Henry Ford once said, “A man who stops advertising to save money is like a man who stops a clock to save time.” Who would’ve thought that a simple statement made nearly a century ago would be a driving factor for success in today’s environment? As we all know, inventory levels and customer loyalty are at an all-time low, leading many dealerships and groups to pull back on marketing to customers. But much like investment strategies in the stock market, often the very best time to surge ahead is when others around you are running for cover. It establishes brand dominance at a time when the stakes are low and ensures faster recovery when your customers come back into the dealership to buy.
Below are three reasons why now is the time to turbocharge your marketing efforts:
Acquire Quality Used Cars
New car demand is still high and while it is becoming increasingly difficult to keep the vehicles on your lot in line with demand, the ability to acquire quality used inventory is critical right now. By using a dedicated data intelligence tool, you can pinpoint the customers who have vehicles ready to trade or turn back in, and then use your CRM system to help determine different buyer profiles and strategically messages to these groups. This is also a great strategy to push units off your lot that may not be moving as fast as you’d like in this market.
Drive Revenue in Your Service Department
Another bonus in regard to a lack of new vehicle inventory? Customers are focused on keeping their current vehicles in good working condition, longer. Don’t let up on those maintenance emails and continue to encourage your service customers to bring their vehicles in for routine maintenance. Now is also a good time to use data mining to pinpoint the parts most requested during service appointments and stock up in these areas as well.
Invest in Customer Relationship Marketing to Create Customer for Life
Customer experience is becoming more important in the automotive ecosystem. Beyond the benefit of a lifetime value of revenue through future vehicle sales and increased service revenue for these customers, manufacturers are keeping a close eye on CSI scores. Why not use your data mining solution and CRM together to target customers for special loyalty offers and incentives to bring them back into your service bays? Many dealerships have paused these programs while inventory is low, making it a perfect time to break away from the pack and shine through with special offers.
Eventually, inventory levels will stabilize, so don’t stop advertising to save money—strategically advertise to make money. Go make Henry Ford proud!