As stated in our previous article, it costs five times more to acquire new customers than to retain existing ones, and now it is important to know that existing customers are also much more likely to try your new products and spend more money on your products overall. It boils down to loyalty. Your existing customers are still with you for a reason – they believe in your brand and what it can do for them.
What does this mean for your dealership? Market to your existing customers! We know now that, though still useful at times, marketing through banners and ads, social media, websites, internet media, etc. to recruit new customers can be a large expense. Marketing to your existing customers is as simple as sending out an email, or inviting them to your showroom to see your latest and greatest. Additionally, previous buyers are 50% more likely than a new prospect, to purchase. Your marketing team will save company dollars and produce better results when marketing more heavily towards existing customers. They are already open to hearing about your products and are more likely to purchase, so those basic updates to the social media or emails that already reach out to them are much more likely to boost sales.
The bottom line is keep in touch with your customers. As they possess your greatest odds for a sale,maintain positive relationships with them and market your new products to them first.