Do you know who your most responsive dealers are? You may think you know, but do you have any evidence to prove it? You probably don’t…but luckily MetaLocator is here to change that.
The responsiveness of your network of business partners is a pretty important thing when it comes to operating a dealer, installer or contractor locator. It doesn’t take a genius to figure out that fast communication is better. What can be challenging is measuring response time at scale.
Why Measure Dealer Responsiveness?
What’s the big deal about knowing how responsive your dealers are though? As long as revenue is being generated that’s all that matters right?
Wrong…the rate of responsiveness impacts many aspects of your business and having data to represent that responsiveness provides insights to optimize it as much as possible.
But what exactly does responsiveness impact? One major aspect it impacts is customer satisfaction. The quicker a dealer can respond and keep the ball moving on a business opportunity, the higher likelihood that the customer is happier with the service provided. Think about it, when you’re purchasing something you don’t like being left in the dark wondering what’s going on.
How Dealer Responsiveness Works
So, how exactly does this response score work…?
The Response Score algorithm leveraged by MetaLocator provides critical insight for your company to use. It provides a distinct number to differentiate dealers in your network based on their overall responsiveness. This allows your business to quickly organize dealers in-network based on their responsiveness, allowing for the opportunity to improve those that are lacking. This also identifies your most reliable dealers, allowing the business to funnel more inquiries to them to ensure more sales are made.
What exactly goes into this algorithm and how can you use it to benefit your business? The algorithm takes into account three major factors, those being: response rate, average response time, and lead volume weight (or the number of inquiries the dealer gets). Specifically the formula uses:
- The overall Response Rate as a percentage
- Normalized Average Response Rate: a scaled response time (in minutes) so that shorter times are better
- Adjusted Lead Volume Weight: reward consistent engagements and penalize ignored leads based on the volume of leads received, responded to, and ignored
- Penalty for Ignoring Leads: decaying penalty for dealers ignoring leads, this penalty decreases over time as the dealer responds consistently to new leads
Impact of Utilizing a Response Score
Response score for your network can provide multiple benefits for both you as a company admin as well as for those in the network.
A primary benefit is that, as an admin, you gain vital knowledge on how everyone in your network functions on a regular basis when it comes to receiving and responding to leads. Don’t think of it as stalking your dealer’s actions, but more of just making sure they’re getting the job done 😉
Finding the response score isn’t just the only benefit of the algorithm created. Since it takes into account the lead volume (total number of leads), you can then track who your most popular dealers are in the network. Knowing which dealers perform well (and which ones don’t) provides an opportunity to praise those doing well while working more to get the rest up to speed, improving the satisfaction of your partners and your overall business.
Check out MetaLocator’s software in action by visiting our demos page, featuring demonstrations of our locator software in various configurations.
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