How Black Horse Finance can help keep your existing customers coming back for more.
Sarah Lidster, senior retention managerGetting new customers into the showroom is hard – so it makes a lot of sense to keep hold of the ones you have. Customer retention is the technical term for this vital task – and it’s something which firms like Black Horse put a lot of thought into. BDN spoke to the finance firm’s Sarah Lidster, senior retention manager, and Matt Wellings, motorcycle finance manager, who told us what the company is doing to support its dealers’ retention efforts.
Customer retention – what’s your strategy?
Customer retention is a vital part of any business, and the motorcycle industry is no exception. As Sarah Lidster, who leads retention efforts at Black Horse, explains, “With the rise of retention initiatives such as loyalty schemes, consumer expectations of their existing relationships with brands are higher than ever before. And with a product like a motorcycle, customers expect a personalised service. So, having a clear retention strategy is key to retaining business.”
Matt Wellings, motorcycle finance managerThat sentiment is echoed by Matt Wellings. He points out that while motorcycle customers tend to be loyal, there is often a lack of a structured approach to retention. “Most dealers tend to rely on the customer coming back to them, rather than taking a proactive approach to inviting the customer in at the appropriate time.”
Black Horse has significantly invested in creating a more structured approach to customer retention. One of the key steps has been the appointment of Lidster, who has been brought into a newly created role to lead retention efforts, bringing a wealth of experience and a fresh perspective. She emphasises the importance of dealers creating meaningful customer interactions, “You can’t sell a customer a bike and then pick up the phone in two years’ time to try and sell them another one. It’s about having continuous, meaningful conversations with customers at the right time, for example, around anniversaries, servicing, and social events such as ride-outs.”
Better retention through data
An extensive digital transformation is taking place at Black Horse, which  is a crucial component of its retention efforts. The company’s investments in technology are changing how it will serve dealers and existing customers in the future. “We’re focusing on improving our methods of presenting and delivering customer data to our dealers,” says Lidster. “Getting that data to our dealers is key. We’re enabling them to manage their customer relationships more effectively by providing them with better data and insights.”
“One of the things we do to help dealers improve retention numbers is supply data which helps identify customers who are approaching the optimum point in their agreement, when a change of bike may be possible”, explains Wellings. “This includes a comparison of existing terms to offers currently available through the various manufacturer campaigns. By providing dealers with this information, we’re helping them build meaningful options for customers to consider.
Supporting dealers with training and resources
It’s not just about leveraging technology, though: Black Horse is also investing in training and resources to support its dealers in their retention efforts. Training helps make sure that dealership staff are confident and well-prepared to engage with customers.
“What we’re working on in the second half of this year is creating that toolkit to help our dealers retain more,” says Lidster. “So it’s training videos, customer and market insights, email assets, and even call scripts to help make it easier to make those calls to customers. Everything that will help dealers retain their customers.”
The benefits of a strong retention strategy
According to Black Horse, a well-executed retention strategy offers numerous benefits to both dealers and customers. From a dealer’s point of view, retaining existing customers is more cost-effective than acquiring new ones. “It’s a lot cheaper to hold and retain a customer than it is to go out and win a new one!” said Wellings. Meanwhile, for customers, a strong retention strategy means they’ll get personalised service and timely offers that meet their needs.
“Customers are keen to know about the latest deals but don’t always know where they stand in terms of their agreement balance or bike value. By helping them understand the position, we can help the customer take the step towards their next bike,” added Wellings.
It seems clear, then, that Black Horse’s renewed focus on customer retention is set to recharge how its motorcycle dealers manage customer relationships. By providing dealers with the right tools, data, and training, Black Horse empowers them to maintain meaningful and personalised customer interactions. All of which will ultimately drive loyalty and retention in the motorcycle industry – with all the benefits that brings.
If you’re interested in finding out more, speak to your local Black Horse Account Manager or visit www.blackhorse.co.uk/dealer/bike
