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Chrysalis Loyalty expansion continues with two new key appointments

EXPANSION continues at international finance retention specialists Chrysalis Loyalty, with two key appointments in sales and customer training.

Stephanie Falconer joins the business as UK Account Director and Lyn Howdon has been appointed to head Chrysalis’s Global Academy.

They are the latest in a series of major appointments this year signalling the company’s ambition to be the recognised world leader in motor finance retention.

Independently owned and UK-based Chrysalis Loyalty currently operates in 12 countries, helping more than 2,500 motor retailers maximise repeat sales by optimising customer communication for dealers, brands and finance providers.

Chrysalis focuses heavily on helping its customers implement customer loyalty programmes through technical and soft skills training to optimise the power of its Key2Key system for users. Lyn Howdon, who most recently led the  UK Academy for leading automotive video services provider CitNOW, will now draw on her 28 year automotive track record to head this function for Chrysalis.

Lyn is one of the pioneers of automotive customer loyalty strategy, having previously developed retention programmes for US-based Half A Car which were successfully implemented across 600 dealerships in the UK, Europe and Australasia.

She went on to lead dealer training for Kia Motors internationally, building the brand’s Worldwide Sales and Service Academy covering 163 countries across five regions.

Her other roles have included running her own successful business focused on training and consultancy to improve customer loyalty and implementing dealer and manufacturer retention programmes globally for Loyalty Logistix.

Stephanie Falconer’s automotive career spans a Who’s Who of leading data and decision-support providers, including CAP-HPI, EurotaxGlass’s and Jato Dynamics. A specialist in software and consultative services, Stephanie has strong relationships with vehicle manufacturers, retailers and finance and intermediary system providers across Europe and the UK. She joins the business from Cox Automotive where she has worked across business divisions serving financing, re-marketing, software solutions, media and insight.

Chrysalis Loyalty founder and CEO Jolyon Barker said: “Stephanie and Lyn are leaders in their respective fields and a perfect fit for Chrysalis as we drive the business toward our ambition of being the recognised world leaders in automotive customer retention.

“Our success to date has stemmed from understanding the challenges and needs of our customer, helping them to implement world class customer loyalty systems and then run them as effectively as possible. The skills they bring – and their commitment to understanding and properly serving the needs and interests of customers – will be invaluable as Chrysalis transforms the customer retention landscape in the UK and beyond.”

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Chrysalis Loyalty steps up integration with best-of-breed 3rd party systems through its open API

A DRIVE to integrate more 3rd party systems with the open API of Chrysalis Loyalty’s Key2Key customer retention system has been announced.

Chrysalis says the move will enable its dealer and captive finance customers to dramatically boost the quality and impact of their customer loyalty programmes.

The Key2Key API has always been ‘open’ for integration with best-of-breed 3rd party system providers operating in the field of customer loyalty.

Photo by rawpixel on Unsplash

But fresh technological developments around the industry are opening up new possibilities which Chrysalis say they are determined to enable as quickly and easily as possible.

Chrysalis founder, Jolyon Barker, said: “No matter how well designed and comprehensive, it is unrealistic to expect one system alone to best-of-breed in every aspect of the increasingly sophisticated processes used in automotive retail.

“That is why the right thing for us to do for our customers is to encourage the best 3rd party providers to integrate through our open API by being as accommodating and supportive as possible.”

As an example, Jolyon Barker points to a project under way in Europe in which an enterprise email marketing system is being integrated with the Key2Key platform to increase transparency for dealers and their brand’s captive finance arm around customer communications.

The integration will eradicate poorly timed or inappropriate communications by ensuring dealer, brand and finance provider effortless transparency as well as instant analysis of the effectiveness of their customer contact.

In a recent white paper detailing customer retention best practice Chrysalis Loyalty highlighted the importance of ‘joined up’ data and communication between dealers and their brands in generating the highest possible sales renewal rates – and proving the best customer experience.

Chrysalis believes that its users are best served by enabling integration of best of breed 3rd party systems to its market-leading customer retention tool.

For example, by integrating two-way data sharing between Key2Key, which highlights the optimal moments to contact a customer for renewal, and a sophisticated call tracking and conversation sentiment analysis tool, users get the benefits of both systems – and additional benefits from combining data to leverage powerful insights that can help transform their performance.

