It costs most dealers about five times as much to acquire a new customer than to retain those they already have. Yet, increasing customer retention by as little as 5% can increase profits by up to 95%, according to the research group Bain & Company.
That’s because loyal customers and enthusiastic fans will keep coming back — and they’ll refer friends and family to your dealership. Loyal customers also tend to prioritize great customer service over price and scoring the best deal.
Bottom line? It pays to put time and resources into nurturing your existing customer relationships. Begin cultivating loyal customers immediately with these three retention strategies.