Ivers commented, "Chevrolet is an example of a broad product line that offers customers many options to fit their needs." He continued, "While manufacturers tend not to expect each of their brands to retain customers 'for life,' many have realigned themselves through mergers and acquisitions to accumulate a portfolio of brands that give customers a place to move up as they age and become more affluent."
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| It won't be news to regular readers that Toyota's Camry, Honda's Accord and Ford's F150 garner some of the highest loyalty ratings among non-GM nameplates. (Photo: Shawn Pisio, Canadian Auto Press) |
The study went on to state that of the top four brands, three offer very large product lineups over a wide spectrum of segments in the market. It won't be news to regular readers that Toyota's Camry, Honda's Accord and Ford's F150 garner some of the highest loyalty ratings among non-GM nameplates.
With retention being paramount to the success of any automaker, delivering a good experience to current customers through a positive sales process, which essentially sets up the customer to return to the dealership for a future trade-in, can dramatically affect retention rates. Efficient personalized service and general vehicle reliability also greatly affect whether a customer stays with a brand or not.
Overall, 65 percent of survey responders stated that they would change nameplates if a new vehicle did a better job of "meeting their practical needs," while 50 percent would switch for more attractive styling and/or quality improvements.
J. D. Power and Associates' new Customer Retention Study makes it all too evident that the need for effective marketing is currently more important than ever before.