In today’s competitive and volatile world, the customer has emerged as the vital factor while taking any crucial business decisions. Technological advancement due to internet era is keeping the customer well-informed. The dynamics of the competition are rapidly changing which has necessitated understanding your customers completely. While multiple factors need to be considered, when it comes to OEMs, there are a few more important than others.
Digitization has been the revolutionary factor in almost all the industries. For instance, the online revolution in the auto sector has resulted in almost 80% new car and 100% used car buyers to rely online. It compels OEMs to create strong and engaging online presence to attract and retain its customers.
Customer engagement also plays a key role when it comes to dealer engagement as they act as the face of the OEM manufacturers in front of the end-customers. The dealers can be effectively engaged by offering exclusive territories for increased promotion, cutting off weaker dealers and retaining the high performers, providing training to enhance their sales team skill, offering individual support, providing centralized and real-time information regarding products and spares to provide improved customer service.
Understanding customer view and eliminating the pain areas is immensely important. The decisive elements such as the product, its brand image and the buying process have been shifted towards the experience during the interaction with the manufacturer or retail organization. Changing customer behaviour expects premium services and a higher level of manufacturer interaction at all the time. Thus, it is imperative for the OEMs to provide multiple touchpoints to their customers like websites and social media.
Understanding your customer can greatly help you win customer loyalty and in turn, repeat business in long-term. This customer centric success can never be underestimated as it is the determining factor that can always give you an upper hand over your counterpart.