What steps can you take to alleviate or reduce purchase anxiety, improve customer satisfaction, and ultimately increase ROI?

Transparency in the online and traditional media world means openness, effective communication and accountability. When a dealership is transparent, the consumer is able to understand and openly engage in conversation. This allows a more efficient use of time and clarity when discussing their personal financial resources. Most dealerships spend enormous amounts of financial and human resources to develop prospects, work through the sales process and even have a successful delivery system, with as much of a transparent approach as possible.

The one aspect that most dealerships struggle with is within the finance arena. In fact, some dealerships allow this step to make their happy new customers dissatisfied with their purchase, which in turn impacts their dealership’s customer satisfaction index and reputation. This lack of transparency in finance also affects the bottom line in lost sales and by limiting your ability to up-sell additional products. With this in mind, what steps can be taken to alleviate or reduce purchase anxiety, improve customer satisfaction, and ultimately increase ROI?

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Step One: Review with your sales staff the need to inform the customers from the beginning what to expect and the approximate amount of time the sales process takes, including their trip through the finance office.

Step Two: Monitor and adjust the menu sales presentation given by finance managers in order to reduce customer anxiety. Consider reducing the amount of time, number of products offered and product descriptions.

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Step Three: Consider collecting information that will provide an indication of where your customer is financially, and eliminate unnecessary credit bureau inquires that may bring their credit score down.

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Step Four: When discussing finance alternatives, (Cash vs. Purchase vs. Leasing), compare the options in a clear and concise manner, and engage the customer in discussions to ensure they understand the advantages of each choice.

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Step Five: Offer trade-in vehicle values that are realistic and current based on today’s market, and when necessary explain the reality of negative equity in a professional understanding way.

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Step Six: Review your marketing and advertising to ensure you are not over promising, and that the finance rate information you provide is accurate and available for the majority of customers. Don’t over-promise and under-deliver.

In order to embrace the concept of transparency it needs to be applied in all areas of the customer experience – sales, service and finance. Many studies in other vertical markets have concluded that providing consumers with a transparent message that is easily understood increases the bottom line, reduces time to sale and improves store reputation.