Question to Jim Rowley: Jim,
how should the motor finance industry approach retaining existing
customers and attracting new ones?
Jim Rowley: A lot
of the companies that have disappeared from the motor finance
market were examples of best practice in some respects. A lot of
the consolidation that we have seen has been forced.
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You have to take care of your existing
customers. While the average commission to a broker is £500, an
average telemarketer can get four applications and write one deal
from 150 records a day, and costs £100.
So you can reduce the cost of acquisition by
looking to your existing customers – before someone else does.
If you are a salesperson, you love the
excitement of ‘the deal’.
But in fact, everyone’s company is sitting on
a gold mine with its existing customer base. Looking after your
existing customer is the best way of getting new business.
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By GlobalDataLooking at partnerships, there is a debate on
whether you can have variable rates on HP, but lots of big
companies wouldn’t be able to change their systems quickly enough
to take advantage of it, but if you work with somebody like Target,
you can launch something very quickly.
Brian Rogerson: You
had a lot of affinity relationships going when you worked for The
Funding Corporation – how successful was that?
Jim Rowley: We
punched above our weight – we had 100 affinities with companies
such as the BMA and Capital One, and access to 8 million homes
across the UK.
Partnerships are guaranteed to
supply high quality business – but they erode your margins, as the
rewards are shared with your partner.
