AM’s 2024 Spotlight on Customer Retention Report for UK car dealers has just been published and it can be read free or downloaded here.
This year the spotlight report examines topics including effective post-purchase communications with customers, car dealers’ complaints handling and online review processes, educating ICE car owners about electric vehicles, and identifying revenue streams as the EV aftersales parc continues to grow.
The AM Spotlight on Customer Retention Report is viewable HERE on all screens (on mobile, click on a page for a easy-read text version) and it can be downloaded in full or in part.
“Demanding consumers, increasing competition and pervasive online accessibility have combined to make it easier than ever before to lose customers to rival dealerships and brands. As has often been proved, it is far more cost effective to retain and re-sell to the customers already on the database than it is to find new ones.
“Effective customer retention strategies are essential for dealerships facing a myriad of challenges. With the proliferation of options available to consumers, loyalty cannot be taken for granted.
“Dealerships must prioritise delivering exceptional customer experiences to cultivate lasting relationships. Positive interactions at every touchpoint, from initial inquiries to post-sale support, are instrumental in fostering customer loyalty.
“Investing in customer retention yields numerous benefits. Not only does it enhance brand reputation and credibility, but it also generates repeat business and referrals. Delighted customers are more likely to become brand advocates, spreading positive word-of-mouth that helps attract additional business, and they are likely to turn to the dealership when they are ready to make the switch to electric vehicles,” said AM editor Tim Rose.
“In the digital age, where information is readily accessible and consumer choices abound, dealerships must leverage technology to enhance the customer experience. Personalised communication, streamlined processes, and convenient digital tools can significantly impact customer satisfaction and retention. By embracing digital transformation and adapting to evolving consumer preferences, dealerships can stay ahead in an increasingly competitive market.”