Predictive Marketing for Dealerships 101

Issue link: https://resources.automotivemastermind.com/i/1460799

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Recent years have presented many challenges to auto dealers, ranging from increased competition and cost pressure to never-before-seen supply chain volatility. To overcome these challenges and uncover new opportunities, predictive marketing technology has become critical to a dealer's success, empowering dealership leaders to improve the efficiency and efficacy of their efforts by constantly looking ahead to what's next. In this whitepaper, we'll explore the basics of predictive marketing by answering: • What are predictive analytics for auto dealers? • How can predictive analytics benefit the entire dealership? • How can dealers best use predictive marketing? WHAT ARE PREDICTIVE ANALYTICS FOR AUTO DEALERS? For dealerships, marketing tools powered by predictive analytics can assist teams in identifying and activating high-quality sales and service opportunities – before the customer starts their shopping journey or schedules their next service visit. To accomplish this, dealership marketing tools powered by predictive analytics automatically aggregate and evaluate customer insights like first- party data from a dealer's CRM, DMS and equity mining tools, as well as third-party data from public and proprietary sources. These tools empower dealers to understand the motivating factors behind a customer's vehicle purchase. The more your team understands the wants, needs and behavior of your customers, the better they can be at predicting what individuals are likely to do next – and what kind of specific messaging they're likely to respond to. HOW CAN PREDICTIVE ANALYTICS BENEFIT THE ENTIRE DEALERSHIP? Technology is constantly transforming the way customers interact with dealerships, and tools powered by predictive analytics are quickly becoming key to maintaining efficient and effective internal and external dealership processes. With tools and processes powered by predictive analytics, dealers are empowered to: Do More with Less Predictive analytics can aid dealerships of all sizes in removing costly inefficiencies by automating tedious and manual processes, such as sifting through leads, targeting the best prospective customers and delivering personalized messaging at-scale. PREDICTIVE MARKETING FOR DEALERSHIPS Taking a similar approach with Mastermind, our dealer partners report a lowered cost-per- sale by an average 80%. Simplify Process & Operations 38% of car shoppers now expect to complete their buying process online, and another 38% intend to purchase their vehicle in person but complete all paperwork online.

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