![]() ![]() ![]() This sounds easy, but as so many of us are from sales, we tend to fall into a sales mode. When we approach the service customer we need to do so from a position of wanting to buy their vehicle, not sell them ours. The biggest thing to remember when approaching customers in Service, and where many dealerships fail, is they are not there to be sold. Customers in for service already are comfortable with the store because they have elected to have their vehicle serviced there and they are expecting, albeit they may not like it, to spend money. Of course, I am referring to the customers in the Service department. You might decide to start with the customers who are in your store every day or customers that purchased from you who are already expected to spend money. Many stores already have access to this information from their CRM, DMS, or other third party data mining tools. It could be a certain model with high pre-owned demand or likely prospects of a vehicle with a high day supply with good incentives. Start simple! Segment customer lists into smaller campaigns that allow for a more personalized message to a small section of customers. Unfortunately, it takes having a process in place and working the process consistently. If it were as simple as saying “today we are going to start Equity/Data Mining” we would all be doing it. However, it tends to fail many times due to a lack of thorough planning and realistic objectives. It starts the way many good ideas start, with the best of intentions. So, why is it that very few dealerships capitalize on this potential gold mine effectively? Meanwhile, the cost of retaining our current ones is $0. According to the 2018 NADA’s Annual Financial Profile of America’s Franchised New-Car Dealership study, dealers spent an average of $624 per vehicle retailed in advertising expense. The truth of the matter is that maximizing customer retention efforts make for smart business decisions. The terms Equity Mining or Data Mining are sometimes thrown about as the silver bullet to solve all the problems a dealership has. Equity Data Mining – Why Should You Care? ![]()
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January 2023
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