Prospecting 30/60/90 Day Plan

 

Days 1-30: I will understand and Analyze my Market

I will define my New Territory (Prospecting)

● I will find out what geographical area does my territory cover?

● I will find out what is the value of my territory.

● What are the demographics of my territory?

● What other F&I providers already exist in this territory?

Identify the ideal dealer group persona to engage with our products and

services. (Prospecting)

Our Companies Product Knowledge: SWOT Analysis (Prospecting)

In my first 30 days, I need to learn everything there is to know about the types of F&I products I

am offering and what kind of reinsurance plan fits the potential dealer group I am approaching.

I will identify the following:

● What are my product and services strengths?

● What are its weaknesses?

● What opportunities does it create for the dealer?

● What threats does it face from other F&I providers?

Know My Competition (Prospecting)

The aim is to create an atmosphere where the only competition is with me.

Understanding my competition, I learn why my territory needs my product and service

offerings. I will examine my direct (and indirect) competition and consider why my potential

dealer groups should choose my product instead.

Here are some areas I will evaluate during a competitive analysis:

● Positioning of our F&I products and services

● Pricing of our F&I products and services

● Reviews and testimonials of dealer groups that are already working with us

● Other offerings include training/performance enhancement for P.V.R. and P.P.D. for a

dealer group.

 

It's always interesting to see a competitor's F&I product features and the reinsurance

mechanism compared to ours. I need to go back to that SWOT analysis and focus on the

threats. Why are those competitors' actual threats, and what can I do to minimize these

threats? Dive into my research to understand the why.

The Company probably has competitive analysis reports on the major competitors in my

market. But, if it is unavailable, I should take the initiative and build this resource.

Knowing precisely who my competitors are and how our products and services will put me miles

ahead of them when it comes time to sit in front of a dealer principal and show them the value of

what we can do for them.

 

Discover My Top 10 potential Dealerships or Groups (Prospecting)

Which dealerships or groups sell the most units?

I must review which Dealerships have traditionally been easy to approach. Then, I will prioritize

those leads and similar accounts.

The 80/20 rule is in full effect - 80% of territory growth will come from 20% of my Potential

Dealership base.

I must become as personal as possible to maintain a steady relationship with my important

dealerships. Not only will they start seeing me as a friend rather than a Rep., but they will also

trust me and my advice - which means more of my products being sold at their Dealerships.

 

Days 31-60: Implement My New Territory Plan

Define My Contract Sales Goals (Prospecting)

S.M.A.R.T. goals:

● Specific

● Measurable

● Achievable

● Relevant

● Time-based

Set goals based on valid data and information relating to historic performance at the dealership.

These will include the contract counts, revenues and margins, Dealership revenues as a whole,

Dealership customer retention levels, and other critical data from the Dealership database if I

can gather it up.

Main KPIs

● Unit Sales to Contract Sales Conversion Rate

● Customer Turnover Rate at a dealership

 

● Average Conversion Time for customers to say "YES" in the F&I Office

● F&I Product Revenue - the metric resenting the individual contributions of a specific F&I

product to the total company revenue

Go Beyond My Top 10 Dealerships (Prospecting)

Now that I am an expert on my sales territory and plan to conquer it, I start prospecting beyond

the top 10 customers I met in my first month.

Start prospecting regularly and invest the time into developing my territory early. This way, I will

avoid any unpleasant surprises as it grows.

Analyze the market segments in my territory. What should be prioritized in my prospecting

pipeline?

This will give me a clear overview of my territory's growth potential. I will also set deadlines for

my territory expansion, but I must also be realistic.

 

I must Always Find New Leads (Prospecting)

Leads will be the driving force for my prospecting pipeline, but I need a systematic approach to

generate and close them to ensure my channel is manageable.

The best way to develop a better lead generation process is by maintaining a strong referral

base. If I take care of my existing Dealers, they'll refer me to other friends of theirs who own

dealerships and will be much more likely to close.

Optimizing My Route (Prospecting)

Following up with prospects regularly is the best way to maintain and grow my relationships.

I must create a regular routing schedule based on my core Dealerships and

opportunities. A detailed plan will ensure that my prospects develop steadily, preventing me

from missing any critical portions of my territory.

Plan to Meet my Monthly Quota (Prospecting)

I must find out how many leads I need to meet each month to crush my quota. Also, I will keep

track of how many leads I meet with each day or week to acquire a new Dealership in my

portfolio.

 

Days 61-90: Optimize My Territory Plan and Get

Feedback

Get Qualitative Feedback (Prospecting)

I will get feedback from my team based on my approaches in my territory and customize a plan

that corrects the mistakes I would make to have a more successful strategy the next time.

Run the Numbers (Prospecting)

My territory plan should be solidified by the third month. My most important accounts,

prospecting goals, and my schedule for reaching them should be set for the rest of the year.

In the final 30 days of my plan, it's time to forecast my numbers for the rest of the year.

Where do I see my territory going?

Check-in With My Dealers (Prospecting)

Keep track of my meetings. Nothing is worse than missing deal-critical details. By logging

each Dealer interaction, I am helping my future self stay ahead of my pipeline.

It's important to record my history with every Potential Dealership. I will jot down any information

that seems relevant. I might uncover objections before they're even brought up.

For example, if a Dealer mentions an issue with our F&I product or our dedicated Claims line, I

can ask follow-up questions about that previous issue during my following conversation.

This information will help me manage my many relationships in the field. Building strong

customer relationships will allow me signup more Dealers, get more referrals and

increase productivity.

 

Sync My Schedule (Prospecting)

My calendar is going to be slammed in the first few months. In the third month, I should make it

my mission to have my schedule under control.

I want to keep appointments distinct. An overwhelming schedule prevents me from prioritizing

essential customers. Even worse, my appointments might fall on different areas of my territory,

forcing me to waste time (and gas) driving to two wildly different places.

 

Managing My Territory And Managing My Reports (Prospecting)

Managing my time is an essential aspect of building a solid territory, which it's often overlooked.

It's helpful to check in often and provide feedback on my progress with my Supervisor.

Some of my Reporting activity in My territory:

● I will ensure my supervisor and I are on the same page when discussing Prospecting

strategies and maintaining current accounts.

● I will have open conversations about how my pipeline looks and any deals I've

forecasted already with my Supervisor.

Each quarter of the year, I will project my revenue and contract counts in my territory.

Current Account Training and Developing within the 90 Days: (Short Version)

I will go over these topics with the F&I team:

● Customer Interview. (Thought Tracks)

● Menu Presentation. (Thought Tracks)

● Product Knowledge. (In-depth explanation of each product)

● How to Overcome Objections.

● Step Selling.

● Role Playing.

● Deal Performance Review.

● Using effective Closes. (Thought Tracks)

Sales Associates:

● Seed Planting.

● Walk Around presentation.

● Things related to F&I products talk about while in the Test Drive.

Sales Managers:

● Communication Skills with the F&I managers.

● Structuring deals with products in mind.

● Overcoming Objections from Customers about product offerings.

● Team Motivation.

● Fun and productive activities to inspire Sales Associates.

A Longer Action Plan relating to account development

will be available upon request.