Make a Plan and Turn Your Dealership’s Data into Action
There’s no doubt that dealerships have access to a tremendous amount of consumer data. However, success in shopper intelligence hinges on how specific data is leveraged to reach and engage in-market customers to achieve increased profitability. Evaluating the data your dealership collects by analyzing and using it to gain consumer insights leads you toward improved proactive dealership marketing and sales. You will succeed where many others fail.
It’s always been a goal for dealerships to gain information about their customers to help support their marketing and selling efforts. In recent history, a more focused approach is resulting in better consumer insights and improved sales. People are increasingly shopping online, which means that on any given day, a typical dealership website could trigger tens of thousands of customer events. By carefully analyzing the data driven by demographics, contextual analysis, and collaborative filtering, the events are no longer singular data points with little value; instead, as a collection. The events take on meaning, allowing the dealership a broad picture of their customers’ shopping and buying habits.
When your dealership successfully analyzes the data from your automotive data mining or equity mining platform, you’re closer to meeting shopper needs, resolving consumer pain points, and providing customer care that goes above and beyond. Dealerships can provide an enhanced consumer experience by accessing and utilizing consumer intelligence. By leveraging the constantly amassing consumer events and signals, consumers will feel rewarded through a better experience, and dealerships will receive better engagement. Ultimately, the outcome delivers strong dealership loyalty–building opportunities to increase the potential lifetime value of each customer.
You Make Your Plan; We’ll Give You the Path
To get the best return on your time and monetary investments, it’s essential to remain focused on the specific goals you want to achieve. When you begin with a plan, you’ll find it much easier to home in on data specifics that bring consumer actions and preferences to light in the marketplace. Then, you can use that data to help determine your next move. Ask yourself questions like the following to stay on track and keep your data organized:
1. What questions are you trying to answer?
First, determine what you’d like to discover and remain focused on the specific questions you’re trying to answer. For example, what vehicle searches are trending for my customer demographic? How many customers are coming in for service and can upgrade to a new vehicle and lower their payment? How many customers live within a 10-mile radius of the dealership, have not been to the service drive in 365 days, and can lower their interest rates (even with today’s APR)? And which customers could upgrade if they converted from a retail contract to a lease?
2. What patterns do you see emerging?
Regularly analyze your data and consumer reactions to see what’s working for your dealership and the industry, and review for patterns to help determine your ongoing action plans. For example, sort your database by customers with multiple profit center opportunities due for service. Use “Pre-Screen” to find qualified customers that can benefit from specific bank programs and filter customers who are coming in for service visits and are in an upgrade position.
3. What problems are you trying to solve?
Before raking in the data, discover shopper pain points and areas that potentially cause your dealership to struggle. Look at your consumers, get to know them, and decide which items to address. When you use data to target specific areas of concern, you’ll gain shopper trust and build relationships that lead to sales. Curve potential issues by considering questions such as do we have recall orders in stock? How do I increase my service lane traffic? How can we convert more qualified customers to a specific bank for financing? How can we sell our sitting used vehicles? And how do we acquire newer inventory?
4. How will you use your data?
If you don’t put your data to work, your dealership won’t be able to reap the benefits. Begin by creating models and profiles for your target audience, what they seek in the marketplace, and how you can deliver solutions. Then utilize your profiles to engage customers with personalized marketing templates relative to their current situation. Customers that are engaged and feel understood are more likely to buy from you.
Data is continually collected, analyzed, and made actionable for every text, click, and time a customer sets foot in your dealership or your competitor’s dealership. AutoAlert automates your dealership with exclusive alerts that transform your data and identify your next step so you can stay focused on building relationships and making the sale.
While making your data actionable might seem intimidating, it can be effortless for those willing to take advantage of all that can be captured. By identifying your target audience, and your data, analyzing your customers’ information becomes less daunting – and manageable!