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All ADM Blog Posts Tagged 'loyalty' (409)

First Time Vs. Repeat Buyer: The True Path To Profitability

Every day, dealers are faced with multiple decisions about various facets of their business. Among them: constantly trying to decide if they should invest in buying leads to conquest more consumers or if they should spend more to retain existing customers.

At the…

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Added by Doug Van Sach on April 10, 2019 at 5:30pm — No Comments

Customer Loyalty: Playing the Long Game

How long does it take to build customer loyalty? It might start with a great sales experience, but if a customer feels like they've been taken advantage of in the sales process, it will be hard convincing them to come back for service. True customer loyalty is built over a period of…

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Added by Courtney Evans on April 5, 2019 at 6:00am — No Comments

How to Grow Loyalty with Service Marketing

For car dealers, the opportunity to create loyal customers might start with a sale, but true loyalty is created in the service department. According to a 2017 IHS Markit study, the average length of car ownership is nearly seven years. That's a long time to maintain a relationship with someone until the next sales cycle.

 

So, the focus must be…

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Added by Courtney Evans on January 4, 2019 at 7:20am — No Comments

Retail Hazard Ahead: Vehicle Purchases Experiencing Some Delays

The good news? To date, automotive sales have remained stronger than many analysts originally predicted, with customers of all ages continuing to buy both new and pre-owned vehicles. Considering some of the earlier ominous forecasts, it’s no wonder numerous retailers are…

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Added by Doug Van Sach on October 25, 2018 at 7:00am — No Comments

Obtain a SaaS Valuation with Subscription Revenue

Have you ever noticed how the market values dealerships versus how it values Software as a Service (SaaS) businesses that derive income from the same automotive revenue stream? SaaS businesses such as CDK trade at mid-20x P/E ratios while dealers trade at 4-6x operating profit.

 

One major reason for this…

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Added by Scot Eisenfelder on October 19, 2018 at 7:11am — No Comments

The Pitfalls of Discounting Service

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Added by Chris Miller on September 27, 2018 at 7:30am — No Comments

Hello, is It Me You’re Looking For?

I frequently write about how, in my opinion, dealerships would be wise to expand their thinking and change attitudes towards recall customers … and not just recall customers, but all customers

 

The customer experience is key to building customer loyalty, increasing referrals and securing repeat…

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Added by Chris Miller on September 21, 2018 at 7:30am — No Comments

How to Boost Your Recall Completion Rate

Today one of five vehicles on the road are under recall.

This year alone there have been 46 million vehicle owners notified of a recall; seven million of which are not related to the Takata airbag issue.

 

Recalls represent a significant revenue opportunity…

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Added by Scot Eisenfelder on September 21, 2018 at 7:30am — No Comments

The Impact of Customer Lifetime Value (CLV) on Revenue

Do you know your customers’ lifetime value (CLV)? CLV defines the monetary value of your customer relationship by how much gross profit they have generated for your dealership.

 

If you divide your customer database into quintiles, you’ll discover that the top 20 percent is responsible for 79 percent of your…

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Added by Scot Eisenfelder on September 7, 2018 at 7:06am — No Comments

Content Marketing Is Not a One and Done Game

There is one common problem most companies run into when they start a content marketing strategy. Frequently, executives have unreal expectations and expect to go from zero to hero in a matter of days. They want an immediate return-on-investment – such as leads, engagement or website traffic. I am afraid that is simply…

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Added by sara callahan on August 29, 2018 at 6:57am — No Comments

Wi-Fi is Like Water: You Need Plenty of it and here's how to do it!

Back in the early 1990s, the Internet was in its infancy. As a new phenomenon, not every business was sold on its benefits, or even why they should use it. This posed a problem for Cisco, a company whose main product at the time was routers. Cisco needed to prove that, not only would the Internet save companies money,…

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Added by Ujj Nath on August 21, 2018 at 7:02am — No Comments

Why QR Codes Failed: A Conversation of Relevance

A recent blog article by myKaarma CEO & Founder Ujj Nath, posing a great question, “Are QR codes  a technology asset or failure?” motivated me to respond with my own viewpoint on this matter, as it is a divisive topic for…

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Added by John Wingle on August 17, 2018 at 7:09am — No Comments

Welcome to the Circus...See Cars, Elephants and the Wolf Boy!

When automobiles were first introduced into society, people didn’t know what to think. For the most part, early automobiles were reserved for the wealthy, while everyone else continued their transportation needs with the use of horse and carriage.

 

However, people were very curious about this strange new…

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Added by Ujj Nath on August 7, 2018 at 6:44am — No Comments

Are You Selling Cars or Acquiring Customers?

Most dealers know how many cars they sell on a weekly, monthly and annual basis. But if I asked you how many new customers you acquired this year, would you know the answer?

 

On the service side, you probably know how many ROs were closed last month and how much revenue…

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Added by Scot Eisenfelder on August 3, 2018 at 7:00am — No Comments

QR Codes: A Technology Asset or Failure?

Have any of you had success with QR Codes? By some reports they are making a comeback. But, on the other side of the coin, on an episode of Shark Tank late last year, renowned venture investor Chris Sacca commented that QR codes are “the herpes of mobile…

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Added by Ujj Nath on July 31, 2018 at 6:37am — No Comments

Great Lessons From Historical Mistakes

The automotive industry is changing with self-driving cars, companies such as Uber entering the field and the decline of oil-dependent vehicles.  

 

To that point, I am sure many of you are familiar with the shocking stories and downfalls of three highly successful companies: Blockbuster, Kodak and…

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Added by Ujj Nath on July 24, 2018 at 6:56am — No Comments

Will Amazon Steal Your Tire Sales?

One of the staples for service department is tires, including sales, mounting, balancing and alignments. Tires are a price leader for your dealership and a great way to get customers in, providing you the opportunity for additional service work revenue.

 …

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Added by Ujj Nath on June 26, 2018 at 6:30am — No Comments

The Key To Retention: Consistent Contact

To stay top-of-mind with your customers, you need to keep in touch.

If you have lifecycle-based communications that launch automatically (triggers), you’re already taking advantage of a great tool for your dealership. This keeps your active customers engaged. However, to maximize…

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Added by Scott Kane on June 25, 2018 at 6:30am — No Comments

The Link Between Electronic MPIs and Unsold Service

On average, dealers capture just half of the necessary service work that needs to be performed on vehicles that come into their service lanes. This is a big leakage point that has a direct impact on service revenue. It also offers tremendous untapped potential.

 

In addition to acquiring new…

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Added by Scot Eisenfelder on June 21, 2018 at 6:30am — No Comments

Drive Sold-to-Service Converts

Almost half of a dealership’s sales customers never return for their first service appointment – that’s a hefty chunk of a dealer’s lifetime service potential!

What causes this pattern in car buyers, and how can you channel more of them from your showroom to your service lane? AutoLoop…

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Added by Doug Van Sach on June 18, 2018 at 6:30am — No Comments

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