Four Technology Tips to Increase Renewal Rates

QV Team| 21 July 2021

Renewals are a huge source of repeated business for automotive brokers. In fact, they're  anywhere from 5 to 25 times more cost-effective than obtaining a new customer. For an effective renewal, the process must begin the first time a customer engages with your business.

If a customer has consistent positive experiences from enquiry through to in-life management, then they’re more likely to renew. Yet, this consistent process can be manually intensive and timely for brokers. 

So, how can brokers utilise technology to help with renewals? In this blog, we review some functionality that might help. 

 

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1. Customer Insights via CRM 

In centralising your information within a reliable CRM, you can provide a consistent experience to your customers. No matter which member of your team speaks with your customer, you have all their information to hand and immediately understand their requirements. The more information you have, the easier it is to tailor your interaction to their circumstances and needs. 

In digitising your information to provide this experience, you also minimise mistakes or loss caused by human error, guaranteeing a better customer experience and thus, a smoother renewal. 

2. The New Car Feeling: Referrals 

The new car feeling: fresh seats, lovely smell. There aren’t many things that will put you in a better mood. Take advantage of the new car feeling and ask your customer for a review via services like Google my Business or Trustpilot

The enjoyment of their new car, coupled with your fantastic service, should provide a great basis for a recommendation to other customers, and set a good precedent for their renewal. 

3. Be the Early Bird with Automated Workflows 

With lead times for vehicle procurement now extended, it’s important to connect with your customer regarding their renewal when there are still some months to go. Remembering to do this however, is no easy task! 

Scrap the post-it notes or desktop reminders and adopt a system that does the work for you. With QV Systems’ Accelerate Platform, you can automate task creation based on milestones. This means that when a customer has six months left on their contract, you can set a reminder for a specific salesperson to begin the renewal conversation. Accelerate also allows you to fully automate this communication with customised emails or SMS' that can automatically kick-start the process before you take over! Want to find out more? Speak to the team

4. Updated Information, a Tailored Experience 

When it comes time to renew, the customer needs to feel like they’re returning rather than starting again. With up to date information stored on your CRM, you can present appropriate options that fit with their lifestyle and circumstance - all information you would have gathered and stored throughout the process. 

This also removes the need for them to re-supply all their information, making for an easy renewal process and a very happy customer. 

Beat the Manual Process

Together, this functionality can maximise the chances of your customer choosing your business to renew their lease with. By selling based on the relationship you’ve built, facilitated by technology, you remove price as a decision maker, and allow the customer to focus on value. 

If you’re interested in understanding how QV Systems can provide the technology to help you increase your renewal rate, book a short introductory call with our team today.

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