P R O A C T I V E R E T E N T I O N :
SETTING THE RIGHT GOALS
With the cost of acquiring a new customer typically 5x higher
than that of retaining an existing customer, focusing on
building customer loyalty is one of the most important and
profitable pursuits at any dealership.
This process starts with knowing what loyalty is worth and
what improvements need to be made to increase retention.
While hitting your daily sales goals will still be your sales
team's top priority, it's critical that the importance of
retention be clearly communicated from management down
to each sales department. Developing a unified long-term
vision and approach across the dealership is crucial to making
a meaningful impact.
4
At the
dealership
level, every
1% decrease
in loyalty
rate equals
an average
of 90 sales
units lost.
Source: IHS Market
