If you’re like most POS dealers I’ve interviewed, you don’t have a good grip on your financials. But, even if you do, that data is still a very limited way to evaluate the health of your company. Imagine taking those financial measurements of your company and comparing them with other companies in your industry. If you were at RSPA Inspire in January, you got a taste of how valuable this exercise could be.
At Inspire, sample financial data from about 10 dealers was presented to the attendees. Based on the high volume of questions asked during the presentation and the excited conversations that took place in the days after the presentation, it was clear that the RSPA was on to something by gathering and presenting the data.
In theory, these key performance indicators (KPIs) could be used by attendees to measure their own company against the rest of the dealer population. Data was presented a number of different ways, showing the averages of all who submitted data and the averages of the top performers (most profitable). Imagine seeing what other dealers pay their salespeople, or how many salespeople they have, or how many new customers they bring on in a year, or how much they spend on marketing, or insurance benefits. The list of potential comparison data goes on and on. (Click here to see the data presented at Inspire)
However, there was one problem: the sample size of dealers was too small. While one could technically make decisions based on the data presented, it was skewed heavily due to some of the participating companies being among the largest dealerships in the country. Not to mention it was only about 10 dealers. In effect, the data was bad.
However, the concept of having this great KPI data couldn’t be ignored. The demand for such data, not available anywhere else, is what’s driving the RSPA to roll out version 2.0 of this KPI initiative. The plan is to gather data from a much wider, numerous, and diverse set of dealers. Here’s where you come in.
The RSPA needs your help gathering this information. They need your data. Yes, it’s private financial information you probably don’t share with anyone other than your accountant. But to make the data as accurate and valuable as it can be, they need it. Nicole Taylor from the RSPA promises me that the survey data will be closely guarded within the RSPA staff, no company names will be revealed, and only cumulative results will be shared.
What’s in it for you? Well, there’s a random drawing at the end for $500. But way better than that: only those dealers who take the time and effort to complete the online form will receive the full report. Again, the value of this data and its importance to your organization cannot be understated. In fact, I’ve seen similar reports from other industries sold for thousands of dollars by research companies. It’s worth the time for you to anonymously submit your data and contribute to this great project. The results of this KPI research project can positively affect your business in ways you can’t imagine.
If you’re interested in gaining access to this valuable data by participating in the research, click here.