Using past purchases
to drive future profits
22nd October 2020 | 2 min read
- To maximise post-lockdown sales, target your existing customers
- Near the end of a financing agreement, they are ready to upgrade
- Customer retention tools automatically generate tailored offers at the right time
- Portfolio 3Sixty is the leading solution for the used car market
The used car market may have bounced back strongly post-lockdown, but we know keeping up the momentum is by no means an easy task. With months of lost revenue to be recovered, a consistent source of well-qualified leads is going to be key to maximising your sales and rebuilding your business.
Used car offers, tailored to your customers
Your existing customer relationships are an excellent source of ongoing revenue. However, to maximise the opportunities, you need to be able to use the information you have about customers to engage them at the right time with the right offer.
This is where a customer retention tool can help. The leading solution in the used vehicle market is Portfolio 3Sixty, which is currently employed by over 100 dealerships. It matches your customers’ current finance deal with your stock list, then generates deals tailored to their specific needs, offering them at just the right moment in the ownership lifecycle.
By connecting Portfolio 3Sixty to your dealer management system, you can use it to create tailored offers for all your customers, including those not currently financed through Black Horse.
Reach customers when they’re ready to upgrade
Portfolio 3Sixty automatically identifies opportunities to contact customers when they may be interested in a new deal. For example, a customer could be nearing the end of their finance agreement, or they could be in positive equity which they could use as a deposit on a new vehicle.
When it recognises such an opportunity, Portfolio 3Sixty is triggered to match current stock with the customer’s specific needs. It then creates multiple options, based on their preferred car type and monthly repayments, which you can provide to the customer via text message. Customers can click through to your own branded microsite to explore further details of the upgrade deals and request a callback.
To help you generate new business from old while always treating customers fairly, we’ve been improving Portfolio 3Sixty over the past few months to create the most efficient possible retention loops. You can now receive alerts when an existing customer requests a settlement of their finance agreement - a strong indication they are in the market for a new vehicle, giving you the opportunity to contact them directly and follow-up on the deals generated by Portfolio 3Sixty.
Create a seamless customer journey
To enable a frictionless transition from upgrade offer to new finance deal, we’re currently piloting the integration of Portfolio 3Sixty with Finance Online. For your existing Black Horse customers, this will save time and improve their experience by pre-filling data fields for the new offer.
Build and grow your dealership’s online presence
A move towards more online-based research by customers was already apparent before the COVID-19 crisis and the pandemic has accelerated that trend. For many dealerships, building a fully interactive website represents a significant outlay. By creating a microsite with your branding, Portfolio 3Sixty enables you to grow your online presence to match customers’ expectations quickly at no added cost to you.
Customer retention has always been an important potential driver of revenue. In the current climate, it’s more vital than ever. For more information about Portfolio 3Sixty and exactly how it could benefit your business, contact your Account Manager.