Looking to boost your bottom line? Here are six creative ways to rev up your revenue … NOW!
1. Shift your service department into overdrive.
Review and cross reference all bikes sold and any recalls, updates or service needs. Offer free pick-up and delivery to perform the recalls. Then, while the bikes are in the shop, identify areas of opportunity for customers: performance upgrades, chrome additions or other work. Replacing a worn rear tire is the perfect time for adding a chrome sprocket cover and belt guard. Revenue generation is about helping your customers identify winning ways to improve their ride. And you, in turn, can improve your business. It’s a wonderful reciprocity.
2. Take a cue from Jiffy Lube.
How fast can you turn around a small job or an oil change? Do you offer a quick in-and-out service? How about a day during which all you do are quick jobs? However you can pull it off, customers expect this kind of turnaround for “normal” service work. Do this and the dollars will come.
3. Does your parts department have a vested interest in your service department installing those chrome goodies?
And is your service department ready to install them at the time of purchase? There’s money to be made if you’re willing to go after it.
4. Have the business manager burn up the phone lines.
I’m sure you have customers who have purchased motorcycles, didn’t buy an extended service plan and are still eligible for one. Call them. Email them. Tweet at them. You simply must reach out to these people. One dealer in Texas asked his business manager to do this, but the business manager thought it might come off as pushy. But he started calling customers, and they actually thanked him for doing so. What’s more, 85% of them signed up for the extended service plan. It helps if you develop a workable script or do research to find out about past warranty claims customers may have had. Plan, prepare and execute this idea today.
5. Prospect with promotions.
Deals die because of down payments and payment plans that didn’t fit a specific customer’s budget. Whenever a new promotion comes out, reference your dead deal file and see if you can make any deals work today that didn’t in the past.
6. Trade in that old helmet.
Here’s a way to discount without discounting. Advertise a trade-in weekend for helmets. Offer a nominal amount for helmets that are traded in. You have to destroy the trade-in, but it makes customers feel like they are getting some value out of the deal. You maintain price integrity, and you also get those bargain shoppers into your store. For a really fun idea, have a place on the showroom floor where customers can destroy their old helmet with a hammer. It’s fun, it’s loud and it definitely will get people talking!
Try implementing one or more of these revenue-revving ideas this week and let me know what happens.