Nowadays, the car dealership business is getting more and more competitive. Most people go for the one that is responsive to all their automotive needs – a company that has convenient hours of operation, excellent service, reasonable financing, and more importantly, a fair price on their next automotive. This is why a huge number of car dealers search or various strategies to keep their clients for a long time. Among these strategies is having data intelligence for car dealers, which gives them with the actual data where they can reference their business strategies to generate more revenue.
If you aren’t still convinced whether having data intelligence for car dealers in your business is worth it, then you may want to read further. Here are some benefits that it can give to your business.
Every business needs tangible assets in order to trade with products and services. Data-based sales analysis gives up-to-date information about the availability of stock in the organisational inventory.
This is highly important for coordinating logistics operations when closing an offer. It helps us to keep in mind the real-time demand and stock and to make the link between those two variables, no matter the kind of inventory: raw materials, work in progress, finished goods, transit, buffer, anticipation, decoupling, safe or cycle. This way, data makes this otherwise complex process, more ordered, simple, and comprehensible by the employees and management.
What is more, data allows us to achieve better control over the company stock and to interfere if any critical problem occurs like out-of-stock goods, which are on demand.
Effectiveness of salesforce
Using data-based sales analysis can show us far more detailed and precise accounting of the actual sales. It has the potential to present you with a comparison of the actual and the estimated (also called projected) sales. You can also see the performance of different departments in the company and recognise the efforts of the salesforce to see if they have met their monthly target.
Another key benefit is that data-based analysis enables you to discover the most efficient locations, products, and prices. It also helps identify the most engaged customer groups and the level of their loyalty, satisfaction, and value to the company.
Through the help of data analysis, you can be knowledgeable about the right marketing strategies to use so that your clients will purchase your products even more. Data enables you to understand what methods of advertising your product have the biggest impact on the target audience and at what scale you can adopt such advertising. Through data analysis, you can also compare the costs of advertising strategies and choose the most efficient yet lowest possible price. The information you get enables you to save a lot of money, which you can use to carry out other pressing roles.
Managing your inventory
The great thing about data analytics and big data is that the tool can easily, quickly, and accurately detect changes in buying behaviour. The car-buying public in your local area may be slowly moving away from sedans and preferring instead to buy crossovers and SUVs. If you have a data analytics tool installed at your vehicle dealership, it will immediately inform you of this new trend. Guided with this information, you can satisfy your customers’ needs by lowering the number of sedans in store and selling more crossovers and SUVs.
Identifying real prospects
By using data analysis, your sales team will figure out who your real buyers are. The time, effort and money they spend on casual shoppers can make a real difference if they know who is serious about buying. Data analytics tools can flag customers who display the highest intention of actually doing business with your auto dealership or leasing firm.
This is done by analysing patterns in spending behaviour, the status of the individual, and several other parameters that indicate where in the purchasing phase, a particular customer is currently placed. Your sales team can offer higher priority to such customers and close deals more efficiently.
These are just some of the benefits of using data intelligence for car dealers. Keep in mind that a running car business is a hard task, especially if you don’t analyse the data relevant to your revenue and marketing strategies. Without it, you could end up losing a great deal of cash or worse, you will be forced to close down your own business. So, it’s worth considering getting data analytics that will greatly improve your sales. Not only can it give you inventories of your items, but it can also help you look at your past customers and profits. Just make sure that you recruit a reliable data analytics company, so you can ensure efficiency and quality in the long run.