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Industry expertise = more value
for clients

By Brent Morton

One particularly effective way to both maintain and grow your customer base, and differentiate yourself in the marketplace, is to put into place some of the practices of “thought leadership” at your dealership.

WHAT IS THOUGHT LEADERSHIP?
In today’s highly competitive business environment, equipment dealerships looking to maximize revenue need to be especially proactive when it comes not only to attracting new customers, but also making sure that they retain the ongoing business of their existing clients. A majority of customers (62%, according to the Agri Council’s 2010 Media Channel Study) still regard the dealership as their primary resource for information about purchasing, operating and maintaining equipment, and you can use this to your advantage. One particularly effective way to both maintain and grow your customer base, and differentiate yourself in the marketplace, is to put into place some of the practices of “thought leadership” at your dealership.

Essentially, the concept of thought leadership involves offering some of your knowledge or expertise, at little or no cost, to customers to demonstrate how useful you can be to them. In other words, you want to show your customers that there are reasons—beyond pricing and discounts—why they should want to do business with you, and that doing so offers them value above and beyond what a competitor might offer. In this article, we’ll take a look at two primary strategies that you might consider using in your business to become recognized as a thought leader with expertise that will help you build both your brand and customer satisfaction.

1. Training clinics or demonstration events
There’s nothing quite like a hands-on, in-person event, where your dealership staff interact directly with customers, to put into practice what thought leadership is all about—showing your customers what you have to offer them as an expert in your field, rather than just telling them about it.

You might choose to offer these opportunities to customers on an “on-demand” basis or as seasonal events. For example, a John Deere dealer headquartered in Macomb, IL, offers three larger events each year: a Lawn & Garden Day in the spring where customers can bring their families to learn about new lawn care equipment; a Demo Day for Ag Technology in July that offers demonstrations and advice to Ag customers on implementing the latest technologies in their operation; and a Combine Clinic held each August, providing maintenance, operation and efficiency tips directly from the dealership’s service professionals.

In contrast, PFW customer Bobcat Enterprises of Hamilton, OH offers regularly-scheduled operator training classes on forklift, excavator, and skid-steer equipment. Customers can view upcoming course information and available dates directly on the dealership’s web site. Having these training sessions available on a regular basis allows the customer to attend based on their schedule.

Not sure what type of events your customers might find helpful? Don’t hesitate to ask them. By reaching out and letting customers know that you’re actively looking for ways to add value to the relationship they have with you, you’re already starting to think like a thought leader.

2. A robust, relevant online presence
Your dealership almost certainly has a web site detailing your lines carried, services offered, and contact information. But consider this: the Agri Council’s 2010 Media Channel Study found that 63% of those who visit Ag-related internet sites agreed that accessing digital media had become an essential activity to running their farm or ranch operation. Are you making the most of the many additional opportunities available to you when it comes to providing online value to your customers, at no or very little increased cost?

Everyone has heard the phrase “content is king” when it comes to talking about a web site, but what does that really mean? In essence, your site is your primary online opportunity to show potential or existing clients that you have something useful to offer them beyond simply being a location at which they can purchase equipment, parts, or service. Take a look at your dealership’s web site—what do you offer online that differentiates you from your competitors and demonstrates your dealership’s willingness to share knowledge and expertise? If you’re not sure, consider these possibilities as content you could integrate into your online presence:

• Mailing lists:
  An electronic mailing list is an excellent way to keep your customers up-to-date on industry news, product releases, or events and specials at your dealership. You can give customers the opportunity to “opt in” to receiving this information through a link on your web site, or as part of a traditional marketing mailing, or even when interacting with your staff at the service or parts counters.
  
  
• Social media:
  The use of social media tools like Facebook, Twitter, and YouTube can be effective ways to increase awareness of what your dealership has to offer, and by choosing to engage with customers online and offering content that is relevant and useful, you can enhance interest and the perceived value of your brand. As an example, consider Evergreen Implement, based in Othello, WA. This dealership has its very own YouTube channel—offering dozens of videos on topics ranging from new product introductions to video ads for used equipment being offered for sale—as well as a Facebook page with video links, event announcements, and more.
  
  
• Training materials:
  Another excellent way to encourage your customers to think of your dealership as their “go-to” location for information about purchasing, operating, and maintaining their equipment is to offer instructional guides, or even videos, right from your web site—or through a social media platform, as in the above example.

CONCLUSION
To be seen as a thought leader, your primary mission is to improve the ways in which you interact and engage your customers, and to build value into the connection you have with them. By showing them concrete benefits that you can offer as a result of doing business with you, you’re pulling them towards your brand and encouraging their loyalty.

Remember, you want to show—not just tell—your customers what you can deliver, and to do it in a way that makes your business stand out from the competition.