Every industry does it. You should too.
Data intelligence and competitive monitoring – every industry does it, but does your dealership? We aren’t talking about hearing it through the grapevine and hiring secret shoppers. We are talking about knowing legitimate details about rival dealerships in your area. Knowing the competition’s game plan puts you ahead of the curve. Steal their thunder and their customers with these data intelligence and competitive monitoring ideas.
Recently Steve Greenfield, CEO of CompetitorPro, wrote an article for Car Biz Today (CBT News) Use Data Driven Info To Drive Success telling dealers to invest in, “Tools that gather information, spot trends, and develop insights so management can drive the most cost effective strategies and tactics to win more business.”
Metrics you need to monitor.
Greenfield outlines an entire list of key metrics that win more business ranging from benchmarking to inventory cycles and pricing strategies. His list is spot on. However, we’d like to take a deeper dive into one metric “sharing better intelligence with your marketing agency.” Greenfield touches on monitoring website traffic and keywords… but, what about in-market consumer intelligence? There are dealership marketing programs that identify active shoppers and successfully monitor their buying behaviors.
Sure, webpage visits and social media likes etc. help generate traffic and create consumer interest to lead them down the sales funnel; however, these strategies don’t tell you the exact point at which a consumer is ready to make a purchase.
Benefits to monitoring in-market prospects and behavioral data within your CRM.
Dealerships should be looking at individual history and present trends of every person within their database. This includes tracking active, in-market shoppers that are currently not in your database. By doing this you will:
- Learn who will be in the market in the next 3, 6 and 12-months; including if they are a loan, a lease or lease-end.
- Know consumers currently in a positive equity position and those that qualify for a payment reduction.
- Know the shoppers actively searching for a vehicle within the last 24 hours, whether they are in your database or not.
- Analyze individual buying habits, not overlay national trends.
Look at the big picture of your dealership marketing plan.
The next time you are tasked with identifying ways to improve data intelligence sharing with your marketing agency think about the full spectrum – email campaigns, blogging, creating fresh content, social media channels, website traffic, digital advertising, seo, inbound marketing, and outbound marketing. And absolutely don’t forget about the solutions that talk to people at the point of purchase. These are the hottest prospects outside of floor traffic, service drive, internet leads and phone ups!
Between Greenfield’s recommendations and ours, there are zero reasons for your dealership to be left behind when it comes to beating the competition. If you like what you learned, we recommend reading Steve Greenfield’s full article on how to Use Data Driven Information To Drive Success.