Finding untapped revenue

Tim CalhounIt is understandably tough out there. Myself and other manufacturers are all fighting for your valuable wall and floor space. There is less disposable income being spent and a record level of savings. If you’re going to survive, a tight budget must be kept, so it is time to get creative. It is time to train up your staff, revise your approach and sharpen your repertoire.

Have you created profit centers on commodities like batteries by selling extended warranties? Are you offering cheap oil changes and service specials that at least get bikes on the rack, and does your service staff have the training to up-sell additional parts and services? All of the old-school dealers who have survived downturns understand this, and I am preaching to the choir. Unfortunately many dealers’ business models have driven by unit sales for the past decade. Now is the time where your investment in parts, accessories and service pay off.

Get creative and have some fun with it. Customers buy from people they like. If they can have a service provided and added value like an extended warranty offered for a necessary product, you might be surprised at the hidden profit centers that exist in your store. Guaranteed trade-in price for old gear if they buy an entire gear package?

Create a customer for life with some thoughtful insight that addresses typically untapped revenue.

Good luck!

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