Data Makes the Difference: How Past Customers Predict Future Car Sales
No two sales leads are created equal.
Every salesperson can tell you that. But what if we told you that it’s possible to use the data from those leads to help you influence another customer before they’re even considering a purchase?
We learn from observation, past experience, and application, so it makes sense to apply the same to your dealership marketing.
How? Predictive analytics.
In short, predictive analytics is the process of gathering data from existing customers and using the insights from their behavior to more accurately determine the actions of future customers.
Allow me to illustrate with a story.
Meet Matt Smith. He’s a dad in his mid-30s, has three young sons, drives an SUV, and lives in a suburb outside of a major city.
One day, he comes to your dealership for a maintenance check. While he’s waiting, you examine Mr. Smith’s purchase history. You then approach him with a deal that would put him in the latest SUV for $150 more a month.
Sounds like a big leap, right?
Let’s dig a bit deeper.
How was that specific deal determined? What made it better than a similar deal for a different SUV with a payment bump of only $20 per month? On the surface, only $20 more for an upgrade is obviously more appealing.
But that doesn’t take into account Mr. Smith, himself.
What was it about the $150 per month deal that made it the better proposal?
The answer is in the data. From your demographic data, you saw that Mr. Smith shares a lot of character traits with a certain segment of your customer base. This segment consists generally of nuclear families living outside of a major city with multiple young children. And they are less influenced by a monthly cost and more likely to focus on vehicles with better gas mileage, a higher safety ranking for their children, and the availability of in-vehicle Wi-Fi.
So the $20 deal, while attractive to some, doesn’t offer the benefits needed to convince Mr. Smith to trade up.
But a safer, more interactive vehicle might be that boost that convinces him. Even at $150 more per month.
This is predictive analytics in action.
By utilizing your dealership’s database and analyzing all of your customer data and behavior, you will recognize trends in the data. You can more accurately predict what a future customer will want, and then hand them a tailor-made deal before they've started to compare other vehicle options and research other dealerships.
This isn’t waiting for them to reach the consideration phase of the buying funnel.
This is pulling them from awareness directly to purchase.
Let us help you dig deeper into your data and put every Mr. or Mrs. Smith into the car they never even dreamed of driving. Talk to the experts today at 855.NKD.LIME or email@example.com to learn how.