The Importance of Customer Loyalty in the Automotive Industry
The main function of a business is usually met and understood to provide clientele with products and services to meet consumer demand. In addition to this basic goal, when attracting customers, it is important to ensure that they keep coming back for more.
How Does Customer Loyalty Help?
A problem business can run into is maintaining customers. This is significant, as it is almost 5 times more expensive to focus your business on drawing in customers instead of keeping current and existing customers. Companies benefit greatly from loyalty programs or programs that reward customers. These programs generate loyal customers that will spend more with a given business, offer customer feedback, visit more often, and become a source of promotion.
Automotive businesses have an even greater chance of thriving by using programs geared toward buyer retention. The greater the value of the products sold, and the greater the industry, the more tempting the consumer is to become satisfied and depend upon those rewards.
Dealers have the opportunity to truly know their clients, and an automotive loyalty program would benefit in establishing trust and a personalized touch with their clientele.
Building Customer Loyalty
A great example of an automotive loyalty program is a points-based reward system. Sellers determine how the customer can build points by doing business with them or referring customers. They would then offer rewards for gaining more points, such as oil changes, auto repairs, or even points toward the purchase of a new car.
Automotive businesses can even implement automotive loyalty programs through Auto Awards and receive monthly summaries and analytics pertaining to customer loyalty. Keeping track of customer behaviors and responses to these programs can help to determine how effective certain rewards programs are.
Building, growing, and retaining relationships with customers that love to be rewarded is one of the most important things a business could do to ensure success. Over time, creating a personalized relationship and touch points with customers helps automotive retailers differentiate from norms and competitors.
Contact Auto Awards to Create An Auto Loyalty Program
Boost your overall revenue by 5-10% with an auto loyalty program from Auto Awards. We offer several benefits and over 20 years of experience. Contact Auto Awards to discuss your auto dealership’s loyalty program details.
Since our founding in 1991, AutoAwards has been widely recognized as the industry-leader in automotive and marine loyalty marketing, earning longstanding relationships with many of the industry’s most successful dealer groups and OEMs. AutoAwards understands the #1 predictive factor for dealer growth and profitability. Customer loyalty is the most successful way to build revenue. AutoAwards has always recognized the need for top notch, highly creative, effective loyalty strategies in large and small businesses alike. Contact us online to talk about dealer loyalty or call 302-696-6000.