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Churn rates provide important information to dealers, allowing them to determine how many customers have taken their business elsewhere while measuring the impact of their retention strategies. However, for many dealers, it has been extremely difficult to find tools to track churn rates and explain the “why” behind customers leaving their business.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Eric DeMont, global product director at Urban Science. DeMont explains how modern technology is helping dealers better understand their churn rates while increasing long-term sales, profitability and customer retention.
Important points
1. Urban Science’s products, such as SalesAlert and TrafficView, leverage churn data to help dealers understand when and why they’re losing potential customers to competitors. This data allows dealers to effectively refine their sales, marketing and operational strategies.
2. Tools provided by Urban Science allow dealers to optimize various aspects of their operations. For example, you can adjust follow-up processes, evaluate sales team performance, improve cross-departmental collaboration, and address issues that lead to customer churn.
3. Dealers use insights from churn data to improve sales efficiency and inventory management. For example, Motor City Buick GMC adjusted its follow-up processes and inventory based on churn trends, resulting in increased sales and improved customer retention.
Four. Exit data is also used to refine marketing strategies. By understanding when and why potential customers choose competitors, dealers can more effectively target marketing efforts and allocate resources to areas with the highest potential for sales growth.
Five. DeMont emphasizes the importance of continuously integrating churn insights into dealer operations for continuous improvement. At an affordable price of $299 per month per dealer, Urban Science’s solution makes its advanced data analytics system accessible to all dealers looking to improve performance and profitability.
”[Motor City Buick GMC] was able to increase its share in this highly competitive market by adding churn to the metrics it uses to coach and evaluate sales rep performance. They also recognized patterns in sales team turnover and began using that turnover insight to inform the types of leads they assigned to each sales rep, pre-Internet, commercial, and retail. ” — Eric Demont
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