“Big Data Insights” might sound like a complicated and daunting topic – “Big Data” is a term that encompasses both the massive volume and variety of data now available to businesses on consumer behavior, thanks to the connected Internet, and the speed at which it is being processed so that it’s timely and relevant.
While it is great to know it is there and that it represents a goldmine of sales opportunity, capturing and analyzing that data is an incredibly complex task. At CarStory, we have developed algorithms that help us sort through data from millions of vehicle searches and listings every month to provide insights into how car shoppers are interacting with those vehicles online. And then we provide you with the “Insights” that make all that data useful.
We are able to track consumer digital footprints across hundreds of used car marketplaces comprising 40 million vehicle searches and more than 7 million vehicle listings. By doing this, we generate a clear picture of the used-car market and provide dealerships with a roadmap for understanding how to market each and every used vehicle on their virtual/physical lots.
These Big Data Insights can help your dealership talk to consumers about the things their digital footprint have shown they care about, while helping them make smarter shopping decisions.
Sell on value versus price.
Knowing what features and information customers want before they walk onto your lot is obviously a huge advantage and it’s one that Big Data analytics can give you. These analytics help you tap into and understand supply and demand based on millions of consumers’ search and preference clicks. Giving you insight into which features are most popular with consumers, allowing you to ‘load the lips’ of your marketing/merchandising efforts — and those of your sales team — with the messages (and features) car buyers want to hear about. This enables your dealership to sell on value versus just price.
Big Data helps consumers shop in a way never before possible.
Big Data is influencing every industry (think of the quick and easy access to extensive data we have when shopping for a new home, for example) and is quickly becoming a powerful tool for both consumers and dealers in the used car buying process. For example, Big Data is making it easier for used car shoppers to quickly and easily get market-wide analysis on things like wear and tear, pricing and inventory availability.
All this information can help consumers make decisions more quickly and help you sell cars more quickly.
Preference data is like Amazon on steroids.
Another way Big Data can help your dealership is by highlighting alternatives to specific vehicles that are most popular with consumers, allowing you to recommend the best options to convert shoppers both on and off the lot. It’s like the Amazon experience on steroids.
Big Data is nothing to be afraid of – today’s digital tools enable quick analysis to push the most relevant and useful pieces of that data to your dealership and sales team. If you haven’t yet explored how Big Data can help your dealership sell more used cars, now’s the time.
Monday, October 19th from 10:05-10:45AM
The two analytical minds of “Mr. Brainiac” Chad Bockius and Tom White Jr. will be sharing eye-opening, and potentially controversial data, about the online discovery process exhibited by today’s shoppers. Industry-first data will highlight some significant changes in consumer shopping behavior on used car marketplaces and dealer websites that could be critical to your sales and marketing strategies.
You going to DSES? Let us know!! – Kershner