Today, there is a lot written about “Big Data” and how the collection and analysis of large data sets can transform business decision making. Data can change the world of sales and marketing, however, there are many challenges in taking advantage of these opportunities. For many companies, there is a need to modernize data environments and invest more aggressively in their analytical infrastructure; not to mention the challenges with coping with shortages in seasoned analytical resources.
Today’s consumers have virtually unlimited choices and easy to access information which creates new opportunities for engagement and value. Companies like TrueCar are reinventing the way consumers can price shop and purchase vehicles. To respond, Auto Manufacturers and Auto Finance companies need to develop and manage insight about their customers. Multidimensional insight can be gained across all relevant data signals (including consumer behavior, dealer behavior & competitors) which can be activated to generate enriched customer relationships, sales growth and increased profits.
U.S. Auto Manufacturers, dealers and finance companies invest an estimated $8,000 -$9,000 per vehicle sold on media advertising, rebates, incentives and discounted financing to generate demand. Business decisions made on these investments are often decided in isolation and do not take into account the full picture of the transaction. Meanwhile, when selecting a car and making a financing decision, the consumer does not look at these separately. They are concerned with purchasing the car of their dreams at a price they can afford with a monthly payment schedule that fits within their budget. There is a missed opportunity to better connect with the consumer at the most important stage of the purchase process.
Better alignment between the various marketing and pricing analytical efforts can result in increased sales while reducing customer acquisition costs. Getting this right, can yield great rewards. Getting it wrong can be ruinous – lost profits, dwindled market share, and squandered customer opportunities.
Recently, Earnix released an Industry Whitepaper titled “How US Auto and Finance Companies can gain a strategic advantage through Integrated Customer Analytics”. If you want to learn more about how analytics can transform the Auto Finance industry, please download the Whitepaper by clicking the button below.