ADP Lightspeed has announced it has completed a 12-part study of a dealer customer’s lifecycle and will release the first part on its website.
The new study focuses on four main parts of a dealer’s customer strategy – acquisition, customer experience, growth and loyalty – to demonstrate how improving a customer’s experience at a dealership can increase dealer profitability. The company found, for example, that 60 percent of first-time parts customers never returned to the dealership after their first purchase. This customer loss could be attributed to the fact that often the majority of a dealership’s marketing efforts, communication and investment is placed on new customer acquisitions. Few dealers have created effective processes for retaining customers after they buy.
“With people holding onto units longer coupled with heavy price competition online, dealers must rethink the way they engage customers,” said Greg Smith, ADP Lightspeed General Manager and VP. “Dealers need to look at the lifetime value of every customer and create a plan that captures that entire value. Our hope with this series is to help dealers recognize and take advantage of their full customer portfolio.”
Using best practices and industry data, each article in the series will discuss specific ways to implement aspects of a complete customer lifecycle marketing plan. The goal of the articles is to help dealers build successful communications that engage their customers and create more loyal customers.
Click here to visit the company's website, where the 12 white paper series is available under the Knowledge tab, where visitors can sign up for automatic email updates.