Relationship Marketing: A Key To Retaining Customers

Many businesses today still practice the traditional approach of transactional marketing, wherein a focus is made on increasing the amount of customer acquisition and individual sales. But in a world that is fast becoming more connected, emphasizing long-term customer engagement is a far better strategy than merely relying on short-term goals.

Image source: pma360.com

The value of relationship marketing then should not be underestimated. It is the creation of strategies that target customer satisfaction and retention, both of which are attained thanks to the following results of relationship marketing:

  • Decreased likelihood of customers switching to competitors: Customers who are not thoroughly satisfied with a business’s products and services are more likely to shop around. But a more beneficial relationship with the company encourages customers to become less price-sensitive, and instead key in on the value the company offers.
  • Free word of mouth promotions and referrals: Harvard Business Review introduced the concept of net promoter score in 2003. It describes how customers view the company’s performance and the likelihood of them referring the company to their friends. Strong relationships with clients are important in raising the net promoter score.
  • Minimized cost of acquisition: Because new customers are being brought in by satisfied clients, the costs of advertisements and marketing campaigns can be significantly reduced.
Image source: buildfire.com

Jeff Lupient has spent most of his professional career in the automotive dealership industry, where he was able to hone many of his skills, including business development and sales. More articles on these subjects can be read on this blog.

How The Iot Affects The Automotive Industry

Vehicles now are becoming more connected and software-driven than ever. And with the continuous progress of the Internet of Things (IoT), vehicles are seen to advance beyond having seamless links with smartphones, navigation or tracking, real-time traffic information, and other current technologies.

3
Image source: fpf.org

The following are some of the ways IoT can influence car manufacturers:

  • It can create additional revenue streams. It is said that by 2020, more than 250 million cars will be connected to the internet. This presents an opportunity for carmakers to open up new areas where they could rake in more revenue. For example, car owners are used to purchasing automotive devices, such as in-car entertainment, dash cams, or diagnostic tools, separately. But car manufacturers instead add such features to new models.
  • Carmakers might transition into technological companies. Deloitte University Press mentioned in a report on the future of car technology that, “Automakers fear that, should they lose control of the customer to software providers, cars could become commodity devices secondary to the software they run.” And IoT is fueling this trend. Thus, carmakers need to keep up by developing and improving their own technological capabilities, which is what Tesla has already started doing.
  • The arrival of commercial driverless cars is nearing. The necessary equipment needed for autonomous cars, such as sensors, laser-based radars, onboard computers, communication devices, and others, can be interconnected seamlessly because of IoT.
4
Image source: information-age.com

Jeff Lupient has skills and expertise in automotive retail sales, having worked in the industry since he was only 15 years old. For more insights about the automotive industry, follow this Facebook page.

People Are Buying More Cars; Is The Automotive Industry Prepared?

Diversity in the automotive industry is symptomatic of an expanded consumer base. Apart from brand and model, car buyers are also looking at fuel consumption, hybrid structures, and other special features such as propulsion choices. The quality of demand gives little reason to think that the automotive industry isn’t holding up. In fact, it seems the car industry has been mimicking the smartphone market in that it seems to purvey new models at will.

3
Image source: StrategyAnd.PWC.com

Production reality is far more complex and protracted in relation to the general perception of the ease of model turnovers in the automotive industry. Consumers commonly fail to appreciate the tedious research preceding manufacture, as well as the unrelenting quality control and safety measures that have to be hurdled prior to a new model’s release. Massive car recalls are economically damaging, as global brands like Hyundai, Kia, and Subaru painfully found out. And when these happen, the public can’t help but entertain thoughts of shoddy and rushed manufacturing processes.

In the last seven years, car sales in the U.S. saw a 73 percent increase. The latest sales figures this year are hovering near 20 million, and with the country’s booming population, a boom is still in the offing.

This spike in demand will not lower expectations of trends. Consumers want hybrids and electric vehicles now, and manufacturers with previously questionable carbon footprint are pressured to please this side of the market. Other market caprices—-down to the upholstery for the luxury segment—-are set to make car manufacturers and distributors catch their breaths.

4
Image source: Autoblog.com

But the beauty of it all is that the industry seems to be coping well. For all those recalls, sales have always won out.

Jeff Lupient is the president and CEO of Lupient Automotive Group. Read more updates about the automotive industry by visiting this Twitter page.

Why Are Multitaskers Beneficial To Companies?

In the modern workplace, one employee can be assigned with multiple responsibilities. While some people excel while juggling different projects at once, there are some who struggle with keeping all of their assignments on track. With this, multitaskers become valued employees because of their contribution to the workflow.

3
Image source: Providesupport.com

Multitaskers are not necessarily immune from stress or mistakes. However, they prove to their superiors and co-workers that they can hold their own even while overseeing office-related matters. These people are also efficient and organized, which gives them enough time to go through all their work without missing out on small, important details.

