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Retention, Defection and Conquest with Greg Uland
Manage episode 406409384 series 3373437
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Trucks stick but brand love shifts.
Reynolds and Reynolds released their 2024 Automotive Brand Retention and Defection Report, and VP of Marketing Greg Uland joins the show to break it down.
Read the full report here: https://www.reyrey.com/cp/retention-and-defection-2024
Greg, with his unique blend of marketing savvy and operational expertise, breaks down the complex web of customer loyalty and buying behavior in the auto industry. Through the lens of comprehensive data analysis, Greg shares staggering insights into how dealers can navigate the tricky waters of retaining customers, winning over new ones, and the surprising fluidity of brand loyalty among today's car buyers.
The conversation isn't just a trove of statistics; it's a lively discussion that ranges from the evolution of brand logos to the unexpected loyalty shifts among truck owners. The team delves into the specifics, like the 43.7% overall brand retention rate, Toyota's stronghold at 60.1%, and the surprising position of Nissan as a prime target for almost every mainstream brand's conquest efforts.
0:00 Intro
2:21 The critical connection between marketing and operations.
4:59 Overall brand retention across the US is a mere 43.7%
9:20 Truck owner loyalty shows a surprising 72.5% likelihood of purchasing another truck, yet brand loyalty within this segment shows significant variation, indicating opportunities for brand switching.
14:38 Greg and the hosts explore the impact of high borrowing costs on dealership strategies, emphasizing the necessity of adapting to a market where new car prices average around $50,000.
19:30 Actionable insights for dealers to refine their marketing and inventory strategies based on changing customer loyalty trends.
Greg Uland is VP of Marketing for The Reynolds and Reynolds Company.
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