From an automotive dealers perspective, selling cars is like being a matchmaker: you need to know what matters to the buyer on several different levels in order to present the right vehicle and make a deal. Big data makes this information readily available.
You also need to be patient and persistent. Unlike previous generations of bricks-and-mortar car shoppers, online consumers take their time to research all their options, making it necessary for retailers to keep them engaged with ongoing communication throughout the process.
Since that “song and dance routine” requires knowing a lot about the customer, big data plays a major role in the sales process. Defined as data sets too large or complex for traditional data-processing application software, big data offers marketing, media and advertising executives actionable information about millions of individuals.
How Take 5 puts Big Data to Work
Take 5 Media Group uses big data to help automobile manufacturers and dealers sell cars. The company has built a surgically precise, omni-channel platform powered with real-time data that reveals what customers are doing offline and on, including social, digital and mobile behavior.
Big data is broken down by various categories, including demographic, psychographic, behavioral, and transactional. With large sets of data, marketers are able to create customized segments of consumers for strategic targeting.
When the collection of data is too big to process, “sampling” enables the selection of data points from within the larger data set to help you understand your target market. Big data also eliminates the distraction of irrelevant information and instead helps marketers focus on actionable insights. Advertisers, media and marketers use this knowledge to develop content and campaigns that generate sales.
Geographically, big data can provide insights by zip code about average income, age, and sales history for consumers residing in that specific area. Marketers can use this information to fine-tune their outreach and target the best prospects for their cars.
Behavioral data can help determine what portion of a marketing spend should be allocated to reaching consumers already engaged with the brand and what portion should be spent on trying to engage consumers who have shown no previous interest. It includes search habits, purchase history and even best times and ways to reach people, enabling dealers to deliver personalized information and special offers.
This is just an abstract of the types of information big data provides. It is up to marketers to apply the information and segment their campaigns strategically. By analyzing existing shoppers’ actions and preferences, dealers can create generalized profiles of the ideal customer.
How Take 5 Uses Big Data
In order to illustrate how Take 5 uses big data to help manufacturers and dealerships sell cars online, we’ll use a scenario with our fictional American family, the Robinsons. A medium-size car dealership in Boca Raton has hired Take 5 to attract new clients and help boost sales. Take 5 creates a whole campaign around them, delving into its proprietary universe of 200 million cookies, which are refreshed every 6 months and sampling a portion of its 500 million persistent IDs. Take 5 starts its campaign by targeting consumers from a sample size of 200 thousand people based on their preferred browsing devices, shopping preferences, behavioral patterns and spending habits.
Three of the consumers are members of the Robinson family: parents Greg and Julia and their daughter, Zoe. Greg leases a car every two years and is thinking of upgrading his Toyota Camry to a Lexus. Julia bought a Honda Accord seven years ago and is planning to sell it to get a new Honda SUV to accommodate her newborn baby. Zoe has just obtained her driver’s license and wants to purchase her first car, a second-hand 2010 Toyota Corolla by working part time. None of them has any loyalty to a particular dealership.
- Take 5 identifies Greg as a potential high-end leaser, so he is placed in a group whose members are high net worth but are not habitual social media users. They receive direct mail with fliers on new 2018 Lexus models available for lease, as well as emails with links that allow users to access virtual views of the cars’ interiors and details, as well as other features like seat warmers and rear view cameras.
- Julia is identified as a potential customer who is a new parent, business owner, and seeking to upgrade her current vehicle to a larger one. This group receives offers for new, family-size vehicles in the mail and via email. The dealership is offering a low interest-rate promotion for new mothers, so she decides to try them out and ultimately buys her new SUV from them.
- Zoe fits a younger demographic seeking inexpensive and reliable cars. Members of her group are heavy social media users. She sees ads on Facebook and YouTube with photos of used Toyota Corollas in good condition that link to the dealership’s marketplace website where other people sell their used cars.
The beauty of using big data for a campaign like this is that Take 5 uses it to target different people even within the same household, like the Robinsons, and still come up with targeted messages that are specific to each individual, thus making the messaging more effective for its clients.
As consumers spend time doing their research online, sellers must continue engaging them with the right technologies and messages in order to ultimately make the sale. Even when you are using the best data to communicate with potential buyers, never think it is okay to “set it and forget it.” Never stop communicating with your target market. They will be buying another car in the future and so will their friends and famly.
To find out more on how Take 5 Media Group can help you grow your business using big data, call us at 561-819-5555.