19 June 2019
If you own an auto dealership, you need insights to understand where your auto dealer website visitors or social network followers are in the purchasing lifecycle. Currently, the best option that auto dealers have is their customer relationship management (CRM) system.
Using your CRM, promotions that are targeted at specific customer segments can be triggered in order to build customer awareness and loyalty. However, this is set to be complemented and eventually replaced by a promising new methodology called buyer detection.
Buyer detection: How it Works
Buyer detection includes predictive analytics driven by machine learning. This helps in identifying prospective clients who are serious about purchasing, thereby improving the productive customer engagement levels of your car dealer website and driving up revenue.
Buyer detection analyses several data signals from your sales and service departments such as online car shopping rates, website traffic, online marketing efforts, offline data, etc. It then tracks the engagement levels of prospective customers and scores their probability of actually buying a vehicle from you.
Enabling You to Target the Right People
Owners of car dealerships usually end up spending huge amounts of money on traditional marketing strategies and ads to boost website traffic. This is basically shooting in the dark, since research shows that barely 1% of online shoppers are actually ready to take the next step.
The advantage of buyer detection is that dealers can clearly spot the differences between casual shoppers and serious customers. Armed with this information, dealers staff can focus their time and energy on those specific prospects who are actually ready to do business with the dealership.
Auto dealers who use buyer detection in deciding their marketing strategies have reported their conversion rates rising by almost five-fold.
Managing the Stock
Knowing what sort of vehicles your potential clients are interested in can give you better ideas on how to manage your inventory. Sometimes, you’ll notice that the search volume for SUVs is larger than sedans. This means that people are more interested in buying SUVs, and you can make changes to your inventory if you feel that it is necessary. This will directly result in better business.
For more information on how buyer detection can help your auto auto dealership, Contact Us.