Retention will be the key to automotive industry success in 2017

The annual NEC Motorcycle Live exhibition provided the back drop for allowing Maru/edr’s industry expert, Luke Gould, to reaffirm the sector changes and challenges affecting the automotive world as we move into 2017.

The vibrant environment over the 10-day show in Birmingham established the increased cross over of best practice between groups that cover car, motorcycle, truck and marine enterprises. Meeting and talking at length with industry professionals gave me the opportunity to re-inforce my knowledge on industry innovations and purchasing trends.

Don’t underestimate the cost to acquire new customers

With it estimated to cost around 7 times more to obtain a new customer than to keep an existing one, the message of customer retention is incredibly important. According to Automotive News, 2017 has forecast a decline in sales across all areas of the industry so understanding the customer base from all touch points could be the major factor between success and failure.

As digital becomes the glue holding together the disparate and wide-ranging aspects of the entire customer journey, dynamic, behaviorally targeted campaigns will assist in driving loyalty. Communication as a single brand voice will increase customer satisfaction through the reputation of the companies.

Digital is the new customer

With the introduction of digital showrooms and digital marketing it makes sense that the digital customer has become increasingly important. Companies must now address and capture feedback from all consumer touchpoints to ensure they understand the ever evolving customer journey.

After arriving at such a point it has often been the case that companies consider the job done. But again, times have changed. No longer is it sufficient simply to capture feedback from consumer touchpoints. Companies must learn to contextualise data that they procure to truly benefit and drive tangible outcomes.

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Competition demands a change

The Automotive industry has become increasingly competitive which has, in turn, established a mentality that sees companies striving to be at the forefront in this new climate.  The need to innovate – the need to remain “ahead of the curve” – has become essential. Customer attrition requires online and offline brand experiences to be captured, monitored and critically developed in real time to ensure companies achieve this goal.

Social media management and proactive engagement are critical. In the industry, nearly 70% customers spend more time online than offline for pre purchase information gathering before purchasing offline. This requires marketers to take an integrated marketing approach based on customers’ channel behaviours whilst monitoring and capturing this information is a key business need.

What are the solutions?

As a Voice of the Customer specialist, Maru/edr are able to provide this holistic view for our clients, capturing feedback across all customer touchpoints as well as specializing in insight story-telling. With global, award winning success stories from clients such as Lloyds Banking Group and British Gas we can demonstrate how partnerships with us enables our clients to develop their customer journey and drive retention.

You can arrange a personalised demonstration of how our CX solutions have changed both customer perception and engagement for our clients.

 

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Luke Gould is the automotive expert at Maru/edr, working on Voice of the Customer solutions for the Consumer Services & B2B industries. Connect with him on LinkedIn or email him directly at Luke.Gould@maruedr.com 

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