Although each equipment dealership is unique and has its own challenges, there are much similarities in the industry as well. These are 4 important challenges faced by every equipment dealership.
1. Keeping up with the latest Technology
Dealers tend to keep using OLD technology and this creates wasted resources:
- Broken Processes
- Internal Flow
- Time on Operation and Transportation
Wasted time is the result for each of these wasted resources; time is one of the most expensive resources in the industry. Your focus should be on improved efficiency. Take a close look at EACH department’s daily processes and see how you can make life easier for all your employees and enhance decision making. Your software plays a crucial role here; make sure its user-friendly, tailored to your type of business, with mobile access and supported by industry experts.
2. Minimizing Equipment Down Time
When the equipment isn’t in the field working, it is costing your dealership BIG money. Make sure you are able to keep track of each object and its maintenance needs. Keep track of preventative maintenance plans and warranties if applicable. This will help to:
- Lower the Maintenance Cost for each object.
- Reduce Unplanned Downtime
- Improve Decision Making
- Support Regulatory Compliance
- Maximize Return on Assets
"An interesting way for equipment dealers to differentiate is through service excellence."
3. Manage your Customer Relationships
Retaining customer relationships in a digital world can be complicated. Consumer relationship building is harder than ever to achieve, there are simply too many choices. Remember the 80/20 Rule; 80% of your business comes from 20% of your loyal customer. The best way to ensure you are continuing to build long-term relationships with your customers is to have up to date software. This includes mobile access and real-time information. Only then you will be able to have a much closer working relationship with your customers.
4. Differentiate yourself from the competition
The quality of equipment has improved enormously in recent years. There are no more brands that offer poor quality. As a result, every equipment dealer offers durable equipment. It is also increasingly difficult to differentiate on price. As the quality of brands is close to each other, so is the price. In addition, sales margins are under pressure, so there is no room to offer spectacular discounts. An interesting way for equipment dealers to differentiate is through service excellence. Providing excellent customer service will save you costs and increases customer satisfaction and loyalty. This requires very structured service processes, supported by excellent service management software.
Recognize these challenges? I can help you! I know what is going on at your dealership and I know how to help you improve.