Jolyon Barker said: “Businesses like our own can choose between insisting on developing proprietary solutions to every improvement in their service, or they can do what’s right and work with the best to create maximum value for their customers.

“Because information sharing is so vital to profitable and efficient operations in automotive retail it is wrong to force users to develop their own workarounds when the integration of data between tools can make each one exponentially more valuable.

“Our latest integrations will start eradicating timed or pitched customer communications by creating unprecedented transparency and insight. Our customers will see results within a very short timeframe because we have encouraged the integration of a best-in-class tool through our API.”

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New motor finance retention study reveals big opportunities for funders and dealers

DRAMATIC increases in customer retention are within reach for most funders, even in a falling market, according to new research.

A unique study of current practices among dealers representing 17 automotive finance brands, conducted by loyalty and retention specialists Chrysalis Loyalty, has revealed that big gains are available through optimising customer contact strategy.

Dealers confidentially shared facts and figures to reveal their ratio of cars sold per customer contacted, along with descriptions of their approach to customer relationship and renewal management.

While the most successful dealers achieve one new sale for every 1.4 customers contacted many more are reporting only one sale for every 10 customers contacted and even, in a significant minority of cases, one in 20.

But outside of the highest and lowest performance figures, the key finding by Chrysalis is the consistently high performance of dealers who focus in the most structured way on customer loyalty. Measured over an 18 month period, the global average among 2,500 dealers across all the countries in which Chrysalis operates was one sale for every 2.8 customers contacted.

This average was achieved regardless of a country’s position in the automotive economic cycle, including performance in markets which were falling or static overall.

The key finding of the latest research was that renewal rates in dealerships which run a dedicated customer contact strategy are far higher than in those which approach the issue on an ad hoc basis – for example, when instructed to by a brand or finance provider.

Major factors in the success of the contact strategies of the most successful dealers were a clearly defined approach, disciplined implementation, careful integration with existing CRM approaches and a strong focus on individual skills for staff focused on customer renewals.

As new car sales in Britain fall for the second year running, Chrysalis says their findings are good news for the majority of dealers who still have room for improvement in their customer retention processes – and offer the chance of transformational growth for those who have not yet implemented one.

The other major finding in the latest Chrysalis research is that even for dealers with a defined process for renewals, contact is too often limited to one moment in a customer’s journey through a contract. Evidence shows that a more rigorous approach – beginning the moment a customer is first qualified – consistently results in more renewals.

“This is all good news for most funders and dealers because it demonstrates that many of the new customers they need are already hiding in plain sight,” said Mark Fretwell, of Chrysalis Loyalty.

“We have been able to establish a clear link between the lowest renewal rates and a lack of process for some dealers, who often report that their customer contact strategy relies entirely on being instructed to mount a campaign by their brand or finance provider.

“But even when we drill down into the approaches of dealers with a more structured process we see big opportunities for increasing sales to existing customers – backed by real evidence of what works.

“Despite the industry’s reliance on data analysis for many operations there is still a lack of focus on the most effective change points. As an example, we know from analysis that many customers will renew well before they reach a point in their contract where the cost to change may be zero, or when they pass the point of owing less finance than their car is worth. And yet many funders and dealers with a defined retention strategy limit their customer contact to one of those points.

“In contrast, the evidence shows that maintaining a consistent contact strategy throughout the life of a customer’s finance agreement is what maximises renewals.

“Increasing retention is a vital part of business growth and it is striking to see how opportunities to do that are still wide open across the automotive financial services sector.”

Chrysalis Loyalty has made a white paper detailing this latest research as well as best practice advice – backed by case studies – and tips for implementing an effective customer loyalty programme freely available to funders and dealers. 

Download your copy here

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Key2Key customer loyalty software to debut at NADA in Las Vegas

key2key debut nada las veags

After successfully launching with a prestige OEM in November 2015, Chrysalis Loyalty is on target to gain a greater presence in the North American market and will be debuting Key2Key at NADA in Las Vegas, April 1-3, 2016.

Key2Key is currently used by OEMs, financiers and dealers, to sell more cars and better manage vehicle inventory. The application is compatible with leading DMS systems and leverages data-mining technology to generate hot leads from an existing client database.

Key2Key identifies clients who are in a position to trade out of their current vehicle into a newer one for a similar payment and term, be it a passenger car or commercial vehicle. The result is reduced customer trade cycles, a higher conversion rate and higher gross profits.