Page 18 - LPG August 2018 Newsletter

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digital controls
innovative technology
The Luxury Report August 2018 Luxury Products Group
$60,000, you should consider at least one more full-time employee.
Some basic tracking can really make a big difference in giving you a clearer picture of your showroom’s true performance. Of the $60,000 per month being written, how much of it comes from bid conversion? Are you measuring it? There is actually much more business in that showroom that can make its percentage of
total sales rise. If you use a CRM system and have a method of tracking daily traf c, you can accomplish some great things. For one, you
can see what your ratio of foot traf c to closed sales are, which gives you a closing ratio. Using a CRM — even a free version of CRM — will allow
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you to see if follow up is actually happening with customers who have come in the door. With only one employee, chances are they are too busy to follow up with the customers they are quoting.
If you use ERP system, you should be using bid follow up and measure performance. You should also keep an eye on orders in house, and how long the orders are in hold. Please measure everything to benchmark your showroom performance. If your employee
is only closing one out of 50 bids, you likely have a problem that needs to be addressed. If that employee isn’t making phone calls within 24 hours to follow up on bids created, you