One of the best ways to analyze consumer purchase trends and make predictions about future events is through the use of Predictive Analytics.
This type of analytics is related to artificial intelligence by using historical data to forecast future outcomes. This could be predicting when a customer may need a new vehicle or how long it takes to drive a specified number of miles to send out reminders to customers for their service needs.
It’sAlmost Like You Have a Crystal Ball
We’ve all seen movies where a crystal ball is used to predict the future and tell someone their possible outcomes. As often happens in the movies, the outcomes can be different than expected. Using predictive analytics, you can understand when a customer may be looking for a new vehicle before they even reach out to you.
This approach to marketing can be more efficient for you to reach repeat customers and invite them to shop with your dealership. Your dealership team can develop personalized talking points and you can be better informed about your customers from the first interaction. These insights give you the edge you need to bring customers to your dealership every time they need to purchase a vehicle that will be great for them or a family member to enjoy.
Can You Attract New Customers Through Predictive Analytics?
With the right tools that can predict the behaviors of many people, you can gain new customers that will begin to build a relationship with your team. Rather than simply offering your dealership marketing via online presentations to anyone using a computer, you can target customers that are ready to look for the next vehicle. This targeting can be a game-changer for your dealership.
The way you can use predictive analytics to bring in new customers is by combining what is known about the behavior of people who are ready to buy another vehicle. The more you know about an individual the better chance you have of predicting when they will be ready to buy the next vehicle. The better we can predict what an individual is likely to do the more likely you can turn a prediction into action that will become a sale.
Can the Guesswork Be Taken Out of Car Sales with These Predictions?
Using predictive modeling, your team won’t have to guess when prospecting for car sales and leads by identifying the information that matters the most for potential customers to determine what is likely to create the behavior in a customer that will bring them to your dealership. These insights can reach potential customers on a level that will make them feel that your dealership is the place they need to go to buy a car.
When your sales team can use predictive analytics to reach out to customers and create a conversation and increase the engagement level when you reach out to potential customers. You’ll be able to use this context to empower your team and allow them to speak confidently to customers through online interactions that can lead to sales being closed.
Predictive Analytics Benefits Your Service Department
It’s relatively easy to predict when a customer will reach different mileage markers and need to have their vehicle serviced. This information can help to optimize the deals you can offer against the competition. If your service department can predict when a customer will need an oil change or have the transmission serviced, they can send out messages to that effect and offer discounts and coupons to those customers.
The Future of Marketing in the Automotive Industry
Predictive Analytics is and should be part of the future of your marketing strategy. The use of television, radio, and print media to attract customers is fading quickly and more shoppers are online, streaming shows, and using their mobile devices than ever before. The ability to predict when a person needs a car or to have that car serviced is the future of automotive marketing and will give your dealership an advantage in your local area.
Don’t be Skeptical
While many dealers are apprehensive about using new technology to promote their business, the use of predictive analytics should be a technology that you embrace. This is a tool that can make it much easier for you to reach out to potential customers and previous customers to be at the front of their minds when it’s time to purchase a new vehicle or to have service performed on the vehicle they currently own.
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