What if someone told you that there was a goldmine buried in your backyard and all you’d have to do to uncover it is grab a shovel and dig up a few inches of dirt?
Now, what if we told you that the goldmine is actually in your first-party data and all you need to do is take a closer look to start improving your dealership’s bottom line?
First-party dealership data is actually better than gold when it comes to the world of digital advertising. By using first-party data to build a strong marketing strategy and create better customer experiences, your dealership can save money while making money.
Let’s dig in (pun intended).
What is first party data?
First-party data is data that your dealership collects directly from your own internal sources. This includes your website, CRM, DMS, social ads, and more. This data holds an incredible amount of information about your leads and customers including demographics, personal preferences, and shopper behavior. Because this data is collected internally, it is considered to be highly accurate, reliable, and capable of providing you with deep insight into your customers and their needs.
Let’s take a look at a few simple steps you can take to begin harnessing the full power of your dealership’s first-party data.
Step 1: Identify Your Dealership’s Data Sources
To get started in using your first-party dealership data, you need to first identify which data collection platforms are in play at your dealership.
The easiest way to go about this is to simply open a new spreadsheet and begin mapping of all of your dealership data sources. Be sure to include the basics like your website, CRM and DSM. You should also include any and all social ad platforms you may be using in your marketing like Facebook and Google.
By creating a unified list, you can begin tracking how and where your dealership is collecting data and identify the different touch points you have with your customers.
Step 2: Clean and Store Your Data
They say that the best way to start cooking is in a clean kitchen. The same is true for your data. When you start working from a clean source, you can make accurate, data backed decisions and begin implementing changes at your dealership.
In order to properly clean, normalize, and store your data, you should consider implementing a Customer Data Platform (CDP) or a Customer Data and Experience Platform (CDXP) at your dealership.
The role of a CDP is to consolidate all of the dealer data sources that you identified in step one into a single, centralized place. The CDP then processes and cleans your data, compiling it into a comprehensive, 360° view of your leads and customers. A good CDP will then allow you to identify specific customer behaviors and segment your data based on specific criteria and demographics so you can create hyper-specific audiences to improve your marketing efforts.
Ideally your CDP will also assume the responsibility of managing your data hygiene so you don’t have to worry yourself with updating and reformulating your data every time you want to work with it. This is also a good way to gain clarity on how your CRM manages permissions and Do Not Contact labeling for your data so you can stay on top of your dealership’s FTC data security requirements.
Step 3: Build a Data Strategy
Once you have your consolidated and cleaned data in place, you can begin to actually use it to build an active data strategy that can help grow your revenues and improve your dealership’s bottom line.
Use your data to:
- Set your business objectives
Are you looking to improve customer acquisition, retention, or loyalty? Identify specific, measurable goals that you can track within your data.
- Improve your marketing strategy
Which common data points can you use to create hyper-segmented audiences for your ad campaigns? Determine how your dealership can create continuous messaging across platforms for a seamless marketing experience.
- Identify your target audience
Who is your ideal customer and which data can help you better serve their needs? Consider demographic data like age, gender and income alongside behavioral data like previous purchases, interests, and shopper preferences. The answer may be different than your expectations!
- Create incredible customer experiences
Which pieces of data can help my sales team improve or personalize their approach with a specific customer? By using the profiles created by the CDP, your sales team can create positive shopping experiences that drive customer loyalty.
Step 4: Measure and Track Your Results
Once you have built your data strategy, all that is left to do is bring it to life and track your results.
Consider the following questions:
- How will you track the effectiveness of your data strategy?
- How often will you review the changes you have implemented and refine them?
- What metrics will you use to measure success?
- How regularly will you review and analyze the data to identify trends and insights?
These questions will help you determine how to continue refining and fine-tuning your data strategy and the changes you have implemented at your dealership.
Harness Your First-Party Data with Fullpath
While getting started on using your dealership’s first-party data may seem overwhelming, it does not have to be. Uncovering the goldmine hiding in your data can be as simple as choosing the right technology for your dealership.
Fullpath’s best-in-class CDXP technology consolidates and normalizes dealership data so that you can harness the information to make data backed decisions. The AI-powered platform also leverages your data to create seamless, hyper-personalized customer experiences that modern shoppers have come to expect.
Contact us at firstname.lastname@example.org to learn more about how Fullpath’s CDXP can elevate your dealership’s data and marketing strategies.
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