Leveraging Data to Boost Sales in Automotive
Did you know that 75% of potential new car buyers use online resources to conduct research before purchasing? It makes sense. Thanks to consumer reviews, high-resolution marketing videos and a plethora of vehicle specs, consumers have a wealth of information at their fingertips that can help them make the right decision.
Over seven million people in Australia drive new cars. While 9.2 million Australians drive used cars, studies show that new car sales could soon overtake sales in the used car market. And with new technologies being introduced into the market such as self-driving vehicles, smart technology and electric cars, new cars are likely to be an even bigger draw to consumers in the near future.
But how do you keep up with today's car buyer? What can you do to ensure your marketing campaigns hit their target, that you keep up with the latest technology and that your efforts help you sell the right cars?
Driving More Sales With Data
Auto dealers and manufacturers have a huge amount of data available to them. They just need to know where to find it and how to use it. Right now, there's a wealth of car buyer data available to automotive companies that's sitting dormant; data that once moved to a data analytics solution will spring to life and reveal fascinating insights into how consumers think, how they act and what might drive their future purchasing decisions. This data can be utilized in a number of ways.
Refining Raw Data into Value
Having access to huge volumes of data is one thing, but that data becomes quite useless if you don't know what to do with it. Data science isn't a skill that can be learned overnight and can't simply be carried out by data analytics platforms alone. Teams need to understand every consumer touchpoint, the data that can be collected and analyzed as a result of these interactions and how to create value from this raw data. They need to know how to get the best from platforms with enhanced Artificial Intelligence capabilities and the increasing number of available data sources. Inaccuracies cost money and lose customers, but with the right team and data platform, this data can be utilised across all aspects of your business.
Data Integration for Personalized Experiences
Personalization isn't just another buzzword. Consumers want to be delighted with the service they receive. You should therefore put them in front and center at all times. Data platforms can help you to pull data from a number of sources so that you can deliver better customer experiences. Even data from inside the car can help you to gain valuable insights into a customer's personal preferences. Fully autonomous vehicles will reveal even more insights and allow manufacturers to build personalized profiles that automatically set temperature, window tinting and ambient lighting to the customer's learned preferences.
Keeping Up with Consumer Dynamics
Australian millennials are drawn to new technologies and they expect this technology to be present wherever they go. According to recent research, 32.4% would consider purchasing an electric car and 50.3% would consider a hybrid. It's a slightly different story with Boomers (22.6% and 40.5%, respectively). With the right data analytics platform, it's possible to keep up with consumer dynamics and your closest competition by tracking consumer trends across digital and physical touchpoints. This will help you to time your market campaigns with precision and also target the right demographics at the right time.
For example, Near’s data shows that 8% of the auto buyers in Australia visiting Toyota dealerships, were also seen visiting Holden dealerships and 6.5% of them were seen visiting Kia dealerships. It was also seen that this Toyota audience visited Gloria Jeans and McCafe, preferred Subway over McDonald’s and travelled between 3-5 kms to get to the auto dealerships. With insights like these and also by gaining competitor insights in real-time, Toyota could run targeted marketing promotions in and around these audience hangouts to have more impact and drive footfalls to their dealerships.
The Road to Transitional Change
Brace yourself, the automotive industry in Australia is about to experience a considerable transitional change in the next decade; change that can only be survived when you equip yourself with the right data tools and analytics. By choosing the right data analytics platform you'll be perfectly positioned to keep up with the evolving consumer and make smarter decisions for your business.
Contact Us to use data for superior decision-making.
Also published in B&T.