up with strong customer reviews, great stock and commitments to care and provide ongoing back up to the customer. Paint a virtual picture of the customer’s perfect supportive, caring dealership – sell the experience a least as much as the stock and keep that copy fresh and up to date. Ideally make it different. Now add a key line; ‘we can source your ideal car or van on demand and deliver it with our legendary service.’ The goal is to ensure the customer now saves time searching for a dealer that they trust. You become their dealer of choice.
Today’s customers want stock on demand at a good price – but above all they want to buy from a trusted source. The dealer wants to keep stock days down and turn each car around quickly. Yes, dealers need to have some stock to create interest; nonetheless, the smart dealer buys at least 20% of their stock on-demand. It is perfectly reasonable to show a sold car online and then say – if you want one like this, please ask us, or examples of coming soon stock –providing you can find the item quickly and today you can.
Stock On-Demand to Save Your Time
With todays’ technology, the savvy dealer can buy stock 24x7 from across the UK’s auction networks via their mobile phone, add it to their stocking plan and then retail it in short order. It lets you save time and stocking costs.
This dealer knows that they are selling their customer’s convenience and trust as well as a car. The car is ready when and where the customer wants it, backed up with a genuine commitment to ongoing service.
To benefit, the traditional car retailing model must develop. Dealers should take a leaf from my painting experience. Seek out the tools and support needed to outsource items that facilitate the desired result – buying and stock on-demand and developing a vibrant and distinctive online presence.
Above all recognise that in essence you are selling time and trust every bit as much as a car.
More so than ever before, time really is money. Time is also the one thing that they are not making any more of. Yet, all too often we forget to monetise the value of time in our personal and business lives.
Thanks for reading!
Rocket Performance Group
Previous: Testing time for the van auction market