Let’s start with a simple scenario. Profit is down and customer foot traffic is nonexistent; what can you do? The easy response is to say, “Let’s follow up on more sales and service leads.” That might help, but it won’t remedy the situation if it isn’t the right time.
Identifying where a consumer is in the customer lifecycle will help turn your loss into success and ultimately increase your ROI. Manufacturers realize the power and importance of equity mining. GM is providing incentives for dealerships that sign up with one of its certified DTAP vendors.
Let’s define equity mining. It is pattern and relationship discovery with large sets of customer and prospect data that can only be detected through statistical techniques and advanced analytics. That’s quite a mouthful. Let’s break it down into its key points.
TIMING IS EVERYTHING
Your equity-mining tool continuously searches your DMS for customers in favorable position to spend money at your dealership. Knowing the right time to contact a customer is crucial and reduces your contact lead response time by nearly 50 percent. These opportunities lead to more vehicles sold, more closed ROs, higher grosses, and increased customer satisfaction.
Your DMS has a wealth of valuable customer information such as lender, amount financed, monthly payment, APR and months to term.
Revenue Radar continually searches your DMS highlighting customers in a favorable position to spend money at your dealership.
Revenue Radar automatically drips updated equity information, bank programs and incentives, and vehicle evaluations through your CRM.
Contact your customers with relevant and beneficial sales and service opportunities.
Repeat customers yield higher grosses, increased customer satisfaction, and loyalty.
FOCUS ON WHAT MATTERS: THE CUSTOMER
Repeat customers yield higher grosses, increased customer satisfaction, and loyalty. Effective customer communication not only promotes loyalty, but also yields more sales and service opportunities.
Capitalize on these opportunities before your customer realizes he or she is in a buying situation. Equity mining increases your marketing ROI and shifts your dealership from a product focused to a customer-driven marketing strategy.
Contact your customers with relevant and beneficial sales and service opportunities. Be proactive with these leads, and communicate a clear, precise message.
Data mining uses statistical techniques and advanced analytic tools to reveal trends, patterns, and relationships within a DMS.EQUITY MINING
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