Turn big data into action
Automotive retailers are not short on data. In fact, quite the opposite is true. With data growing at a rate of more than 2,200 petabytes per day, they have more than enough data to understand who is buying cars and automotive services, as well as how and where those purchase decisions are taking place. The problem is most automotive organizations do not have the necessary processes for navigating the rising complexity of data volume, velocity and variety. Even more critical is the majority of businesses are not successfully interpreting data to translate it into sales.
Think big. Data is driving the future of retail
MSX International can leverage the power of big data to achieve higher retail intelligence for better decision making, increased revenue and long-term customer loyalty building. Properly harnessing data allows you to better understand what motivates customer defection before it happens, collect and analyze lead data, and make hires and promotions based on facts rather than feelings.
By digitalizing data integration processes within an organization, it enhances customer delight at every touchpoint of the sales process. Not only can you predict customer behavior but dealers can abandon standardized sales processes in favor of precisely tailoring them to meet individual customer's needs.
Mining data to understand the DNA of desire
A great deal of today's customer data continues to be unstructured – streaming in from data warehouses, CRM systems, web servers and social media.However, by combining internal and external data sources, retailers receive the insights needed to develop customer DNA and identify factors that lead to purchase and/or to attrition. This, in turn, allows you to optimize pricing based on customer uptake and history. Analyzing purchasing habits allows dealers to recommend products that are important to individual customers and help engage in sales-based segmentation to analyze current customers in terms of value, loyalty, engagement and sentiment. Finally, by successfully managing and integrating data, dealers can optimize opportunities by automatically correcting sales strategies to reflect customer needs. This ensures continuous engagement to enhance customer loyalty with the brand. Automotive retailers who create a comprehensive data ecosystem designed to listen to customers have the potential not only to extend sales along the current lifecycle of a vehicle but to actually ensure the creation of multiple lifecycles per customer.
Unlocking the value of your data
MSXI has developed a groundbreaking software solution specially designed to help automotive organizations take full advantage of customer and vehicle data. However, simply putting the software in place won't automatically maximize gains. In addition to the technology, dealers need the industry knowledge and trained personnel to interpret and evaluate the data in new ways. Only then can data help make better retail decisions or gain deeper insights into key aspects of sales and service processes.