Did you know that excellent customer service has a significant impact on referrals? Customers who rate a business’s service as “good” are 38% more likely to recommend it. In comparison, roughly half of customers say that after one bad experience, they would switch to a different brand.
Given the above findings, it’s clear that customer satisfaction is a critical checkpoint in your sales journey. With that in mind, let’s explore this with two brand comparisons.
‘Compare the Market’ and ‘Direct Line’ both sell insurance online, but one is way more successful at attracting customers than the other. Why is that?
Comparison sites in the UK dominate web traffic with 67% of all traffic in their market sector.Similarweb
Aside from a hugely successful marketing campaign involving meerkats, ‘Compare the Market’ dominates online by offering more choices and options to compare without having to leave the site. Why is this important?
According to research, giving the ability to make decisions provides a sense of control and empowerment. Due to the rise of online comparison sites, the customer of today lives in a world where having many options is the norm, and it has become an expectation which extends to dealers.
How Does This Apply to Dealerships?
In a nutshell, having access to a wide range of lender options [akin to compare the market] allows dealers to obtain the very best outcome suited to a customer’s specific needs and preferences.
When working with a single lender the result or outcome is based solely on that lender’s opinion, which doesn’t reflect what’s available elsewhere in the market. At DSG we effectively remove these constraints by enabling dealers to access 19 lenders so that they are presented with more options to work with. Without the ties of a single lender to choose from, there is a higher chance of finding the best finance option for not only the customer but the dealer as well.
It May Not be Broken: But it Could be Better
It’s thought that the average adult makes more than 35,000 decisions a day. For obvious reasons this can be exhausting, making us usually settle for the path of least resistance, which is not always the best choice. This can result in people making predictably bad decisions, feel greater levels of regret and lower their satisfaction.
It’s understandable why dealers, when reviewing car finance would rather settle for something familiar as opposed to exploring a better solution.
However, the outcome offers better results for both dealerships and customers. Giving them what they need and want, rather than what they are used to.
Direct Line stated in a Virtual Economics article why they aren’t on price comparison websites. The company boasts of its refusal to compete on price for many years, however in comparison Richard Tavernor of iVendi commented on consumers choice in a Motor Trader article:
“They are highly habitualised to using online comparison tools for a range of finance products from car insurance to mortgages. Not having that choice means they are more likely to start shopping around than if you do not give them wider options.”
Change vs Tradition
What can dealerships do to keep up with the digital age which shows no signs of slowing down while managing changing consumer attitudes?
Give your customers what they want, and the rest will take care of itself.
How we can help
For over thirty years, DSG Finance has worked with dealerships to improve sales and customer satisfaction. We consistently help your dealership lead the way in exceeding you and your customers’ finance expectations, with 84% of dealerships rating our service as excellent.
We offer a range of benefits including:
- Access to a panel of up to 19 different lenders
- Niche product ranges which cater for every possible customer funding requirement
- Industry specialist support
- Technology that gives the best possible outcomes for customers and dealers.
Want to hear more? Click here to speak to one of our advisors. We look forward to hearing from you.