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March 8, 2024
From Data to Deals: Using Sales Insights to Close Sales Faster
As margins continue to tighten amid high prices, few incentives, and pent-up customer demand, dealerships need to adapt their sales and marketing strategies to stay ahead of the curve – and the competition. This requires dealers to have a deep understanding of their entire market – not just what vehicle their current customers are driving.
Traditional equity mining tools, while valuable, only provide a partial picture of the potential within a dealer’s market. To truly maximize their potential revenue opportunities, dealers need to take a more comprehensive approach.
By going beyond standalone equity mining and leveraging integrated data-driven insights and technology, dealerships can gain a deeper understanding of their entire market. This holistic view enables sales teams to identify untapped opportunities, proactively engage customers, and ultimately drive more sales.
Understanding Your Prospects Through Data
To identify and engage prospective buyers, dealers need both first-party insights such as those from their CRM, DMS, and CDP, as well as high-quality, third-party data to ensure ongoing accuracy and relevancy.
By leveraging data-driven sales and marketing platforms, dealerships can gain a comprehensive understanding of their market, including current customer relationships, potential buyers, and even those who have yet to enter the market. These tools provide valuable information like historical data and buying patterns to offer predictions on future purchases, helping dealers engage with prospects in a much more meaningful way.
By considering a wide range of data points such as customer demographics, vehicle preferences, purchasing patterns, and in-market behavior, dealers can create a detailed profile of their ideal customers and identify high-potential prospects who are most likely to convert. This enables dealership sales and marketing teams to invest resources in the right opportunities, streamlining the sales processes, reducing costs, and improving overall efficiency.
Combining Insights to Identify Opportunities
One of the most powerful aspects of predictive marketing is its ability to uncover hidden sales opportunities that may otherwise go unnoticed. By combining different data points, dealerships can identify high-potential prospects and proactively engage them at the right time with the right message.
Consider the following scenarios:
Equity Mining + Service History
Customers with positive equity and a history of costly repairs are prime candidates for upgrade discussions. By highlighting the reliability and potential cost savings of a newer vehicle, dealers can persuade these customers to consider a trade-in or purchase. Leveraging AI-powered predictive analytics, dealers can anticipate when these customers are most likely to be receptive to upgrade offers, ensuring timely and effective engagement.
Lease Expiration + Equity + Interest in Similar Models
Customers with positive equity approaching their lease end present a strong opportunity for renewal or purchase discussions. By also identifying which similar models they may be interested in, dealers can proactively engage these customers and offer a seamless transition into their next vehicle. With AI-powered algorithms analyzing customer preferences and behaviors, dealers can predict the most suitable vehicle options, providing personalized recommendations that enhance the customer experience.
The “Almost Sold” Customer
By analyzing their customer and sales data, dealers can identify customers who were highly engaged in the past but didn’t close. AI-powered sentiment analysis can provide deeper insights into customer interactions, helping dealers to address specific concerns or objections more effectively and increase the likelihood of closing the sale.
In-Market Signals + Long-term Ownership
When a customer with a long-owned vehicle suddenly shows high in-market behavior (browsing inventory, researching models) in a dealer’s CDP, it signals a potential near-term purchase. AI-driven predictive modeling can help dealers identify customers preparing to return to market based on their browsing history and ownership patterns, as well as inform personalized marketing campaigns and incentives tailored to each buyer.
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In today’s increasingly competitive automotive retail market, dealers cannot afford to rely on outdated sales strategies and siloed customer data.
By leveraging a combination of first-party and high-quality, third-party data, dealerships can gain a comprehensive understanding of their entire market and utilize a data-driven sales strategy. By taking this sort of data-driven approach, dealers can identify untapped revenue opportunities, proactively engage buyers, and ultimately drive more sales.
Want to learn how Mastermind can help your dealership leverage a unified view of your dealership’s sales opportunities? Contact us for a free demo.
