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.
Dealers often focus their marketing efforts on finding new leads and bringing in first-time customers. While those strategies are important, the most successful dealer managers know that retaining their customers is also essential. We wanted to highlight a few best practices the most successful dealerships leverage to create the ultimate customer experience and increase retention.
Proper marketing is crucial to the success of any business. From print media and digital ad campaigns to social media marketing- all play a significant role in creating a brand image. However, there is one thing that is perhaps the most important tool for spreading the word about a business. That is customer reviews.
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.
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:
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.