In the consistently evolving automotive business market, staying ahead in the market needs auto dealers offering beyond merely a range of vehicles. To stay thriving in the marketplace, they need to implement advanced strategies, stay updated with technological innovations, change in preferences of customers, and upskill manpower to boost customer experience. With his great business insight, the techniques followed by Jeff Lupient to transform his loss-making family-owned automotive business, Infiniti Stores, Minneapolis into profit generating has become an example in the market. Lupient considers in the auto dealership business landscape, dealers need to embrace a few strategies to sustain and thrive in the market.
- Data-driven decision-making and understanding market analytics at a deeper level are vital for auto dealers striving to stay at a competitive edge. The car market in Minneapolis is fairly different from the market in Dallas. This is why dealerships need to analyze customer demographics, buying patterns, and preferences to optimize inventory management, adopt marketing efforts, or consider pricing strategies. Make sure to follow the marketing approaches of leading dealers, their special offers, and customer support standards apart from the peak car buying periods of the market.
Having an in-depth understanding of these particulars will come to immerse help to tailor marketing campaigns, and set offerings to attract the target market effectively. Moreover, periodical analysis can help auto dealers predict market trends and thereby embrace unique strategies accordingly.
- Having a robust digital presence can be a game-changer. Undeniably when the nation has gone mobile, embracing digital tools is the most consistent and fastest way to reach target customers effectively. Apart from investing in robust corporate websites, and social presence, auto dealers should make sure to get coverage by press people to engage and drive customers to their showroom. For instance, car enthusiasts are quite aware of the plan of Lupient Automotive Group to initiate their franchised Nissan brand in Minneapolis in 2020.
Inaugurated by Jeff Lupient, the President and CEO of the company, it was authorized to cater sales and services for Nissan customers in three major locations including Minneapolis, Milwaukee, and Brooklyn Park. Contextually, Lupient considers that Franchising with global brands is a fantastic way for auto dealers to gain the fastest reach and a large footprint in the marketplace.
- Enhancing customer experience is integral to sustaining and multiplying in the market in all businesses where automotive business is no different. While businesses must prioritize enhancing the level of post-purchase support, upskilling employees with cross-training is a great way to provide faster, higher, and seamless customer experience as they enter the showroom to choose their dream cars, modernized car features, knowing about financing options employee, etc. Similar to implementing CRM to enhance customer relationship managers to efficiently interact with customers, adopting cross-training employees can be helpful to boost overall customer experience.
Last but not least, when it comes to the profitability of automotive dealership businesses, business owners rely considerably on after-sales services including maintenance, spare part sales, repairs, etc. Adopting proactive reminders for maintenance to customers and providing them consistent services as well as a few months excess warranty can encourage getting repeated business and promote personalized as well as long-term customer relationships – which is vital to staying at a competitive edge in the industry.
