Acquiring a new customer can cost five times more than retaining an existing one. However, in a world where customers are more informed, more demanding and savvier than ever, retaining existing customers can be challenging.
If you want to meet your sales goals, you are going to need more customers. That may sound logical, but it's not necessarily the case. According to recent findings, the success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is only 5-20%.
You see customers entering your dealership, and some buy cars while others don't. There are ways to get more customers in the door and improve your sell-through percentage. Your dealership has the vehicles people want in stock, but you are looking to increase your sales quota and grow your business. Improving your level of customer service and building long-term relationships can help. Here are a few ways to improve your dealership's customer service:
Going digital in auto dealerships has become more of a priority with COVID-19 wreaking havoc on customer’s willingness to venture to a dealership and/or allowing customers on-site. As a result, having to offer retailing through online means is becoming a new norm.
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.
Businesses can prosper when they focus on their sales processes and provide excellent customer experiences. This is especially true for automobile dealerships, where the quality of service provided is crucial to customer retention.
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.
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.