Do You Know Who Your Most Valuable Customers Are?

Photo Taken By Andrei Medvedev / Shutterstock.com

Photo Taken By Andrei Medvedev / Shutterstock.com

According to Harley-Davidson, motorcycle dealers spend between $300 and $400 in advertising per walk-in customer. While this is a sizable investment, most dealers continue to struggle with customer relationship, sales leads and sales staff performance management.

For example, a lot of motorcycle dealers still use paper records of customer traffic and sales, which is a serious impediment to robust customer relationship management, sales and overall operations. What is even more concerning that a lot of dealers do not even know the true value of their customers. To take this even further, a lot of dealers do not know who their most valuable customers are.

Motorcycle dealers who have realized how important it is to know who their most valuable customers are have also realized that the amount of money that customers spend is no longer the most important attribute that defines the value of their customers. Instead, such dealers focus on customers’ influence in their social circles, engagement with the brand, and advocacy on behalf of the brand.

Dealers now have the ability to see who responds to their marketing messages, which allows them to segment and more accurately value their customers. At the heart of this are trust and customer data, which can be gathered via:

  1. Relationship building
  2. Content personalization
  3. Smart engagement
  4. Predictive analytics

The bottom line is that people do not buy from companies, they buy from people. For people to trust a brand/company, they must feel valued and understood. For brands/companies to value and understand people, they must take the time to carefully collect and study data about their customers. Companies must know the true value of their customers, and furthermore determine which customers are the most valuable. This allows companies to appropriately tailor their marketing efforts to meet each customer’s needs and maximize the bottom line.

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