Repeat business is the proverbial 'bird-in-hand.' Your current customers are fertile ground for cross-selling. It's your golden opportunity to wow them beyond belief. Take the initiative, know your customers and understand their needs. Do this and your long-standing customers will remain loyal and your successes will continue to grow.
Did you know that attracting a new customer is five times costlier than retaining an old one? Also, by increasing customer retention by only 5%, you can boost your profits by 25-95%. These statistics apply to all industries, including the automotive sector.
Dealerships are increasingly realizing that transactional, one-time business practices no longer work. They have to focus on strategies to not only attract but also retain customers. Customer retention has positive outcomes for dealerships, including reducing costs, enhancing customer lifetime value, increasing competitiveness, and boosting profitability. This article outlines four ways for dealerships to increase customer retention, and consequently harness its benefits.
Customer retention is vital to growing a dealership's business and profits. When a customer remains loyal throughout the life of a vehicle, it's a sign they trust a dealership.
Everyone in any industry that involves interaction with another human being can expect to, at some point, interact with an angry customer. This is no different at a dealership. Dealing with angry customers is a skill that employees and bosses should familiarize themselves with. Effectively handling angry customers will increase customer retention, reputation, and overall customer satisfaction. When dealing with an angry customer here's what you should do.
Topics: customer experience
Car dealerships are faced with disadvantages in today's fast-paced market. The belief that car purchasing can be a painfully long process is based on many old traditions at car dealerships that persist today. Faster sales can be accomplished by improving in three different areas. Each of these areas is based on building strong relationships and effective communication strategies:
COMPETITION IS FIERCE
With 2019's economy in full swing, consumers are out in force looking for great products and even better customer experiences. This is especially true for car dealerships as online markets pop up and offer the consumer the ease of car shopping from their couch.
With customers preferring root canals and lines at the DMV over buying a car, Dealerships should be focusing more than ever on improving the customer experience. But when what the customer distrusts most are your F&I Department's policies and products, what can you do?
Topics: customer experience
Potential customers have more car-buying options than ever before. How can you make your dealership outshine your competitors? Here's four easy ways to start.
Every dealership's goal is to have customers return again and again for repeat business. Here's the secret…actions, not words, show customers you appreciate their business.
Be Ready to Deliver Excellent Customer Service
We all know that online technology allows most of your customers to arrive at your dealership lot already knowing the car, or cars, they are ready to test drive and negotiate for pricing. Not only are most of your customers prepared to see the car that they are ready to purchase, they probably have read articles like the one found on U.S. News & World Report.