Issue link: https://resources.automotivemastermind.com/i/1357027
3 Tips to Grow Your Portfolio with Conquest Marketing Conquest sales have long been regarded as the cherry on top of a dealership's regular monthly numbers, but the rapid shift to digital retailing has created even more valuable opportunities. Developing a successful strategy empowers dealers to not only conquest sales from the competition but also to expand their market share to new audiences. Whether it's taking new sales customers from your rival across the street or the same OEM a few towns over, conquesting customers from the competition requires a data-driven strategy to truly grow your dealership's portfolio and increase your market share. GET STARTED WITH THESE 3 TIPS: 1. Focus on Diminishing Brand Loyalty to Capitalize on New Conquest Opportunities As inventory challenges linger on, customer brand loyalty has diminished at the same rate – meaning as customers fail to find the vehicle they're looking for at their home dealership, they're willing to shop elsewhere. To proactively protect their customer base amid inventory shortages, aggressive offers from competitors and expanded online retailing options, it's critical dealers maintain communication with their audience. At the same time, diminishing brand loyalty offers dealers the opportunity to conquest new customers from the competition. When establishing a new customer relationship, it's key to reach buyers early in their buying journey before they start shopping around. Using dealership marketing tools powered by predictive analytics to identify the behaviors that precede the "research phase," dealers can proactively engage conquest customers with personalized offers that "plant the seed" that right now is the time to buy. These tools empower dealers to close more deals with conquest customers by automatically factoring in financial considerations, OEM incentives and more to craft offers that are designed to convert. IHS Markit, November 2021 The auto industry's SAAR plummeted from 18.5 in April 2021 to 12.2 in September 2021. One month later, brand loyalty also began to decline, following the same path as SAAR declines with a correlation coefficient of .79.