What would you do if you knew you could trade keys with approximately 20 percent of the customers in your DMS right now? You’d contact them and make some sales. To put it simply, if you’re not tapping into the valuable data you already have access to, you’re actively turning down sales.
It seems like everyone is talking about data mining, and it may surprise you to learn it’s not just a buzzword. Data is an integral piece of the puzzle when it comes to connecting with your customers and offering them what they need. Businesses, however, often shy away because the concept of data mining sounds confusing or time-consuming, but the simple truth is it’s not as complicated as you may think. And, when you leverage the insights available to you, your bottom line stands to grow exponentially.
Approximately 20 percent of the customers in your DMS are in positions to trade keys with you right now, and you can get them into newer vehicles with similar payments and no money down. There are sales waiting to happen, but you may be the only one who knows these deals are feasible. Many customers don’t have money for down payments, and they’ll assume they can’t get into a newer car. This puts the ball in your court because you have data at your fingertips letting you know exactly what you can do for specific customers.
Defining Data Mining
Data mining is a way of aggregating, organizing and analyzing information, giving you actionable consumer intelligence. For your dealership, this means you’ll see exactly which customers are your best opportunities, and you can have a more focused, strategy-driven sales team. On top of that, you’ll end up with happier customers — and, best of all, a healthier bottom line.
What’s the Big-Data Deal?
Big data isn’t a new concept, but as more businesses have discovered its potential to boost their bottom lines and help them increase customer satisfaction, it’s rightfully captured more attention. When your dealership taps into consumer data, you’ll have a direct line to your customers. There’s no middleman, no hearsay, no lag time. Just solid insights defining exactly when shoppers are in positions to buy — and exactly what incentives, terms and deals you can offer to make more sales. Quality consumer data gives you an edge over the competition every time — allowing you to make more sales, retain more customers and build trust along the way.
Data mining gives you a way to predict upcoming needs, and that boils down to selling a lot more cars. But it’s not just about grabbing all the data you can as quickly as you can. Instead, it’s a targeted effort that’s focused on the most pertinent shopper information. With a comprehensive platform, you’ll gain insights regarding:
- Customers who can lower their payments via market incentives
- Customers scheduled to be in your service drive
- Customers nearing lease contract completion
- Customers nearing contracted lease miles
- Extended warranty opportunities
When you have access to all this valuable data, and more, you’ll know exactly which offers to present to shoppers to win their business. It truly is an inside track to everything consumers are looking for as well as a way to predict needs for emerging and potential future customers.
As Complicated as it Sounds?
It’s not complicated when you leverage a powerful platform that does it all. And that’s exactly what smart dealerships are doing. They’re choosing comprehensive solutions that help them find and aggregate the right information, resulting in data-driven bottom-line increases.
It’s essential to leverage key data insights to reach today’s modern consumers. Data will keep you connected and let you know exactly when customers are in positions to buy. Keep in mind, however, that the best platform for your dealership is one that’s comprehensive, identifies a variety of ownership milestones and provides you the opportunity to engage effortlessly with consumers. Why leave money on the table when you can trade keys with customers right now? It’s time to tap into your data and let shoppers know you can meet their exact needs and offer the best experiences at your dealership.
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