Higher Customer Retention Means Higher Profits!

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We’ve all heard it a hundred times: “Acquiring a new customer can cost 6 to 7 times more than retaining an existing customer.” And yet, we still can’t seem to find a few dollars each month to spend on customer relationship marketing.

Customer Retention Figures

Let’s set the stage for the cost of customer acquisition versus customer retention.

  • The cost of customer acquisition versus customer retention could reach as high as 700 percent*
  • Over a 5-year period, customer natural attrition rates could reach as high as 50 percent
  • Businesses which boosted customer retention rates by as little as 5 percent saw increases in their profits ranging from 5 percent to a whopping 95 percent

Benefits of Marketing to Current Customers

Now I think we can all agree there’s some opportunity here to refocus more on our existing customers, rather than chasing down new ones. By simply automating the process of service lane marketing, content marketing, email marketing and social media marketing, you’ll have huge success:

  • Staying in touch with your current customer base
  • Reminding your customers of upcoming events and seasonal tips
  • Maintaining a professional appearance all the way to the inbox
  • Taking advantage of opportunities to reach out to clients you have not talked to in years; you have new makes and new models to offer them
  • Get a few more referrals sent your way

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Making Equity Mining Seamless

This is why service lane marketing is vital. Think about your regular service customers. They are more profitable, more loyal and of greater lifetime value to the dealership. Service lane marketing attracts the richest mix of loyal customers. Many dealers are wasting marketing dollars on disloyal customers who will never stick around long enough to pay back their acquisition investment.

Many dealers have been turned off to equity mining because they may have had inadequate training, didn’t use it or had improper processes in place at the dealership. Others have invested in poor software where the numbers didn’t add up and lost confidence with their staff. Either way, having an easy-to-use software solution installed is essential. Partner up with a vendor that is committed to your success. Being able to serve up customer information that is accessible at a moment’s notice is crucial. Your staff needs to have a seamless process that encourages them to use the software. Once they have bought in, it becomes part of their daily routine.

 

*Source: Frederick Reichheld of Bain & Company.

Meet Prospect Vision’s New Digital Press: The Xerox® Versant® 3100 Press

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Prospect Vision is proud to announce the newest addition to the office – The Xerox® Versant® 3100 Press. Equipped with groundbreaking technology, this state-of-the-art printing press allows for maximum efficiency while delivering unmatched quality. As one of the most powerful, advanced, and innovative presses on the market today, the possibilities are endless when it comes to providing our customers with the high-quality materials they desire.

What Does This Mean for Our Customers?

With the new Xerox® Versant® 3100 Press, our customers can now expect even higher efficiency when working with Prospect Vision. With the ability to print from such a powerful production press, we’re now able to do even more in less time. Ultimately, this means we can provide you with even quicker turnaround times, getting you the materials you need as soon as you need them. This doesn’t mean we’re sacrificing quality, though. Far from it. With technology like the exclusive Xerox® Ultra HD Resolution and Production Accurate Registration, we guarantee you’ll be stunned by the quality of your materials with each delivering jaw-dropping detail. From banners to envelopes, we can handle any job you need with a minimal turnaround time.

Details on the Xerox® Versant® 3100 Press

For those who are curious to learn exactly how efficient this press is, take a look at some of the impressive stats below.

  • Prints at 100 ppm on stocks, specialty media from 52-350 gsm, and auto-duplex up to 350 gms
  • Exclusive Xerox® Ultra HD 10 bit Resolution with four times more pixels than other presses
  • Average Monthly Printing Volume of up to 250,000 and maximum monthly duty cycle of 1.2 million
  • Fully automated color and production print optimization via Full-Width Array
  • Automated Color Calibration and Production Accurate Registration with tolerances to within a half millimeter
  • EA Toner, 2400 x 2400 dip with 10-bit RIP and an advance Compact Belt Fuser

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Contact Prospect Vision Today

If you’re looking for a partner in printing, we are now, more than ever, your go-to source. From booklets, brochures, and catalogs, to reports and newsletters, and even wire-bound products, we can do it all. Get the materials you need with one of the shortest turnaround times in the industry, and ramp up your marketing today. Teaming up with Prospect Vision may just be the best business decision you’ve ever made. Contact us today to find out what we can do for you.