Every dealer is currently focusing on the start of the selling season, which typically runs from May to September or October. In today’s episode of Inside Automotive, John Fitzpatrick, the President and CEO of Force Marketing, joins us to discuss the top three things dealers should pay attention to this summer.
Key Takeaways
1. Dealers should prioritize retaining and building loyalty in their service departments. By using data to target customers, they can ensure that their service bays are filled with high-value clients rather than just those in need of essential maintenance. This approach increases profitability and ensures a consistent flow of business.
2. The current market presents a great opportunity to capitalize on off-lease vehicles. Many lease customers are approaching the end of their terms, allowing dealers to convert these individuals into new leases or purchases. Dealers should recognize that lease customers may be inclined to choose another lease due to their lack of familiarity with long-term vehicle maintenance.
3. Dealers, it’s time to adapt. With the growing prevalence of EVs, it’s crucial to adjust your strategies to meet this demand. While some regions may find it more challenging to sell EVs, there is still significant interest. Allocate more resources to educate consumers about EVs, acknowledging that the buying process for EVs is longer and requires more consideration compared to traditional vehicles. This shift is not just a trend; it’s a necessity for your business’s future.
4. Implementing data-driven marketing strategies is critical. By leveraging insights from data providers such as SMP Global and J.D. Power, dealers can tailor their marketing efforts to effectively target specific segments and opportunities. This approach allows for real-time adjustments and better return on investment by treating marketing as an investment rather than an expense.
5. Understanding segment loyalty is a powerful tool in dealers’ conquest strategies. While loyalty within segments such as sport utility vehicles is high, there is a significant opportunity to attract customers across different segments by showcasing diverse vehicle options. This knowledge empowers dealers to retain existing customers and attract new ones, ultimately enhancing overall market share and solidifying their position in the industry.
“The top three for us are first and foremost in this order, retention and loyalty on the fixed offside." – John Fitzpatrick