Equity Mining: The Tool You Need to Manage Your Database
Maintain your database and retain customers in an integrated, cost-effective manner
The 2017 NADA Convention was a great time for both dealers and vendors. It’s the time of the year where everyone meets to get a sense of the upcoming future of the automotive industry in terms of new and exciting products, platforms, and software to make the art of selling cars and trucks much easier.
One of our highlights at NADA 2017, however, was getting the chance to talk to dealers about the biggest problems that their businesses face.
Almost all of them said that they were spending too much money and dealing with too many vendors and products to handle their marketing strategy effectively. They expressed the desire for a simple tool to help them maintain their database and retain their customers in a cost-effective manner.
Stresses of the modern dealer
The entire nature of the automotive industry has changed over the years because of the convenience that the internet offers to the modern consumer. Keeping up with customers today can be exhausting for dealers because of the constant communication via email, texts, and even postal mail.
There needs to be an easier way to navigate your customer database and automate the entire process. A way that allows your customers to get real-time updates without you or your staff having to juggle these different formats, which can be equal parts advantageous and grueling in helping you manage your database of new and returning customers.
Proactive portfolio management
Many dealers from all over the country told us that the customer retention process is tiring and sometimes even confusing. This is because they have a variety of different lists to go through to make sure that the most relevant deal, offer, or promotion is getting through to the right customer.
These dealers said that their business would benefit greatly from one simple tool that could streamline the customer retention process. Technology today evolves at a rapid rate, so finding a tool that can actually navigate your database while helping you with customer retention shouldn’t be a distant dream. It should be a neighboring reality.
Such a tool exists. Equity mining marketing suites are becoming increasingly popular software in the modern dealer’s tool belt. These suites help them face the sometimes overwhelming odds of managing their database and client lists.
It’s a tool that dealers need to make their database more manageable—and easily utilized—to retain customers through a variety of offers like upgrades, service notifications, warranty expirations, and even end-of-lease notifications. This kind of integrated platform becomes a formidable tool for any dealer.
What exactly is equity mining?
Equity mining, also referred to as data mining, integrates the dealer experience by navigating your database to search for current customers who could benefit from an upcoming deal or promotion.
An equity mining platform makes the call on its own to judge a good prospect. It flags these prospects so your staff knows to call or email to notify them of upcoming service, or even a vehicle upgrade.
Mining and the future
Although equity mining is a major step forward in the way the automotive business is conducted, some dealers say that it isn’t enough. Dealers are still having trouble getting the right information out to the right prospect.
The dealers we talked to indicate that the process should be more user-friendly— even automated—so that nothing slips through the cracks. A product like this would certainly revolutionize the way that the modern dealer does business.
Matt Jobs is an inbound marketing copywriter at Stream Companies, a full-service Philadelphia-based advertising agency. When Matt isn’t crafting educational content and blog posts, he spends his time reading, writing, and watching movies. If you want to learn more about marketing suites and equity mining, head to wearefullthrottle.com for your free demo.