On the day after mid-term elections and judging from all the talking heads and Internet commentators, it appears to be a case of “throw the scoundrels out” – scoundrels being the party that happens to be in power when the world goes haywire too close to an election date.
The question of loyalty is, “What have you done for me lately?” Which leads me to comment on a very interesting article on brand loyalty (which is of more interest to all of us) in today’s edition of AutoRemarketing.com. Analyzing data from Experian Automotive, the article pointed out the longer length of time that a consumer keeps a vehicle; their loyalty to that specific brand diminishes with the largest drop occurring after 36 months.
While the article went on to discuss how precipitous the drop is for brand loyalty as the months pass, my first thought was how this data shows the importance of staying in touch with your customer body throughout the length of their term whether lease or purchase. I would say most dealerships are diligent for thanking a customer immediately after the deal closes, but maybe less attentive as time goes by.
Whether the contact comes from an e-blast, postcard or service advisor asking how things are going, you cannot afford to just hope they are happy – hope is not a plan! I will admit those Happy Birthday cards I get from my insurance agent might not be on my office wall, but I remember his name and know he appreciates my business, and is working to keep a loyal customer.