Online reviews and social media are much more important when negotiating a buy or sell.
An increasing number of customers choose the dealership they want to do business with by consulting social media and internet reviews. According to the most recent Annual Automotive Customer Experience Trends study, 67% of service customers and 60% of car buyers choose their dealers completely based on online searches and reviews. Additionally, 87% of service customers and 93% of vehicle buyers stated that internet review sites aided in their decision to choose a dealership.
Working with thousands of dealers, we are aware that building a social following and a good online reputation takes time. So, these priceless assets must be taken into account and included when a dealership is bought or sold. A 5-star internet reputation is unquestionably valuable, and when it’s only a 1-star rating, there is an opportunity for negotiation.
If you are on the buying side of an acquisition, make sure that all social network logins and passwords, as well as the ability to alter them before the prior owner’s networks are shut down, are included in the contract and the transaction. Every day, we assist dealers who are unable to access their Google Business Page, Facebook, Twitter, Instagram, or other vital accounts. These accounts are crucial to their online visibility.
When they attempted to change the passwords, the reset letter was sent to the previous account owner’s old email addresses on a canceled account. Because we have contacts at every location, our knowledgeable team can obtain this information. Due to a general ignorance of page ownership, we also frequently recover logins and passwords for dealerships.
It’s crucial to have accurate and consistent business information on all of your social media accounts and on your Google Business Profile. Customers may quickly search for you online and locate you thanks to accurate and consistent business information. You don’t want the online information about your company to be incorrect.
Buyers should also ask the prior owners to hold off on closing any email accounts until they reset the logins to these important accounts as additional insurance. Additionally, buyers should get all details regarding Google Analytics and the logins for that account.
The buyer should demand the implementation of a social media policy for present staff before the deal is even finalized. This will make it more likely that any unfavorable remarks regarding a potential sale will remain online. Every company should establish a social media policy that spells out the rules for what may and cannot be posted online, including on an employee’s personal page. This procedure is considerably more crucial when a corporation is being sold.
Additionally, you might just want to start over if the company you’re buying has a terrible internet and social reputation. This includes updating your dealership’s legal name as well as its physical address. The majority of dealerships have adequate space to accommodate a move from, say, 100 E. Main Street to 102 E. Main Street. Google is unconcerned with the change in ownership. It takes note of the company address. Therefore, if you must leave negative evaluations behind, relocate a little.
If a buyer is starting from scratch, put a plan in place to obtain new ratings because occasionally no reviews are worse than terrible ones. Pre-exit surveys of your sales and service customers are the most effective approach to accomplishing this. Make it simple for satisfied customers to openly share their favorable feedback on reputable internet review platforms.
Obtaining genuine likes and followers on your social media accounts is also possible at this time. Although you shouldn’t purchase them, you can use targeted search and social media advertisements to connect with customers who are interested in your company, the cars you sell, and even the nonprofit organizations you support.
Additionally, you ought to use social advertising to create a fresh prospect database and inform nearby customers about management changes at the dealership. Targeting prospects through social media advertising, even those that are geo-targeted when passing by your store, is inexpensive yet very effective.
The majority of dealers nowadays invest time and money on their internet reputation and social media presence; they shouldn’t view these as “throwaways.” Remember their worth while negotiating a buy/sell. Make sure you have a partner like SimpSocial, who has contacts and knowledge, to help with the move.
You can obtain a free intelligence report here if you’d like to get an online social media and reputation study of a store you’re thinking about buying from or have already bought from.
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