Efficient multitaskers also have a wide-range of skills that enable them to do more than one role for an endeavor. This puts them in an advantageous position in a team. Being a multitasker doesn’t mean having a specialty. Many of these workers usually start by specializing in one thing and gain more skills in the process.

4
Image source: Linkedin.com

Becoming a multitasker can be learned and practiced. Especially in this generation where people have access to different technologies, it is easier to absorb more skills. In the process of mastering the art of multitasking, workers would have to embrace organization skills that will help them become more capable and detailed with all their tasks.

A person who is learning how to multitask doesn’t need to jump into multiple responsibilities as soon as possible. He or she can start with two or three tasks, and when it becomes easier to manage, tasks can be increased gradually.

After holding various positions in sales, Jeff Lupient now heads the Lupient Automotive Group. Visit this blog for more information on the automotive industry.

Driving Up Team Engagement And Performance By Cross-Training Employees

Back in 2007, Jeff Lupient, an expert in automotive retail business, was given the task of running temporarily his family’s automotive dealership near Minneapolis after the store’s previous general manager left the company. Lupient was able to turn the dealership’s fortunes around by reducing fixed and semi-fixed costs significantly, to the tune of approximately $100,000.

3
Image source: eremedia.com

His success was partly due to his decision to cross-train employees for multiple tasks. For instance, the store’s service cashier also directed the warranty repair operations.

Cross-training is a management tool that is often overlooked by business leaders, who fail to see how it can keep employees engaged in their jobs and turn in exemplary performances because their skills are developed even further.

For most employees, non-monetary incentives can serve as the greatest motivator. Cross-training them is a way for the organization to exhibit interest in the workers’ career growth and learning opportunities. Giving them expanded responsibilities can be the start for them to reach their potential in the industry.

4
Image source: trainingstation.walkme.com

Cross-training also results in cost-cutting. It is less costly to leverage internal talent and train employees in new skills than to recruit fresh candidates from outside the company. And when one or more workers cannot avoid taking a leave of absence, productivity is not sacrificed because their tasks are easily covered by their teammates.

Jeff Lupient currently serves as the president and CEO of the Lupient Automotive Group. After working every position and every job in the automotive retail business, he understands well both the plight of his employees and the complex process of running the business. Learn more about him and his industry by checking out this blog.

Handling An Irate Customer

There is a reality in sales and customer management, which a lot of business professionals dread but prepare for anyway. They are right to do so because somewhere along the line, there will always come an irate customer.

3
Image source: retailwire.com

The state of an angry customer is already a bad one, and often, the ability to ensure that things do not get any worse than they already are is, by itself, a measure of success.

The first thing to note is that an irate customer is in a highly emotional state. Whether or not the fault is on the customer side, the business side, or somewhere in between, the key to ensuring that the situation does not get worse is to be accepting of the things that come out as a result of emotions that are running high.

The customer is irate because he did not get what he wants. In the mind of the customer, some injustice has been committed to him. The best chance of bringing down the heat is to assure the customer that things are currently at work to address the problem.

Obviously, you also have to ensure that they really are. Lying to the customer just for him to be pleased or pacified has backfired many times in the past.

Be exceedingly patient and calm. Never raise your voice, as this will only heat things up more.

4
Image source: blogspot.com

Finally, even if the problem has yet to be addressed, make the customer feel that you genuinely care about his welfare. Be empathetic and respectful at all times.

This is by far the best chance to pacify customers, and hopefully, you can keep them too.

Thanks to his experience in various positions in sales, Jeff Lupient has evolved into an authority in his field. Now he handles a reputable company in automotive sales, the Lupient Automotive Group. To know more about his business, visit this LinkedIn profile.

How to Identify a Solid Sales Lead

Sales is essentially a numbers game. In the ideal situation, if the salesman can find a way to know whether or not a deal with a client is closable early on, he can shift all of his focus to the numbers, so that he could sell more. Here are a few ways to identify a solid sales lead:

The most promising prospects are clients who approach sales professionals directly to inquire. From there, you must be armed with all the information you have about your product, in order to turn the natural interest of a client into a commitment.

face-to-face-meeting

Image source: grantcardonetv.com

A client who does not proactively inquire is not a solid lead. But when you do get to sit down with the client who then listens to your presentation, you would have gained some traction. If the client asks more questions, this is a sign of genuine interest. Now you have a solid lead.

Another solid lead is a client who is looking to replace an existing product with a new alternative, which you are offering. Clearly, this client already knows the value of the product. This is the most significant expression of a need.

sales2_topcrop

Image source: businesstown.com

Keep in mind that you must always aim to close the deal with your client on the first meeting, if this is doable. If not, the solid sales lead is worth a follow up not more than a day later. Follow these simple ways to identify solid leads, and you will have your time well spent.

Jeff Lupient worked every position and every job in the automotive retail business, honing his knowledge and skills in automotive sales. To find out more about the sales industry, visit this blog.