Tuesday, September 30, 2014

Hyundai prioritises customer loyalty over rapid sales growth

Hyundai targets customer loyalty Hyundai will focus more about retention of existing customers instead of on aggressively growing its European market share during 2014, based on the firm's Europe boss Allan Rushforth. The Korean company is requried to be made by course to keep a 3. 5 per cent market share in Europe in 2013, and wishes to grow to 5 per cent by 2020, however the immediate priority is ensuring existing customers stay loyal towards the brand. “Our primary aim usually is to continue enhancing the quality in our operations, even when which means We‘re not able to sustain our market share, ” said Rushforth.  “Over the previous five years we’ve done a very good job from being inside the right place in the right time with the ideal products. European scrappage schemes gave us a chance to conquest many new customers ; now our challenge usually is to keep your customers we won. ”About three-quarters from the 3. 3 million Hyundais upon the roads of Europe are lower than seven years of age, and Rushforth said improving brand loyalty would produce a solid sales base to the long-term. “In 2012 our loyalty rate was just 36 per cent, but now It‘s above the industry average at 49 per cent. If we increase our loyalty by, say, another five per cent, that can give us a further 34, 000 sales annually, ” he said. Rushforth said customer retention could possibly be achieved by providing “the right models for Europe built in Europe” by increasing the amount of people using ‘captive finance’ – where customers buy their cars coming from the manufacturer’s own finance subsidiary. Hyundai’s research suggests such customers tend to be more loyal and purchase higher-spec models. Hyundai prioritises customer loyalty over rapid sales growth

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