Plummeting margins, less lot-traffic, increased pressure from manufacturers, and more educated clientele. Welcome to 2020. These are just a few of the challenges faced by dealers in the retail automotive landscape of today. The old gimmicks stopped producing dependable results years ago – now what? A speech to inspire your sales team? Grind management to do what they’re already doing, but better? It’s time to make a change that works by targeting the clients you’ve already sold. How do you keep previous buyers returning?
Understand why repeat buyers are a better focus than bringing in new ones. You’ve already earned their trust, meaning they’re more receptive. The cost of marketing to them is also a lot less. Refine your follow-up process, and deliver valuable, engaging content to keep them returning time and again.
We realize everyone claims to have the secret sauce for selling more cars. Thankfully, at Dynalog, we offer more than just words. We have more than 24-years of data and lead-gen experience in the automotive industry. Not only will we get you more paying customers, but we’ll also keep them coming back. How? Let’s dive right in.
Repeat Customers VS Acquiring New Customers
Repeat customers VS acquiring new ones, which is better? 154 KB View full-size Download How much does the average-sized dealership spend on advertising? According to NADA Guides, for a dealer selling around 1,000 units a year, nearly $650,000. Though, this number increases drastically in more competitive markets like Miami and LA. Rather than continue to shell out more than $500 per unit to attract new buyers, consider those that have already bought. Not only is the cost to bring a previous buyer back in only a fraction of the amount of a new one. But they close more often as well, and for nearly 40% higher margins.
Less ad-spend, better closing ratios, and more profit? It sounds like a no-brainer to us. It’s time to stand out from your competition and target the customers whose trust you’ve already earned. Not only are they more receptive to what you have to offer, but it’s a known fact that happy customers tell their friends and family. As you know, referrals are not only free, but they carry the same benefits of a repeat customer, meaning they close more often and for better margins.
With a Dynalog digital catalog, reaching out to previous buyers is simple and effective. We deliver value-packed data your customers can refer to time and again, and share with family and friends as well. Don’t destroy the walls of trust you’ve worked so hard to build by blasting your clients with useless calls, texts, and e-mails. Instead, send custom-tailored previews of your service specials, loyalty rewards, and latest offerings. We integrate fully with your CRM and inventory as well, meaning it’s convenient, fast, and simple for your team to employ. It also allows them to track their sales efforts without having to learn a new system.
Now that you have a better idea of why returning customers are the best type of shopper. Let’s review a few CRM strategies you can adapt to stay top of mind.
CRM Strategies to Maximize Your Number of Repeat Buyers
It’s never a good idea to blast your previous buyers with an endless number of contact requests, but it does help to stay top of mind. Here are a few solid reasons to reach out, as well as several suggestions to help you maximize your efforts:
· Date-of-Sale Anniversary
Ask any car sales veteran, and they’ll all suggest reaching out on the year anniversary from the date of their purchase. Not only does it show you care, but it also gives you an excuse to ask for referrals.
· 3-Year Mark
Most buyers tend to keep their vehicles for around 3-years, which is also about the time it takes for them to be even on their loan. Be sure to reach out and mention any loyalty rewards you might have to help them transition into something new.
· First Oil-Change
Be sure to set a reminder for about 3-months after the sale to inquire about their first oil change. Not only does it allow you to help them schedule a ride home via your courtesy shuttle. But you can also ensure things go down without a hitch and call them when it’s finished. Even if you don’t work at a luxury dealer, there’s no reason you can’t provide the same experience.
· Jot Down the Little Things
A lot of information gets shared during a car sale, whether it’s an anniversary date, mention of a future purchase, or the name of their dog. Be sure to note in your CRM any information you can use during a follow-up call to show you care. People buy from those they like, and if you show an interest, it goes a long way towards making you someone to remember.
· Always Ask for Referrals
People tend to show-off their vehicles after a purchase, which generates a lot of interest in getting something new with those they tell. If you make it a point to ask for referrals during any point of contact, there’s a good chance they provide a lead. If your dealership offers a bird-dog bonus (referral bonus), be sure to mention that as well.
Dare to Be Different – With Dynalog. Marketing Campaigns to Wow Your Previous Clients
Market your services in new and exciting ways with Dynalog 2.08 MB View full-size Download There’s nothing wrong with the above tips on engaging previous buyers. Except that they’re nothing new, which is what it takes to wow most clients these days. The problem is that the average client is so on-guard against dealer tactics, that they rarely give most ads more than a passing glance. How do you engage with your previous customers without ruining the bonds of trust you’ve already built?
Dare to be different - with Dynalog. We make engaging previous buyers simple. Instead of struggling to find an original reason to reach out, send them engaging information that benefits them to read and share. We custom-tailor an interactive digital catalog for your clients, and showcase it through social media, SMS, and e-mail.
Does a previous client of yours have a date-of-sale anniversary coming up? Send them a catalog of your current loyalty rewards. You never know if there’s someone else in the family needing a vehicle. Want to target customers that have reached their 3-year mark? Showcase any monster rebates or trade-in specials going on. Does your dealer offer a referral bonus? Send it out to all your clients to finish the month strong.
As we mentioned earlier, Dynalog integrates fully with your CRM and inventory feed. Meaning you can not only reach out in new ways but track your progress as well. Sales associates can share your digital catalog by sending it as a text or e-mail. Selling the dealership as a whole rather than relying on the individual skills of the rep.
Dynalog allows you to do more than sit around and hope for clients to show up. We give you a means to take charge of your potential, to rise above your rivals, to give your team a fighting chance.
Stop Losing Your Previous Buyers to Your Competition – Engage Them, With Dynalog
Stop fretting about the future of the automotive industry. Instead, embrace it for what it is, an age of potential. A time when any dealer has the opportunity to reach out and create success rather than wait for it to find them. We can and will keep your previous buyers engaged, but it’s up to you to deliver the goods. Dynalog can help. Contact us today for a free 15-minute consultation, or text the word “WHEELS” to 90407, and we’ll send you a sample catalog. Engage your previous customers – before someone else does.