Why Personalization Is the Key to Unlocking More Sales
We live in an unprecedented age where consumers share an increasing amount of personal information on digital platforms. At the same time, sellers in all industries have been able to use this information to tailor their sales approach to each individual buyer.
And despite consumer concerns over privacy, personalization works. According to industry research firm McKinsey, consumers expect personalization will reward businesses that do it right. Consider that:
- 71% of consumers say they expect personalized interactions with businesses.
- 76% of consumers get frustrated when experiences aren’t personalized.
- Fast-growing companies typically derive 40% of their revenue from personalization.
With technology becoming increasingly central to how people live their lives, it’s clear that personalization is the key to unlocking more sales. But in case you’re still not convinced, here are a few reasons why personalization is important to your dealership.
Better Customer Experiences = More Loyal Customers
Loyalty is hard to come by these days, especially when it comes to vehicle sales. But one thing that increases buyers’ sense of loyalty—be it to a brand or to your particular business—is having a positive customer experience. According to Gartner, customer experience “drives more than 2/3rds of customer loyalty” when compared to brand preference or price consideration. And 78% of consumers are likely to make repeat purchases and recommend others from companies that use personalization.
If dealerships want repeat customers, then they need to develop more personalized customer experiences. That means creating personalization programs that collect and leverage data intelligently and effectively.
More Efficient Sales
Wouldn’t it be great if customers just pulled the trigger without having to go through a lengthy sales process? While personalization doesn’t make sales that easy, it can dramatically speed up the time needed to convince a buyer to close a deal.
Why?
Because personalization delivers what the customer is looking for when they want it. Now, some of this is achievable using modern digital technologies that leverage interest data or allows the customer to self-select what they want. And for in-person interactions, it’s essential to continue to provide a similarly personalized experience. The more you can match the customer’s desires and needs, the more likely—and faster—they will complete a sale.
Larger Sales
Personalization can not only help you close more sales faster, but it can also help you close larger sales. Knowing what your customer wants can help sales people at dealerships upsell certain features. For example, if a customer has young children, then it’s easier to convince them to purchase additional safety features that might not come with a standard model. Similarly, knowing how a customer will use a vehicle can help upsell service packages, financing, or other add-ons that fit their needs. And that can help boost revenues without necessarily increasing the number of sales.
Are you looking for more ways to deliver personalized experiences? VentaVid has you covered! Check out our video messaging platform that helps you deliver personalized messaging to customers at every stage of the buying process.
