Home » Features » How to maximize the lifetime value of your clients for boat dealers

How to maximize the lifetime value of your clients for boat dealers

By By Matt Sellhorst

Over the last few weeks, we’ve been discussing the seven steps to a more profitable business by building systems for boat dealers.

Previous Stories:

7 steps to a more profitable business building systemHow to grow with interesting offers

Before we begin, let’s quickly review each step.

  1. Determine Specifically Who You Are Going to Serve

Select a single target market (you may have multiple target markets within your boat business but consider each individually).

  1. Get Qualified Prospects within that Segment to Identify Themselves to You

By offering the information your specific target market is after, they will gladly raise their hand and identify themselves to you before your competition even knows they are prospects.

  1. Educate and Motivate Those Who Have Raised Their Hand

Utilize systems by canning and cloning the education process to reduce the manual labor required from your sales team. Then, motivate those prospects to get involved in boating and take the next logical step in buying a boat.

  1. Make a Compelling Offer to Get Them Moving Forward

This offer may or may not be designed to sell a boat but does have a single goal in mind. It could be to drive someone thru your front door or to make a now buying decision.

  1. Deliver a Dream Come True Experience from Your Clients’ Perspective

Look at how your boat business can make each of the eight steps be a dream come true from your prospects point of view. Then, work over time to make that dream a reality for your prospects.

  1. Wow Them After the Sale

Do something unexpected and special to really WOW your client 7 to 14 days after taking delivery of their new boat.

And, that leads us into step No. 7, Focus on Maximizing The Life Time Customer Value

Step No. 7 - Focus on Maximizing Life Time Customer Value

If you’ve set up and delivered on Steps 1 to 6, step 7 will be significantly easier. But delivering the boat is not the end of the relationship as is often the case in reality of the client. There were so many promises of an outstanding relationship yet the client is virtually forgotten about in all too many business (not just in the boat business).

So, phase one of maximizing life time value is to ensure your clients know about every single way they could give you money. One of the best ways to do this is with a consistent monthly communication focused on relationship building subtle reminders of all your additional products and service and specific and strategic offers for those services.

This communication can be done with newsletters, events, emails, direct mail, phone calls and signage but the key is to have a game plan in place to systematically build the long-term relationship with your clients.

I can tell you this, if you have any clients that haven’t heard from you in the past 6 months, there is money being left on the table.

And, what about repeat and referral business?

A powerful and consistent communication strategy will really move the needle on maximizing the time value of your clients.

One goal for most of my coaching clients is to receive at a minimum one repeat or referral sale within 5 years from every boat sale.

This goal requires more than just to “hope” you get some referrals and repeat business. It requires you to actually orchestrate them. The best way to do this is to mix in a Life Time Value Maximizing communication sequence for at least 12 months (if not longer).

When you take the time to develop these seven steps in the right way and implement them into your boat business, you are simply going to improve the predictability, enjoyment and profitability of your boat business.

Until next time, leave a question or comment below. I will try to respond to each individually. And, don’t forget to hit the share button to share with your network on Facebook, LinkedIn and Twitter.

Matt Sellhorst is the author of Marine Marketing Strategies and a speaker at industry events including Marine Dealer Conference & Expo and Marine Retail University. After developing systems that propelled him to top producer status at a six-location dealership, Sellhorst now coaches and consults with boat dealers, brokers and manufactures to sell more boats with less price resistance without wasting time or money on marketing schemes that flat out don’t work.

Leave a Reply

Your email address will not be published. Required fields are marked *

*