Regarding Private Sales/Events....

Grant Gooley
Your data base is the dealerships most important asset other than sales staff and product. How do you ensure that you are segmenting your data properly? How often do you roll out a private event/sale?
mark rask
Private sales would be a great idea
Scott Joseph
Grant... data analytics is critical to successful private sales and events. Segmentation is not enough anymore. Let’s say you want to identify customers who have defected from your dealership. A basic segmentation may target customers who have been inactive for 12 months or even 18 months or greater. The reality is each individual customer is unique and should be treated as such. A customer’s purchase behavior that drives 10,000 miles per year is drastically different from someone who drives 20,000 miles per year. It is very difficult to produce a high ROI when doing basic segmentation. Most dealerships have an incredible amount of data that can be analyzed. Service and sales transactions can be analyzed for frequency, recency and dollar values. With this data, an analyst can cross reference against demographic data and begin to build models of customers with the highest propensity to respond and buy from you again. True analytics allows you to identify the absolute best target list and eliminate people not likely to respond. This lowers your overall marketing investment and produces a higher return on investment. Not all analysts are created equal. A great analyst should be able to take this new “defector” target list and look for insights into what were the behaviors and patterns that these former customers had before they defected. Imagine what it would do for your customer loyalty to be able to predict customer defections before they actually leave you! These lists would make for a great customer to target with a free vehicle inspection or car care clinic. More than likely most of these “lost customers” are doing business with independent shops. The above is certainly a very deep dive into big data and the more you trust the data the more successful your campaigns will be. BTW... to save time I cut and pasted that from a recent blog of ours. But the same data strategy applies to the front end as well as the back of your store. Segmentation (in my opinion) is only valuable after you use true data analytics to determine a target list. After you establish that list... then you segment the list to make the offers even more compelling. Hope that makes sense.

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