15 March 2019
Today’s car buyers are possibly
the smartest ones that have ever been. They know how to get the most out
of technology. Most importantly, these vehicle
shoppers are also becoming increasingly more independent, with the help of new media channels.
Make no mistake, when your
prospective customers walk into your showroom, they are much more informed than
they ever used to be, because they spend so much more time conducting research
online. As a result, car dealers need to be one step ahead, in order to gain the
upper hand when negotiating a sales deal.
This is where big data and data
analytics tools play such an important role for any auto dealership. By using
these concepts, a dealership can access insights about clients, rivals,
and the market in general. It also enables car dealers to segment their
customers so that their marketing initiatives can be precisely targeted.
Having access to as many data
points as possible is a blessing for vehicle dealerships, since it provides them
the ability to cater to individual customer needs, without needing to actually
interact with them.
In this article, we will give you
a few helpful ideas on how a dealer can do exactly that.
Learn About the Industry
Industry data, in addition to
demographic and behavioral data, is also quite important for auto dealers. By
analyzing it, dealers can spot potentially which vehicles could become
It can even determine when this
upswing in sales numbers will take place.
Learn About Your Clients
As we mentioned earlier, the vast
majority of customers these days come into your dealership knowing perfectly
well what they want to buy. They also expect not be asked the same questions
repeatedly, and not being made to wait for long.
Nearly 50% of them conduct
research using multiple mobile devices such as laptops, tablets, and smartphones.
Additionally, about 80% of these customers use third party automotive websites
and portals for gathering information and comparing different vehicle models
and trim levels.
Understanding the employment stats
and income levels of your potential customers will go a long way in enabling
your car dealership in deciding the perfect way to approach them. It also offers a level of fraud protection and an early payment
affordability test for the car dealer.
In order to get this done, make
use of the recent advances in website tools to learn what your website
visitors are interested in. Your sales staff can then use this information to
get individual customers a highly exclusive purchasing experience.
For customer data analysis to be accurate, your auto
dealership’s CRM system should contain data that is up to date, and in real
time. Your web analytics should be wired to include details such as which website
pages these customers visited, how much time they spent on each page, and what
resulted in them converting.
About New Technology
The third pillar that will help
auto dealers to anticipate what customers expect from them is technology.
Customers do a lot of online
research before spending their hard earned money on a car. It is an excellent
idea to make sure that your sales and marketing teams are well versed about all
the latest automotive tech in the industry, as they may be questioned about it
by your prospective buyers.
Regular emails, bulletins and even
training sessions that are conducted on a monthly or bi–monthly basis are great
ways of keeping your sales staff at the top of their game. Having access to the latest data is one thing, but
only by using every bit of information available to your advantage can a
dealership become a smart data-centric auto dealership.
As always, it’s a good practice to
develop a complete profile of your prospective customers. It isn’t sufficient
to just get traditional credit data anymore. Data that includes their credit
history, income bracket, employment tenures, financial priorities, payment
behavior and so on are an absolute must in order to get a good picture of your
With this information at hand,
coupled with our modern data analytics software, auto dealerships are perfectly
positioned to handle the sophisticated car buyers of today.
For more information on how auto
dealers can stay ahead of modern car buyers, Contact Us.