45% of people want face-to-face guidance from a dealer during the car buying journey. The main elements people want guidance with is the vehicle (67%), warrantee and maintenance (68%), and finance options (37%).
You get out of your CRM whatever you put in and without the right usage and processes, your dealership will be wasting resources.
A common mistake with CRM usage, especially in dealerships, is the follow up process.Every conversation and prospect should be recorded in the CRM.
With literally hundreds of franchise car dealerships in the UK only, it is difficult for dealers to differentiate themselves from one another. This also means that differentiation is key to stand out, especially with the changing definitions of loyalty. I’ve mentioned this stat before but it’s recent and it well worth considering- AutoLoop carried out a study called “Life After Loyalty – Learning to Embrace Customer Engagement” and found that 60% of millennial customers said they were loyal to a brand, even though they shop elsewhere. This says a lot to dealerships about their retention and means that there is a need to differentiate that is stronger than ever.
I recently read an article that talked about a recent study by Marketing Delivery. It found that 57% of UK motorists said they would be less likely to purchase a new vehicle from a dealership that made an error such as their name or details of their current vehicle.
Millennials. If you google the term you will get a number of different descriptions but Millennials are people who are born from 2001 onwards. As I’m classed as a generation Y it’s safe to say I feel old! But jokes aside, there is common misconception of Millennials- they are tight! Well Ally Bank reported that millennials are not buying cars less often than baby boomers or members of Generation X. They are saving money for longer periods before purchasing.
The new data protection regulation is just around the corner so everyone’s asking the question “Are you ready?”. Despite being quite ominous, the question is an important one. Dealerships hold a lot of data in their CRMs and DMSs and there needs to be a few changes before the 25th May.
Customer retention is the end game- it’s what all dealerships are looking to nail and this is becoming increasingly hard. Doug Van Sach, AutoLoop’s Vice President, put it perfectly when he said, “the hard truth for dealers is most consumers have redefined what it means to be loyal in the digital age.”
When it comes to customer retention, I know this is every dealership’s primary goal but it’s easier said than done. The car buying process has changed because the customer has. We now live in a digital world which allows the customer to be firmly in the driving seat. The modern customer now has a range of dealers, service options and price plans to choose from, and all with the click of a button.
The traditional car buying process is a thing of the past, in today’s world customers clearly do business on their own terms and they come well reinforced with information, which means they know exactly what they want. But, one thing that hasn’t changed is the emotion attached to buying a car.
The digitalisation of the buying process has particularly effected the automotive industry. Customers are carrying out most of the buying journey online and, in most cases, only come into the dealership when they have almost made their purchase decision. Everything is quick, easy and optimised and this is what has become the norm. Anything that doesn’t hit the mark with those points sticks out like an underperforming sore thumb.