The Digital Dealer Conference and Expo kicked off yesterday and if you’re attending, you’ll be hearing from some great experts like the President and CEO of Force Marketing, John Fitzpatrick. John joins us now to discuss his presentation, Customer Lifetime Value: What Is It and Why It’s the Only Metric That Matters, which will be held at 10:20 later this morning in St. Thomas B hall.
It’s the perfect timing for our topic, says John. When you look through the lens of marketing, how can you consider the customer lifetime value to the business? They are going to have an interactive session, where they are participating with the audience. John says they are trying to shift the mindset of the industry and making sure they are asking all the right questions.
John says they are seeing the privacy of data and the effectiveness of first-party data. Your ability to buy audiences that are ‘in market’ and the level of data marketers have is dwindling. John believes we will see a day where there’s going to be significant regulation in and around how we see data. This means that the first-party data that lives inside a dealer’s DMS will increase a hundred times in value. The service director has to be in the marketing conversation, inside that room in the dealership says John.
If in the process of you selling a customer a vehicle, you create an advocate, you just won says John. An advocate helps bring in more sales and they tell everyone in their circle, this business will treat you right. At Force Marketing, they know marketing is communication. If Force Marketing can help you communicate your message better, together, you both will win.
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