Across the country, right now, smart meters are delivering gloomy data into our households.
What it costs to boil a kettle, take a shower and turn on the lights in the morning. Normal stuff, that once upon a time, many people didn’t spend too much time considering, because it’s just what we do at home.
But, there’s been a change. Sometimes it takes a jolt to make things change for good – and perhaps for the better. Energy prices, news of a recession and a general requirement to tighten belts.
Because of this we're all being more conscious of how much energy we use. Even Air-fryers are “selling well” according to the British Retail Consortium (BRC) because of their energy efficiency.
Decisions are being made that we might not all be happy with, but they are the right decisions that are supported by data.
The data in the automotive space spells out a similarly gloomy picture.
"The data is telling us that sales will drop, so it has never been a more important time for those reliant on automotive revenues, from retailers to OEMs, to react."
Kim Burgess, chief customer officer at online reviews platform, Feefo, writes in AM Online:
“Due to ongoing chip shortages, sales on new cars this year are set to drop by 2.8% compared to 2021. At the same time, used car sales have dropped by nearly a fifth and 31% of people say shortages will affect their plans to buy a car this year.”
The data is telling us that sales will drop, so it has never been a more important time for those reliant on automotive revenues, from retailers to OEMs, to react.
"There is a moment in the buying journey that goes unnoticed, that so many businesses simply fail to assess and collect actionable data from that could be contributing to the bottom line in an extraordinary way."
In order to react, they must find the data that enables success. By looking at each stage of the buying journey, they can start to understand where opportunities lie in terms of increasing the lifetime value of each customer.
As Burgess rightly mentions in her piece, now is the time to offer exceptional customer experience in order to gain from the loyalty that this effort provides – but what about the data?
There is a moment in the buying journey that goes unnoticed, that so many automotive businesses simply fail to assess and collect actionable data from that could be contributing to the bottom line in an extraordinary way. This currently unattended moment in the journey starts at the point of order, when the customer emotionally and financially commits to a new or used car.
Then, it ends when the car is in possession of the customer. The occasional phone call, email or quick update during this ‘dead zone’, isn’t a scalable solution. Nor is closing eyes and hoping for the best.
By flipping this period of waiting time into an engaging, exciting one, retailers and OEMs can not just start to understand customer behaviour, they can begin to increase lifetime value.
The data that we have already generated, shows that customer interest in certain products and services (accessories, service plans, paint protection, GAP, etc) peaks at certain points of time during the ‘wait’.
This is actionable data, data that can drive good and positive change, and often it takes something irregular like we are seeing in the automotive space right now, to change mindsets and habits permanently.
Our platform, AutoBuzz, simply sits in the background driving up customer experience and identifying new opportunities based on customer interaction with the personalised, bespoke and engaging content provided.
If you want to discover a scalable, automated solution to engaging customers while they wait for their new or used car, get in touch with the team at AutoComms and we’ll set you up an awesome demo.
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