Customer Data Platforms can combine data and build user profiles to allow you to reach out to customers with high value and high intention and ensure that they are targeted cross-channel for their next vehicle.
The car market isn’t as competitive as before because buyers prefer to conduct transactions online, which means they can profit from models on demand.
Add this digital transformation to the pressures on industries like shortages of chips, supply chain processes disruption, and fluctuating gas prices. It’s easy to understand why knowing consumer preferences and connecting with them through the correct channels has never been more crucial.
Customers Data Platforms (CDPs) allow you to connect information and create profiles for users, enabling you to engage customers with high-value and high-intention buyers. You can also make them the target of cross-channel sales for their next vehicle.
A CDP enhances customer service and reduces dealer money on media and the cost per purchase. The U.S. automotive market is expected to invest $17 billion in digital ads in 2022. These media dollars result from spending by dealers and OEMs frequently competing for the same buyers.
The automotive industry is historically prudent, however with consumers pledging loyalty to the wallet more than everything other considerations, it’s going to take an empathetic approach to continue making purchases through the funnel, all the while increasing their value over time and maximizing the value of the marketing technology you use.
Check out these four strategies to boost the sales of your vehicle:
Find your buyer at the point they are in the stage of their ownership.
The younger generations are among the buyers who are the most active in the market. In essence, younger buyers have the highest volume of purchases. They’re primarily mobile, not vehicle-centric, and want to spend the least amount out of pocket in a manner that requires the least amount of interaction with salespeople as feasible.
On the other side of the range are brand loyal customers whose lives can be drastically altered between purchases, leading to a distinct set of requirements. They could earn more money, own second homes, and even have families within a short time. It could mean they’ll need more oversized vehicles with four-wheel drive capability and fuel efficiency.
With the help of a CDP, both the automaker and dealerships can profit from these situations with no confusing communication. By unifying the information in a controlled manner by utilizing key sources such as mobile, web apps, email, and mobile, This technology allows companies to provide a personalized experience at any time and to offer vehicles that are more in line with customer preferences.
Ensure you provide a positive experience at each phase of a customer’s experience (even the ones that aren’t).
To guide buyers through the buying funnel of Awareness Interest, Interest, Decision, and action, Tealium researchers have found that searching for a vehicle could begin as early as 18 months prior to the purchase date. An astounding 98% of website visitors are anonymous throughout this period.
When a potential buyer is in this lower channel (Decision and Action), they’re around a month of purchasing and are ready to request an estimate. The most advanced marketing technology is activated by tying up customer IDs and preparing activations.
A CDP, however, utilizes real-time data on behavior from the beginning of a search to analyze the site’s traffic patterns and personalize the shopping experience according to the data by retargeting buyers through any channel or at any touchpoint throughout their journey as a customer.
Use machine learning to detect behaviors and patterns of behavior and identify lookalike audiences.
A CDP adopts an active and strategic approach to understanding the buyer with real-time information. The CDP can observe engagement behavior, detect patterns of interaction between platforms, and draw an image of the buyer’s decision-making processes at any given moment.
In a highly fragmented field like automotive, the use of the CDP can provide revolutionary connectivity. The technology combines the efforts of employees from different departments to ensure that everyone in your business uses the same database.
The data will only become more valuable and dynamic as teams gather more individuals, actions, and information. A CDP can use machine learning to create profiles of prospective customers and discover untapped lookalike audiences.
Keep collecting data from customers to keep relationships alive and increase loyalty.
Data is the king in the realm of conversion. However, the ultimate goal of any customer’s journey is not only the sale. It’s about understanding the value of the life of your client.
Brand loyalty today is based on many factors, including respecting customers’ privacy and having the right frequency of both post- and prior-sale communications.
Automotive companies that place a high value on customers’ privacy and data management will strengthen the notion that they’re worthy of trust. A successful CDP exceeds the regulatory requirements to manage customers’ consent centrally. You’ll show how carefully you handle your customers’ data – creating the conditions for you to become a dependable partner not just for the time frame of the sale but for the rest of their lives.