In today’s rapidly evolving automotive retail industry, adapting to challenges is crucial for dealerships to stay ahead of the competition. Your dealership’s data is key to navigating through those challenges and driving sustainable success and long-term profitability – but to do so, dealers must first understand and prioritize the activation, integration and security of their data.
A trusted data partner can help dealers gain a better understanding of these factors and how data relates to industry trends to help them navigate the changing landscape and ultimately achieve long-term goals.
Understanding your dealership’s data
The backbone of successful data-driven marketing campaigns lies in first-party data, which encompasses the information owned by dealerships that is stored in their CRM, DMS and other platforms. This data may include insights ranging from purchase and maintenance history to customer interactions on the dealership website.
While first-party data sourced from standalone equity mining platforms has some value, relying on just that alone isn’t an option. To unlock deeper insights into customers’ purchasing decisions, third-party data that provides additional insights (like household demographics and financial information) must be leveraged alongside first-party data.
This type of data offers a broader perspective that paints a clearer picture of available opportunities and enables proactive decision-making and personalized customer interactions. Dealerships employing this approach can identify potential customers earlier in their buying journey while avoiding investing resources in leads that may not yield significant returns.