Notifications & Messages

Jared Hamilton
From: Jared Hamilton
Hey - It’s time to join the thousands of other dealer professionals on DrivingSales. Create an account so you can get full access to the articles, discussions and people that are shaping the future of the automotive industry.
×
Mike Gorun

Mike Gorun Managing Partner/CEO

Exclusive Blog Posts

What People Are Looking For In An Auto Repair Shop

What People Are Looking For In An Auto Repair Shop

Those who have been involved in some sort of accident have the next step of finding an auto repair shop. These shops are not all created equal as some are …

One Price Selling – What Are You Waiting For?

One Price Selling – What Are You Waiting For?

Most Dealers are closer to a One Price Selling sales process than they may realize. If you’re an excellent pre-owned dealer you’re basically no…

What Is Your Chemistry With Women Buyers?

What Is Your Chemistry With Women Buyers?

Wow, its December. Last month of the year. Now is the perfect time to begin to reflect on the customer processes, engagement and strategies you have in pla…

Want to Advance in Business? Here are a Few Ways to Stay on Top of Your Game

Want to Advance in Business? Here are a Few Ways to Stay on Top of Your Game

If it’s time for you to take the next steps in your career, there are some tried-and-true methods that can ensure your success. All business professi…

BDC training for 2017

BDC training for 2017

  We have a service and sales bdc team for each of our stores. One is a Hyundai store and the other is a Chevrolet store. We have Three sales Bus…

How Big Data and Customer Analytics Can Boost Customer Retention

        TechWeb, a division of United Business Media (UBM Tech) recently released a comprehensive white paper sponsored by IBM, titled, “The State of Customer Analytics: Taking a Proactive Approach to Loyalty & Retention”. The white paper explores how customer analytics can increase customer retention and minimize defections through optimally timed, personalized retention offers while significantly improving a company’s bottom line.

        Most companies have vast amounts of data about their customers, but have trouble sorting through it all to make meaningful decisions. New analytic tools are becoming available that make it possible to do this.

        By using customer analytics to create 360-degree consumer portraits, and then personalizing communications, companies can up-sell and cross-sell to those clients to maximize profitability and increase customer lifetime value. Businesses doing this are not only increasing revenue, but maintaining and developing crucial relationships with their customers.

        Customer loyalty & retention analysis enables companies to calculate customer value and to determine whether the retention effort for that specific client is worth the investment. Loyalty is not only concerned about rewarding customers with personalized offers through loyalty programs, but also with turning satisfied customers into successful brand advocates. Techniques such as social network analysis enable businesses to identify those customers with a significant sphere of influence among their peers. As customers’ trust in traditional marketing messages has been steadily decreasing, the ability to leverage peer recommendations by capitalizing on those active in social media is a powerful way to enforce brand loyalty.

        Retention analysis allows companies to identify early warning signs of defection. Companies can proactively approach the best customer to target based on their likelihood to accept an offer to stay and not stray to a competitor.

        An emerging area, social media analytics, unlocks the value of customer sentiment. It functions both as a listening tool and as a means for predicting consumer behavior and improving customer satisfaction. As business professionals assess the critical infrastructure necessary to cope with the Big Data onslaught, one component is key—comprehensive customer analytics adoption. From accessing rich social media data to increasing customer loyalty & retention, businesses today have a number of goals to focus on at once. A key question remains: How are business leaders viewing the role of technology in assisting them to accomplish their loyalty and retention tasks?

        By implementing proactive loyalty and retention initiatives, they can better understand who their satisfied customers are and turn those customers into successful brand advocates.

        MediaTrac has released several ebooks demonstrating how dealerships can boost sales with customer loyalty and retention programs. They are available to download for free at http://www.media-trac.com/resources/whitepapers.shtml

 Unlock all of the community & features  Join Now