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How to Maximize the Profitability of Your Dealership's Customer Portfolio

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How to Maximize the Profitability of Your Dealership's Customer Portfolio Looking for untapped profitability within your dealership may seem like an endless task with little to no reward, especially if you're working with limited or dated technology. For many dealerships, leaning heavily on data and predictive marketing tools has proven critical to identifying profitability opportunities within their existing customer portfolio. By utilizing data and marketing tools to connect with customers looking for exactly what you have on your lot right now, you're empowered to maximize the profitability of your dealership's customer portfolio in two critical ways: Personalized Offers & Experiences Within a matter of weeks in 2020, offering digital retailing went from a "nice to have" to a necessity. This rapid digitalization ushered in a new consumer-first era, with ease-of-access, ease-of- purchase and digital-first retail, increasingly driving consumers' purchasing decisions. To meet these demands and capitalize on potential profitability, proactive dealerships must adopt a robust digital retailing strategy. By integrating data from their CRM, DMS and sales platform, dealerships are empowered to maximize their existing customer portfolio by delivering personalized messaging and offers that set the stage for a buying experience tailored to each buyer's unique wants and needs. Leverage dealership marketing tools powered by predictive analytics to take this one step further by identifying which customers in your portfolio are most likely to buy soon so you can deliver tailored messaging to them. Taking this approach, Mastermind dealer partners report increased retention sales up to 15%. IHS Markit, 2020 Vehicle Buyer Journey 62% of buyers who purchased during the peak of the pandemic now expect simplified processes at the dealership, with 46% expecting to complete their entire transaction online.

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