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I recently read an article from www.AutoRemarketing.com titled Which Vehicle Brands Are Retaining The Most Customers. I couldn’t believe the results! Ford and Honda led the way with 62% customer retention. Some other notable brands were Toyota 60%, Chevrolet 52%, Volkswagen 41%, and Dodge 22%. In fact, the industry average was only 48% customer retention. That means that on average over half of consumers will not buy the same make of vehicle they are currently driving when it comes time to trade.
So what's the reason for such high customer fallout? Is it because people are not brand loyal anymore? Has the internet created a more educated buyer with so many choices that consumers just decide to try different brands instead of being loyal to one? Or is it because most dealerships do a poor job of making sure that their customers have a satisfying buying experience?
I’m a consumer just like you and the only time I typically hear from my dealership is when they want something from me… usually with a hand out asking me to spend more money with them. It’s this kind of normal dealership interaction that creates a wedge between the dealership and their customers. It’s not that most customers wouldn’t like to own another vehicle like the one they are driving, but more that they just don’t want to deal with that dealership so they look at comparable brands that other dealerships in their market offer.
My advice would be to take a serious look at how you are communicating with your customers. Are you only interacting with them when you want something or are you creating a life-time relationship with them?
At CEO Marketing, we help our dealership clients build that customer relationship with our Life-Cycle Marketing Automated Customer Retention Program. Strategic communication with different touch points during vehicle ownership so customers know without a doubt that the dealership appreciates their business and wants them as a customer for life!
If you’d like to learn more about our dynamic customer retention program please email me at email@example.com and I’d be happy to send you some information.