When it comes to automobile marketing and sales, there is certainly not a “one-size-fits-all” approach. Car shoppers are unique in their budgets and vehicle needs. It’s important that dealers understand the uniqueness of each car buying prospect and are equipped with offer details to effectively meet your prospects’ demands and move your unsold car inventory.
Dealerships that take a data-driven approach to prospecting have the best chance of intelligently targeting qualified leads, as well as creating attractive offers that will engage prospective buyers and retain previous buyers. In this blog, Mastermind shares four automotive data types to help your dealership sell more cars such as:
1. Demographic and behavioral data to personalize your offering
2. Cost of ownership data for transparency and rapport building
3. Vehicle history data to maintain a top-notch used car lot
4. Historic customer data to predict future car buying behaviors
Personalize Auto Marketing with Demographic and Behavioral Data
To maximize your dealership’s ROI on your marketing dollars, knowing your audience and their buying behavior is essential. Referencing automotive market data is always a safer and more reliable approach than making an uneducated guess when defining your audience. Monitoring your social media feeds and engagement is another great place to gain insight on car shopper demographics and behavior. Your dealership can analyze what type of content or offers are most attractive to your social media followers, or which demographics your offers tends to resonate with the most. This insight in turn helps your dealership identify consumer trends to best target your marketing campaigns.
Build Rapport with Cost of Ownership Data
As you know, a car is the second largest purchase a consumer will make. Not just because the base price of a car can be very costly, especially for first-time car buyers, but many additional expenses surface throughout the cost of ownership. Access to data that will better inform vehicle shoppers of what to expect throughout their years of ownership will help you better communicate to your customer what exactly they are getting into. Transparency is the key to customer retention and it helps to build rapport with customers, as well. Additionally, your dealership marketing team can utilize this data to target certain car buyer personas who wish to stay under a certain budget when purchasing a vehicle.
Better Manage Used Car Inventory with Vehicle History Data
For many dealerships, their used vehicle inventory and fixed ops department is the bread and butter of their business, as the profit margins tend to be way higher than new vehicles. If you are in the business of selling used vehicles, or servicing vehicles (new or used), it’s essential that your dealership can access existing customers’ and prospects’ vehicle history data. Vehicle history reports will help your dealership maintain a high-quality used inventory and will give your prospects peace of mind when purchasing pre-owned. Although providing this data for leads is not free for the dealership, it’s worth offering complimentary vehicle history reports to high-intent shoppers. Carfax is an example of a vehicle history reporting service that, when coupled with a behavior prediction tool, helps your dealership manage leads more efficiently.
Be Forward-Thinking with Historic Customer Data
What better way to predict the future then look to the past? When looking to predict future automotive trends, historic customer data is the best resource to determine your dealership’s business strategy going forward. It can also help decide where to best spend your marketing dollars, as you can get in front of your customers before they decide to potentially look elsewhere. For the most part, you know your lease customers should be spoken to X amount of months out from their lead-end date, but that doesn’t mean you are doing that – a customer data platform such as Market EyeQ by Mastermind will help you to catch a customer’s attention before they begin shopping around for a new car. It’s not always about price, either - in many cases – customers react just as positively when the offer includes a monthly payment increase.
There’s no need to guess who your audience is or wait for customers to return to your dealership with such a wide variety of automotive data solutions available to you such as Market EyeQ. A data-driven approach is the best way to stay ahead of a flattening market. Ensure your dealership has looked into all of these dataset options to drive as many actionable leads as possible that will ultimately result in more revenue for your business. With the right technology and resources, your dealership can thrive this holiday season and beyond. If you need help, contact us to set up a Market EyeQ demo.