How to Help Your Dealership Take Advantage of the Momentum
For the past 10 years, Rural Lifestyle Dealer has published an annual survey gauging the temperature of the AG equipment industry – and, for dealers, the results of its latest survey is definitely reason to celebrate. According to the 2018 Dealer Business Trends & Outlook survey, nearly 92 percent of North American AG equipment dealers anticipate that 2018 will be as good – or better – for their business than 2017, and more than 75 percent of dealers surveyed predict that aftermarket revenues will remain strong or even increase in 2018.
The results of the survey align with what dealers have been saying for years – that their markets are continuing to grow and expand. Nearly 57 percent of dealers have seen their market grow between 5 and 19 percent in the past five years, while almost 12 percent of dealers report market growth of 20 percent or more.
Prepare for the Opportunities Ahead
The AG equipment industry is experiencing rapid and robust growth, but if your dealership isn't prepared and in a position to take advantage of the opportunities that such growth presents, it's far too easy to find yourself standing on the sidelines while the potential for increased profit passes you by. Don't let this happen to you and your dealership.
Having a strategic plan for your dealership that includes goals and measurable objectives for every aspect of your business – including equipment sales, parts revenue, service revenue and overall profitability – can help ensure you're ready and can make the most of every opportunity that comes your way. Formulating and implementing a comprehensive strategy can benefit your AG equipment dealership in three main ways:
- Track progress and measure business performance: Avoid surprises at the end of the quarter. Putting in place a plan with clear goals allows you to track your team's progress on a daily, weekly or monthly basis. Analyzing month-over-month, quarter-over-quarter and year-over-year trends can help you measure your business performance and create more accurate forecasts.
- Provide even better customer service: Earn repeat business and make sure customers' experiences with your dealership are as pleasant as possible by anticipating their needs. Making sure you have what they need, right when they need it is a lofty goal, but one that can easily be achieved by gaining real-time visibility into your dealership's sales, service and parts departments. This requires establishing clear lines of communication, both internally and with customers.
- Give employees something to strive for: Setting clear goals and providing a visible way to monitor progress toward those goals can help motivate employees to improve their performance and productivity. Business intelligence (BI) and analytics reporting software provides both employees and managers with the tools they need to measure efficiency and productivity, which can potentially benefit the dealership in the form of increased profits.
Back Up Decisions with Business Intelligence
To keep up with the competition, today's AG equipment dealers must come up with innovative new ways to provide better customer service and exceed sales goals. TARGIT Decision Suite, a BI analytics and reporting solution designed for the heavy equipment industry, makes it easier than ever for AG equipment dealers to analyze trends and make smart decisions for their business.
Download a free copy of our Agricultural Equipment Analytics eBook to learn how tracking the right key performance indicators (KPIs) can help you achieve your goals for your AG equipment dealership.