Is it possible to profit from not making a sale?   Absolutely.  And I’ll show you how.

The other day my wife and I went to look at a car I was interested in buying.  Now this care is not a common car that any dealership has.  One has to spend some time to find one of these cars.

Well, my wife and I got in the car, drove to the dealership, and started looking for the car.  After about 5 minutes of looking and numerous sales people walking past us like we were not even there a guy finally asked if we were being helped.

I asked him about this particular car and he said it had already been sold.  I paused for a minute and he said that there was a Corvette available but I told him I was not interested in that car.  My wife and I then left.

Now STOP!

You might be thinking that this guy did nothing wrong.  And to the untrained eye he did do nothing wrong.  But here is what he could have done.

Step 1)  He could have asked me a few more questions, in other words he could have engaged me a little bit.

Step 2) He could have said: Well, if you want we have an alert system in place so if we get another one of those cars in (the type I was looking for )we can send you a message.  Do you want me to put you on that alert system?  (Granted, I am paraphrasing here, but the concept is important to begin with, not the exact words).

Why would he want to do something like this?  Quite simply because if I had taken the time to drive all the way to the dealership then clearly I am at the very least interested in that car.  So if he collects my name and email then he would, for the time involved in doing that, have one of the highest return on investments possible.

He enters my information into the database and then he emails/calls me when they have one of these cars for sale.

Make sense?

The total cost?  Under $20 a month to have the autoresponder system setup.

In other words, for under $20 a month to the whole dealership and some simple changing of the sales message he could have gotten a person who was interested in a car. So when they get another one of these cars in, they can then notify me.  But here is where the real power comes.

What if there are 5, or 10, or 15, or 20 of those same people in their database who are looking for one of those cars.  Do you think you can sell cars more quickly if you have a list of buyers already ready to go?

Do you think it would be worthwhile to send out a weekly or bi-weekly email with the details of the cars that ARE for sale that are close to my preferences.

Of course all of this needs tracked and tested but here the the main lesson:  People cannot always buy now (like I wanted to buy) and sometimes people are not ABLE to buy right now.

I could have bought that car, but instead of them capturing my information they lost out on a lot of money.  And then the people who come and who can’t get financed they could have collected their information so when they can get financed (or have cash) can buy a car they can then make money off of that.

The time involved is so small compared to the return on investment that any car company dealership who doens’t do this is losing a ton of money.

Now before you discount this idea to your business you need to ask yourself this question:  Are we throwing away people who show some sort of interest in our product or service?  What else can you do with those people?

All the time, energy, money is spent on getting people to show up into that dealership.  They spend thousands of dollars a month on advertising (I know because I see the commercials) yet when I walk into it they do such a poor job of building a database of prospects that they are losing hundreds of thousands of dollars on back-end sales.

So ask yourself this question:  Can you profit from NOT making a sale today… but one tomorrow? Sure, in the perfect world everyone would buy immediately…but we don’t live in a perfect world.  So to get more market share, build your database!

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