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THE IMPORTANCE OF CUSTOMER RETENTION IN AUTO RETAIL ENVIRONMENT

Digital sales acceleration and customer retention solutions from Autofutura

Currently, extreme commercial and operational challenges mean that it’s never been more vital that the retail automotive sector embraces new digital technologies. Autofutura supports car manufacturers, financiers and their dealer networks to accelerate a rapid stockturn of both new and used vehicles to enhance profitability by adopting a proactive approach to customer retention.

Autofutura is the leading authority in digital sales acceleration and customer retention technology. Paul Bennett, Director: International Business Development at Autofutura explains: Anticipating the needs and wants of a customer is a decidedly complex process. Gaining access to critically important disparate data is, in itself, a Herculean task and fraught with difficulties.

Thereafter, managing, manipulating and aggregating the unstructured data using a myriad of vehicle and financing permutations to turn base metal into gold, is an act of pure alchemy. Only at this stage do you have a data set that has potential as a viable asset.

Actionable Intelligence

The creation of actionable intelligence is even more complex and requires the application of predictive ‘smart analytics.’ Autofutura’s proprietary-powered process allows our clients and their accredited dealers to leverage their existing portfolios of finance customers and available financing instruments on-demand; rapidly generating offers and swiftly matching live finance customers to physical or inbound vehicle stock in real time.

Moreover, in most cases matched vehicles will have higher specifications and monthly payments that comfortably meet customers affordability thresholds when compared with their existing payment profile. Autofutura’s robust digital solutions ensure that our clients are better equipped to easily manage the customer ownership cycle than ever before. By accelerating the point at which customers can consider changing their car for a new or newer vehicle combines the joy of the new and whenever possible the lowest cost of driving and, most importantly, creates delighted customers.

The keystone to success is always execution – execution – execution…

Now for the hard part: while the execution of the message in a customer-centric way is exceedingly difficult to master, and even more difficult to consistently deliver well, it is critical for success. The plain facts are that you can have the best system producing the best data possible, but if you cannot deliver the message effectively, then all your effort in collating and matching data to create highly personalised customer proposals amounts to zero. A perfect example would be a dealer calling a customer’s mobile during the working day.

For a moment put yourself in the customer’s shoes. You’ve stepped out of the office to grab some lunch and out of the blue your mobile phone rings – the caller isn’t one of your contacts and you don’t recognise the number. We’ve all been there right? Maybe you take the call, maybe you send it to voicemail. For this exercise let’s assume that you take the call.

1) are you in the right space, physically to meaningfully engage with an unknown caller?
2) are you in the right frame of mind to carefully listen to their proposal and respond astutely?
3) are you in the mood to make an on-the-hoof appointment to visit the dealership to buy a car?
4) In all likelihood, we know that the answer to all the questions above would be a firm NO

From a business development perspective, this approach is seemingly flawed for today’s digital-savvy consumer, and with valuable sales opportunities often wasted. It’s all about conversion, if you fall at the first fence, the consequences of such are disproportionately negative on the endgame of accelerating vehicle and finance sales and increasing customer retention. While fundamental to commercial success, the percentage of prospects appointed from contact is often the most challenging goal to achieve.

The antidote: give the customer with what they want, a digital journey of self-discovery

Allow technology to take the strain. Deploy Autofutura’s suite of digital tools to boost your customer engagement and interaction. Compared to sole reliance on unsolicited outbound telephone calls, these tools can create superior customer experience and drive a higher percentage of appointed customers. Superior interactions ensure a higher customer acceptance rate which results in more units sold.

Autofutura solutions provides a win-win for all stakeholders. Crucially, the customer wins because they can upgrade to a new or newer model early to term; the dealer, the brand and financier all win because they increase stock turn, sell more finance and exceed customer expectations. To understand how your company can benefit by deploying Autofutura digital sales acceleration + customer retention solutions, get in touch today.

The author of this paper is:
Paul Bennett
Director International Business Development – Autofutura Ltd
paul.bennett@autofutura.com
M: +44 (0)7796 872122
O: +44 (0) 1489 861170

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