Could you identify where disconnected data and processes are costing you money in your dealership?
In the world we live in today, data is the keystone to success for many businesses.
Businesses often hold a wealth of data, but it sits, unused. Simply put, data is key information about your customers and prospects and is critical to generating revenue for both sales and aftersales and securing customer loyalty.
Data is held in different ways, on different systems, by different people. It’s impossible to access. Customer information is often held in multiple databases as 3rd party applications have been added to support the Dealer Management System (DMS). Most of these are stand-alone, which leaves the dealership with no single view of their customers and interactions with the dealership.
The challenge can start with basic information; email address, phone number, current vehicle owned and service history etc. Multiple database dealerships may distance themselves from their customers as they are unable to personalise the experience or effectively demonstrate how important their customers are to them.
Mrs Smith is an existing aftersales customer. When she books her vehicle in for a service she asks the service advisor to amend her phone number and email address. The advisor completes this in the aftersales database.
The vehicle is serviced and a high value of amber work is identified through a Vehicle Health Check (VHC). She declines the work but at this point she becomes a prospect for her next vehicle.
Her name is passed to sales as a prospect. A sales exec checks that Mrs Smith is on their database, but doesn’t update her contact details as he hasn’t been given this information by the service advisor.
The marketing team runs a new car campaign for sales but Mrs Smith doesn’t receive a promotional email because her contact details are out of date in the sales database. Thus the dealership misses out on a potential vehicle sale and the amber work for the current vehicle and future service work for the replacement vehicle as Mrs Smith starts to look at other brands and visits other dealerships. An existing customer is lost, along with their future revenue stream.
Poor data management has cost revenue and customer loyalty. The customer couldn’t be communicated with during their purchase journey as the dealership processes caused the customer to fall between the gaps.
Reverse the situation, join all the processes together and use one customer database across sales and aftersales, and you have a single view of the customer and a joined up approach to retaining the customer.
Mr Jones needs a new car and has carried out research online to shortlist vehicles. Having shortlisted a couple of models, he walks into a dealership to find out more about the vehicle he’s interested in.
He spends an hour with a sales exec configuring a vehicle and giving him his contact details. The part exchange valuation and the monthly amount are key, but unfortunately the figures don’t work, so he leaves. But all is not lost, as his details are held in the prospect database.
The following week the finance provider launches a new offer, and the marketing team runs a report on the DMS database and selects customers with finance who are in a 2 or 3 year old vehicle and generates a campaign.
However, Mr Jones, whose details are held in the separate prospect database, isn’t part of this promotion, although the finance offer would bring the car he’d specified last week into his monthly budget.
How many Mr Jones are there in stand-alone prospect databases, managed by sales but never communicated with by marketing or the contact centre?
How many businesses suffer from the multiple database problem; marketing to existing customers, while spending considerable marketing budget generating prospect leads, only to disregard them if they aren’t ready to buy now?
With one CRM database for prospects and customers, and Mrs Smith and Mr Jones would both now be part of campaigns that are relevant to their needs and could become customers.