Let’s first have a look at what data currently means for companies. For some, data is still an unexplored source of information. For others, data hits them like a massive wave of facts and figures. Both the lack and the overflow of data confronts companies in the automotive and mobility services with several challenges:
- Without proper access to data, companies lack numerous functional insights about their customer behavior.
- As a result, strategic choices are mostly based on gut feeling.
- This, in turn, means companies are unable to influence the customer's journey.
Optimize the success rate of a sales deal
Imagine this: your customer has visited your platform multiple times. Three alternative vehicles caught their attention. After frequent reviews of the relevant info, the customer drops out, never to return again. Why is that?
To answer that question, you need to have insight into both customer behavior –we will come back to that in the next opportunity – and customer choices. Without data about these choices, you are not able to optimize your sales process and reach your business goals. However, with data you can keep track of the conversion numbers, gettingan overview of the success rate of expected targets, vehicles and new campaigns.
Let’s explore how this makes a difference. With advanced technologies in machine learning, you can identify important focus points in your quotes. It helps you to understand and analyze questions such as:
- Do you meet the budget requirements or is it worthwhile lowering your margin?
- Do you offer the right combination or product range?
- Do you target the right business market?
Based on real-time data and predictive analytics, you can continuously assess the deal and improve your actions in line with your customer’s tracked behavior - which brings us to our next opportunity: understanding your customer.
Get insights into your customer’s behavior
How can you get to know your customer? When everything is happening online, are you still sufficiently aware about what your customer is doing?
With data you can keep track of the following important patterns:
- What was your customer exploring: quoting, trying out different vehicles, …?
- The duration of online activity: was there a constant presence or can you detect gaps (maybe to compare vehicles or options from competitors)?
- The frequency of the visits: how often does your customer return?
Data helps you to recognize points in time where your customer is on the verge of closing a deal. It gives you clear indicators of the behavior of a customer, allowing you to strategize along the way and take new initiatives that influence the customer’s decision process.
Use data and insights to strengthen your commercial strategy
Due to the electrification process and the constant emergence of new makes and models, it becomes increasingly challenging for your customers to know what’s on the market. The abundance of information complicates their pursuit of finding the best deal.
Once you have access to data on your sales process and your customer’s behavior, you find yourself at an ideal moment to leverage the benefits of AI technology. With AI-driven technology, you can support your customers by showing them a list of recommendations that meet their needs and, at the same time, match your business targets. The result? Your customer feels empowered to look for the best option. And your company stays on top of new campaigns while offering personalized support.
Go beyond simple facts
Thanks to data, you can go beyond simple facts. You can analyze and predict the success rate of a sales deal, trace and understand your customer’s behavior, detect points in time that call for a new initiative and offer personalized recommendations in line with your business targets. In short, data allows you to enhance the customer journey in a decisive way.