Issue link: https://resources.automotivemastermind.com/i/1486066
The 4 P's to Identifying Trusted Dealership Tech Partners & Data Providers While some dealers have put their sales and marketing efforts on cruise control amid historically high prices, consistent customer demand and low inventory levels, many are now experiencing the challenges that come along with "coasting." Industry-wide brand loyalty dipped to 49.4% in 2022 – the lowest rate in three years. S&P Global Mobility As customers defect at a greater rate than they return to the same rooftop or brand coupled with growing concerns over affordability pushing more buyers out of the market, now is the time dealers must think ahead to achieve sustainable success. This is especially true as numerous factors – ranging from inventory shortages and EV mandates to new privacy guidelines – are challenging dealers' abilities to market and sell to their customers. By looking at industry trends and analyzing market and customer data, dealers are empowered to navigate today's continuously evolving industry to achieve sustainable success and profitability for the long-term. Dealers need trusted partners to help them navigate ongoing changes. To provide the assistance required for the road ahead, dealership partners should provide AT LEAST these 4 Ps: 1. Data Protection & Privacy a. Partners who protect a dealer's first-party data and manage all updates to the master customer records using secure data feeds across all marketing and communication channels. b. Partners who will structure data storage and sharing to comply with federal and state guidelines for consumer privacy and protection. 3. Performance a. Partners who will provide insights and in-depth campaign reporting and attribution that ties marketing and customer engagements back to DMS transactions and profits. 3. Personalization a. Partners who will deliver personalized messages at appropriate stages throughout a customer's ownership lifecycle that are timely, relevant and effective based on internal and external shopping signals. 4. Profitability a. Partners who will leverage data science, artificial intelligence and data partnerships to help dealers increase the lifetime value of their customer portfolio.