27 March 2018
At the just
concluded NADA 2018 show in Las Vegas, the one term that we heard a
lot was "big data”. It
is quite clear that data analytics for auto dealers is here to stay and more and more auto
dealers are putting it to good use with each passing day.
In this article, we'll help
you understand what big data is all about and how it can help your dealership
scale new heights.
Basics of What Big Data Does
Dealers can put their own in-house
data sets to use with a big data platform, in order to optimize their sales,
revenue streams, marketing, margins, operating expenses, and what not.
In dealer sales and marketing, big
data analytics can spot shoppers who are currently in the market and have a
high inclination to buy. Once these prospects are identified, dealers have the
opportunity to reach out to them before they back out.
This way, auto dealers get better
insights into leads and the inclination to purchase of each lead, leading to
higher chances of converting them into customers. In a nutshell, one of the big advantages of data analytics is that it provides dealers with the timely business insights they need to close sales
How Can it Help You?
Big data also helps auto dealers
understand all that transpired with buyers since their last purchase. For
instance, did they get married, or did they move to a different city, etc.
Even a basic idea of changing client preferences can
give dealers a significant advantage when new buyers in the same strata enter the
market for buying or leasing a new car.
In addition to helping dealers offer
more relevant deals and promotions, having access to this data can also help
build a bond with the client and gain their long term loyalty, as customers will feel that the dealer understands their specific needs quite well.
The business insights that big data reveals about your
marketing dollars, sales investments, inventory management, etc. can be
important not only in increasing the cost effectiveness of your dealership, but
also in creating immersive customer experiences.
The dealership that wins is the one who can engage and
convert consumers the fastest, and the data analytics tools employed at your auto
business enables you to do just that. Big data can collect, process and
understand information at lightning speeds, and then give you timely insights on how
to monetize it.
Implement Data Analytics
Accuracy and automation are the golden rules of big data,
and it takes the right platform to deliver specific insights which dealers can
monetise. Solutions like FrogData deliver ready-to-deploy data analytics packages which help dealers save tens of
thousands of dollars every month.For more information on how big data contributes
towards the growth of your vehicle dealership, contact us.