Our world today is constantly changing. The way we communicate, receive news, and share images can be instantaneous. Consumers are beginning to expect this from companies as well. With real-time engagement, companies can keep up with the speed of our ever-changing world.
Real-time engagement involves using relevant, timely information to create personalized messaging for customers. If companies can react to their customers’ immediate responses and actions, then it is easier to take the guessing out of marketing. And being relevant...means staying relevant.
Consumers are becoming more connected and expect information relevant to their needs and wants. According to Salesforce, 84% of customers say the experiences provided by a company are as important to them as its products and services.
Therefore, connecting with potential buyers and current customers on a deeper level ensures they keep your dealership top-of-mind when making vehicle sales and service decisions. sAt a time when consumers seem more willing to switch brands or try alternatives as quickly as it takes them to click or tap away, this becomes even more important.
In fact, a recent survey conducted to understand consumer trends during COVID-19 revealed that while consumers care about availability - an issue of which those of us in the automotive industry are all too familiar with inventory shortages being of topic - the majority of those asked said they would stick with their brand preference rather than turn to a less familiar. And while nearly 70% of consumers agree their loyalty is more difficult for a retailer to maintain than ever before, 88% agree that retailers could do more to earn their long-term loyalty.
“The expectation of consumers today is that everything exists in the world of the now, and that their interactions will be personalized,” says Jeff Jacobs, McKinsey & Company Partner
As the traditional definition of loyalty is being challenged by the new normal, it becomes necessary to give it a definition, and even re-define it, as it were. Because while we all want more and more leads:
- Affordability - It's still easier and more cost-effective to retain customers than to acquire new ones
- Loyalty - Returning customers spend more and buy more often
- Referrals - Returning customers refer friends and family
Need more? How about ROI? A 5 percent increase in customer retention can increase company revenue by 25-95 percent!
Customer retention is important to any growing company because it measures not only how successful they are at acquiring new customers, but how successful they are at satisfying existing customers.
Customer retention is important to any growing company because it measures not only how successful your dealership is at acquiring new customers, but how successful you are at keeping existing customers happy enough to come back to your store.
One missed opportunity to gain brand loyalty for many dealers are the years immediately after a vehicle purchase. It's common to follow-up with a customer to ask for a good review of the dealership and maybe even with a campaigns to get them back for their first oil change, but what about all the other moments related to their excitement of their vehicle to ensure the longevity of your relationship?
Our RETENTION ACCELERATOR has been proven to deliver a 23% increase in Sold Customers returning to the dealership for service within the first 60 days of their vehicle purchase (and a 9.6% increase in Sold Customers who returned to the dealership for service overall at any time after the purchase of their vehicle!)
The Customer Lifecycle
Real-time engagement allows you to track individuals’ needs and wants rather than relying solely on demographics. It is not a one-size-fits-all approach and allows your dealership to engage with your customers throughout all stages of the customer lifecycle with the right message at the right time. Gathering behavioral data based on live interactions allows you to identify their motivations and interests at every twist and turn via multiple touchpoints and even influence them down to purchase intent. This allows you to further tailor campaigns to specific individuals who are all at their own stage in the lifecycle.
How We Use It
At 3 Birds, our customer data platform uses real-time information to help you engage in real time with your dealership’s customers. With this information, we can create personalized marketing emails for individual customers rather than all or a group of them.
According to the Harvard Business Review, 58% of business leaders say their companies have seen a significant increase in customer retention and loyalty as a result of the use of real-time customer analytics. Visibility to these kinds of insights are available to all clients on any product package in our BLUE SKY DASHBOARDS to help you increase your customer retention and loyalty.
Hit the button just below this paragraph. We'd love to talk to you more about your strategy to retain (and gain!) customers today.