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There’s no question that future business growth for any dealership will depend on customer retention. Understanding and improving retention – in both Fixed and Variable Operations – is a struggle for most dealers we meet. Many assume it’s simply a marketing problem and that a better offer or catchier design will fix it.
The truth is, most efforts to improve customer retention are designed with the wrong goals in mind. This is because many dealerships view – and measure – customer retention as it is defined by their manufacturers. This translates into retention performance KPIs and action plans that are aligned with the economic goals of the manufacturer. While this is important, dealerships need to start measuring and managing customer retention in ways that align with their own best interests.
With all due respect to legendary management guru Peter Drucker, we’d edit one of his business maxims to say “What gets measured correctly gets improved.” To manage customer retention it must be measured correctly – using metrics fully aligned with the business goals of the dealership.
We created Amplify Analytics to help you solve these challenges and get customer retention on the track to sustained growth. Our Service RPM (Revenue Performance Management) platform helps you measure and manage retention in a way that’s meaningful to your business.