The data in your dealership’s CRM has immense potential for creating and capturing demand, trend forecasting, and ultimately improving profitability. But a recent study from Cox Automotive revealed several reasons that dealerships aren’t gaining full value from the data they have available.
Here are a few key ways in which dealerships can overcome common obstacles with the right combination of expertise, partnership, and planning.
Dedicated Data Analysis
Although the majority of dealerships have reporting tools that give them access to reporting and data insights, only 36 percent of surveyed dealerships have someone in-house who specializes in analyzing that information. Establishing staff expertise around data can help dealerships understand the value of their data to improve efficiency and customer experience. Having someone at the dealership who understands how data is collected, stored, and presented helps build confidence in the integrity and accuracy of your dealership’s data and insights so you can use it more effectively.
Real-Time Data Processing
In any dealership, customer data and lead data may originate from a variety of sources. In most cases, time is of the essence in following up on leads or capturing service opportunities. It’s vital to use technology that processes data in real time and makes it available for you to see and use without delays. When your systems can show you in-market customers as soon as they make themselves known, you have a competitive advantage that can directly affect your bottom line.
Reliable Third-Party Data
The information you get from a customer’s lead form is useful, but it’s one tiny window into their buying journey. With additional insights based on a customer’s behavior across multiple online touchpoints, you can discover more about what they want to buy and spend. This additional knowledge can help you steer the customer toward the most agreeable deal for them and the dealership.
Your Solution for Making Data Work for You
VinSolutions helps you overcome common data challenges and unlock powerful insights that improve the customer experience and your dealership’s profitability.
Read our Strategic Data Playbook: Turn Dealership Insights into Profitable Actions to learn more about the power of data at your dealership.