Dealership Data and The Lost Conversation

what does your dealership data show

Dealership Data and The Lost Conversation

The Power of Data Science

October 30, 2019

Relics of Dealership Data

Over the years, you’ve amassed enough dealership data to fill a large archeological site. Finding artifacts that drive conversations is like looking for the lost Ark. To discover the right clues, you have to sift, analyze and puzzle out the most relevant pieces.

Even with your team of salespeople, BDCs and general managers, you have to rely on dealership technology to reveal talking points that will engage your potential buyers. But who’s interpreting all of that information and making it useful for your dealership?

Enter the data scientist. Equal parts statistician, computer programmer, and business-savvy hero, they’re like the Indiana Jones of data. They serve up the Holy Grail of amazing customer interaction by breaking down statistics and delivering hidden treasures that your sales team can actually use.

Digging for Rare Antiquities

After poring over large amounts of information, a data scientist applies critical thinking to report trends and opportunities that can be parlayed into profitable insights. Their calling card is the ability to communicate their findings in a practical way.

Like excavating an archeological find, data scientists spend hours “collecting, cleaning, and munging data, because data is never clean. This process requires persistence, statistics, and software engineering skills,” according to the book Doing Data Science.

On top of all that mojo, they have to be creative in their research and human in their communication. This is where your dealership wins – when technology partners capitalize on the skills of data scientists.

Fortune and glory

Many dealerships run “personalized” campaigns to build value and rapport over time. But missteps caused by misinterpreted data can quickly erode the ground beneath your feet.

A common blunder is sending a special offer for a vehicle that a customer just purchased. All that effort spent cultivating that unique experience could potentially go to waste because of broken communication and outdated information in your DMS.

Other mistakes that plague dealers are based on assumptions about customer needs. It’s true, you know your customer base inside and out. That’s a differentiator when compared to self-serve car-buying options. But leaning on perceptions and anecdotal information rather than statistical analysis can leave your customer relationships at risk.

Choose wisely

Dealership software engineered by someone looking for the patterns in vast piles of data ensures that your customer experiences the right engagement for them. You and your teams no longer have to deal with the challenge of interpreting and identifying your dealership’s trends. Instead, you can focus on taking action and leave it up to a dedicated data scientist to develop a customer engagement strategy.

Your technology should put a big “X marks the spot” on the data gems. This is what you’ll be able to do with dealership technology engineered by a data scientist:

  • Identify and address problems using data-driven techniques.
  • Stop wasting time trying to organize large amounts of meaningless data.
  • Access and use relevant data that creates a positive customer conversation.
  • Discover new opportunities based on your data’s trends and insights.

Technology already supports your dealership. Make sure that your technology partner invests in data science resources. They are the secret code that reveals the elusive golden idol of customers who are able and ready to upgrade to a new vehicle.