16 July 2019
Dealers who learn to source their used inventory internally are always at an advantage, and Data mining is one of the best ways in which auto dealers can get reliable assistance in managing inventory. Any dealership using effective data mining can add several new and used units to the sales board every month.
Many of these cars will be sold as part of a trade deal in which you take in cars, trucks and SUVs which are in demand. In this article, we’ll give you some points on how good data mining can improve the overall performance of your car dealership.
Make Your Auto Dealer Marketing Initiatives Purposeful
In addition to your auto dealer website marketing having a strong sense of purpose, it should also be consistent, to achieve the best results.
You can easily identify in excess of 25 promising customers on a daily basis using data mining, and a third of them may have the potential to convert. However, your auto dealership will need to put someone in charge of this task.
Use Your Car Dealership Service Department to Your Advantage
Using data mining, identify customers whose vehicles haven’t been brought in for servicing or maintenance during their scheduled intervals and get in touch with them. Using the data convergence analysis function of your auto dealership data mining tool, you will have more informed knowledge about what will likely trigger them to make a purchase. With this information at hand, make a tailor-made offer for them.
Another option is to use phone or email marketing channels to get in touch with clients whose cars are approaching the end of their OEM provided warranty. This information can be obtained from data mining and it is important as these clients can be offered the opportunity to buy vehicle service contracts for their cars.
Offer Great Deals
One of the most important objectives of data mining is to increase customer retention, and this can be achieved by providing prospects with great deals.
In addition to the data obtained from data mining tools, keep an eye out on current market trends. With these details, create incentives and flexible conditions that facilitate your customers to buy new vehicles at rates very similar to their earlier payouts.
Go Deep When Researching Through Data Mining
The right data mining strategy should be able to analyze data deeply and identify similarities in different data streams. Only this way can auto dealer marketing staff get valuable insights in order to come up with exclusive offers and deals that are tailor made for customers, making it difficult for them to ignore.
Data mining tools can also show you which of your customers own vehicles that are high in demand, as they can be targeted for being strong candidates for trading in their car. Owners whose vehicle lease or financing is coming to an end, cars with high mileage figures, and customers who did not buy their cars from your dealership but get them serviced at your facility, are all highly promising targets for your dealership.
For more information on how data mining can boost sales performance of your Auto Dealership Contact Us.