Drive to Success is a weekly series capturing the most influential articles, tips, and tricks from industry experts and publications to help drive your dealership to success. Each week will focus on a specific key topic in the automotive industry.
Developing customer retention strategies can maximize your dealership's profits. Dealerships should focus on retaining loyal customers just as much as they focus on acquiring new customers. Loyal customers will communicate the benefits of buying from your dealership within their circle, return when they are ready to purchase a new car, and will bring service to your fixed ops department.
The Dealership Performance Blog: It is 10 times more expensive to acquire a new customer than to maintain one. Everything from failing to offer complimentary maintenance to lacking a sufficient welcome can hurt your dealership customer retention rates.
Dealer Marketing Magazine: A focus on customer retention should be rooted in every customer engagement at your dealership. Make sure your departments understand the value of retaining customers, and the cost of losing one. Avoid common dealership mistakes and offer a dealer-branded PPM to take your retention strategies to the next level.
Digital Dealer: Build bridges between departments at your dealership to reduce the effort your customers make to achieve their purchasing goals. There are a handful of components to boosting customer retention at your dealership. Create a dealership culture that will make your customers want to return.
Entrepreneur: Establishing loyalty with returning customers should be as important as acquiring new customers. Make the shift from acquisition to retention strategies by prioritizing customer service, keeping communication with customers, and turning complaints into opportunities at your dealership.
Dealer Marketing Magazine: Dealerships should consider utilizing programs to stand out in the automotive retail market. Loyalty programs can provide your dealership with opportunities to personalize customer experiences even after purchasing a vehicle. Establishing this kind of loyalty with customers can maximize your dealership profits.
Check back next week for Drive to Success: Fixed Ops. You'll learn ways to increase revenue with your fixed ops department.