2020 is sure to be a year that will go down in history, but there’s a lot that we can learn from it too.
Recovery and the need for reinvention go hand in hand. It’s also clear that changes in the way we live and work will become part of a new normal. We might be starting to see the light with the vaccination programme rolling out, but it’s evident that the impact of the pandemic will last long into the future.
We’ve identified three key areas that might just change the business world forever:
- Digitisation – in every sector, businesses that were further down the digital road were less disrupted by the pandemic and able to adapt more swiftly. Those that were a little further behind have quickly had to adapt their processes to meet the new consumer expectation
- Sociocultural change - supported by regulation, we’re seeing a growing focus on care, values, ethics, transparency, fairness and the environment. These impact businesses in all the right ways, focusing on the way they care for their staff and customers.
- Collaboration – close collaboration allows for increased speed and capabilities, a broader reach and even new insights. A spirit of togetherness born in the pandemic can bring long-term mutually beneficial relationships
In motor retailing and financing, as we look to recover, we must also look to reinvent. At MotoNovo, we aim to keep collaborating and innovating. Here are our top 5 ways to do just that:
- Optimise your digital capabilities
Digitising a dealer business is not just about online marketing; it is about using technology to get closer to customers, take cost and time out of operating processes and add new levels of convenience for customers. It’s time to start looking for tools that could help you to be more efficient and effective in every part of your business.
- Put customers first
Treating customers fairly should not be viewed as an FCA requirement; it’s clear business sense. In an online world, when it comes to the customer experience, it is critical to recognise that potential customers are only ever a mouse click away from a competitor.
- Invest in your teams
you can never have enough good people, but do their roles need to evolve? Look after your staff and get better at serving your customers in the new normal. Developing new skills for some will be crucial, especially as digital technology comes to the forefront.
- Stay curious
Your business model shouldn’t be stagnant, you’ll need to move and adapt with the changing landscape in 2021. That might mean refining your stocking process to cut costs, adapting your marketing or refining your income model. Keep asking questions and challenging your business.
- Be fresh and relevant
New thoughts, ideas, tools, the layout of your website the frequency and quality of communication can all be kept fresh. In many ways, it is the digital equivalent of updating the forecourt and keeping the stock fresh and shiny.
If you want to learn more about optimising, maximising and digitising your dealership, visit our Supercharge 2021 page!
Head to our recovery and reinvention hub for more resources.