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Lifetime Customer Value: Looking Beyond 30-Day Cycles w/ Andrew Kocha
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In this episode of the KPI Cafe, one of Reunion's Co-Founders and Client Success Manager Andrew Kocha dives into a recent analysis he conducted to accurately calculate lifetime customer value (LCV) for automotive retail. After explaining the importance of why dealers need to understand lifetime customer value, Andrew leverages a report by The Appraisal Lane to walk through the calculation, laying out actual numbers for consideration.
He and host Dane Saville also address the obstacles dealers face when calculating LCV and advantages they have over other organizations that offer vehicle service and repair.
Here's what you can expect:
3:12 -- Why Understand Lifetime Customer Value?
- Familiarity
- Advertising Cost Efficiency
- Family Business
- Word-of-Mouth
- Google Search
5:35 -- Current Marketing Cost Per Car Sold
- Shift to Digital
- Inefficient Strategies?
- Mandated Events
7:50 -- Calculating Lifetime Customer Value
- Shoutout to Appraisal Lane
- Sales and Service Revenue
- Average Lifespan
- Average Duration between Purchase
- Average Services
11:15 -- The Role of Team Mentality
- Cross-Department Rewards
- Breaking Down Silos
12:05 -- Ideal Profit from Repeat Customers
13:12 -- Dealer Obstacles Calculating a Realistic Number
- Many Line Items - All Variables
- Things Outside Dealers' Control
- Things Dealers Can Control
22:04 -- What Can Dealers Do They Currently Aren't?
- Do Things Jiffy Lubes Can't
- Andrew Turns the Table on Dane
26:39 Andrew's Final Thoughts
Chapters
1. Why Understand Lifetime Customer Value? (00:03:12)
2. Current Marketing Cost per Car Sold (00:05:35)
3. Calculating Lifetime Customer Valued (00:07:50)
4. The Role of Team Mentality (00:11:15)
5. Ideal Profit from Repeat Customers (00:12:05)
6. Dealer Obstacles Calculating a Realistic Number (00:13:12)
7. What Can Dealers Do They Currently Aren't? (00:22:04)
8. Andrew's Final Thoughts (00:26:39)
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