Businesses such as those in the line of car dealership are often faced with tough competition as new designs, models, and services, are introduced at a very rapid pace these days. The only way to rise above the competition is to know what the customers want. You can get a clearer idea of your customers’ needs by using data analytics for car dealers – a tool which allows businesses to utilise live data for creating marketing strategies that aim to increase sales. By analysing real-time numbers, you are promoting growth for the company in the long run as well.
Although you may be new to the concept of data analytics, there is so much to learn. However, it will be worth investing your time and money in this smart tool, so you can reap all the benefits it has to offer. Below are some of the top benefits car dealers can gain from data analytics:
Managing your inventory
Data analytics is highly sensitive and responsive to even the slightest changes in the public’s buying behaviour - an information that business owners would normally have a hard time getting access to if it were gathered manually or without the assistance of technology and data science. The car-buying public in your local area may be slowly moving away from sedans and preferring instead to buy crossovers and SUVs. If you have a data analytics tool installed at your vehicle dealership, it will immediately inform you of this new trend. Armed with this information, you can make the necessary changes to your inventory by reducing the number of sedans in your stockyard and stocking up more SUVs and crossovers.
Identifying real prospects
As the popular saying goes, “knowing is half the battle”. In this case, knowing who your real prospects are is just one of the tasks you must accomplish to effectively sell a product. The time, effort and money they spend on casual shoppers can make a real difference if they know who is serious about buying. Data analytics tools can flag customers who display the highest intention of actually doing business with your auto dealership or leasing firm.
This is done by analysing patterns in spending behaviour, the status of the individual, and several other parameters that indicate where in the purchasing phase, a particular customer is currently placed. Your sales team can offer higher priority to such customers and close deals more efficiently.
Knowing your target customers
The main advantage of data analytics for car dealers is its ability to monitor the performance of your products, so you will know the things you have to improve if there’s any. Once you understand what products are suitable for what clients, you can determine the areas that you are going to focus on and for which customers. The trends in the market are also informative on consumer spending and tastes. When you have enough information on these vital things, you can direct your business to produce or distribute certain goods or services to fulfil your potential customer’s desires. The information is also essential in setting prices and determining the advertisement you are going to adopt as well as the niche you are going to target.
Improving the customer experience
Many companies find themselves still struggling with structured data; they attempt to cope with the drastic trends as more customers engage with various digital platforms today. Being able to react in real-time and make the customer feel personally valued is only possible through advanced analytics. Big data offers the opportunity for interactions to be based on the personality of the customer, by understanding their attitudes and considering factors, such as real-time location to help deliver personalisation in a multi-channel service environment.
Certain risks come with mismanagement and poor decision-making, potentially damaging the customer experience, which leads to ruining brand loyalty. All of these could have been prevented if there’s reliable and accurate data to base decisions from. Applying analytics for designing, controlling the process, and optimising business operations in the production of goods or services ensures efficiency and effectiveness to fulfil customer expectations and achieve operational excellence.
Advanced analytical techniques can be deployed to improve field operations productivity and efficiency as well as optimise an organisational workforce according to business needs and customer demand.
Data analytics for car dealers is backed by hard, objective data directly gathered from a significant number of potential clients that come in contact with your business on a regular basis. You do not want to trail behind your competition only because you don’t know the benefits big data and data analytics can do for you and your business. More than the profits and losses at stake, utilising the power of data-backed analytics will give you direct access to what your target market’s wants and needs. The first step you need to do so that you won’t be left behind is to find a reliable data analytics provider that will suit your business set-up and requirements. This way, you can ensure quality and efficiency in your business processes moving forward.