The spare parts industry operates in a severely competitive environment, and if you are one of the players in this segment, you have to think out-of-the-box to be a market leader. Developing a spare parts business is not easy, and to do so, you have to identify prospects that require the products and services that you are offering and then carry out very effective marketing strategies.
Here are a few tips and guidelines for quickly and effectively growing and developing your spare parts business.
To stand out in the crowd, you have to deploy exclusive strategies. One of them could be to stock on quality spare parts from reputed vendors only and offer long-term guarantees to your customers. Promote the drawbacks of fixing low-cost alternatives that fail against the benefits of high-quality parts that you sell. Obtain a franchise of a reputable spare parts manufacturer and stock original equipment manufacturers spare parts. You can ride on their goodwill to enhance your business.
Identify target customers
Identify your target customers and structure your marketing strategies with them in mind. Your focus should be high-volume consumers such as service and repair companies, fleet operators and independent service technicians and authorised and certified service centres. You can also have a wholesale operation to cater to the needs of retail outlets who are also bulk buyers of auto spare parts. Stock up on fast selling items like heat wraps for pipes of exhausts and engines that improve the performance of vehicles. You can also explore opportunities to supply specialist parts of vintage cars. These are not available in the usual spare parts stores and command a premium on their prices.
Make it convenient
Customers should find your service convenient for them. They will only opt for your store when you offer a seamless ordering and buying experience. Have a well-designed and attractive website with detailed catalogue pages of the products on offer for online purchases. If you have an extensive inventory in numbers of items stocked, include the fast-moving and frequently ordered items in the catalogue. You can also introduce a 24-hour telephone answering service so that your customers can place their orders outside your regular business hours too.
Be flexible in customer service
The more delivery and payment options you provide your customers, the higher will be the sales and business growth. Explore the possibility of offering service and repair customers with an express collection and delivery service for urgent repairs. Same day delivery service for customers who call for spare parts before a particular time, say 3.00pm will get you increased orders. An exclusive collection point on your premises for high-value customers is also recommended.
Run promotion campaigns
Focus on short-term sales also and run promotional campaigns of high-volume parts such as Kool Wrap Heat Protection and Cable Heat Protection Sleeve that repels engine heat, protect hoses, wiring and cables and maximise power and efficiency. You can also include filters, spark plugs and oil at a promotional price. Set up a rewards programme for repeat customers or those who exceed a specific sales target that you set to promote more sales.
These are some of the ways that you can try to grow and develop your spare parts business.