In today’s highly competitive market, dealers must utilize the latest and greatest in automotive technology to stay ahead and win more business.
Automotive-centric Customer Data and Experience Platforms (CDXP) are designed to do just that. CDXPs enable forward-thinking dealers to improve their dealership operations by leveraging their first-party data to deliver hyper-personalized, omni-channel customer experiences that increase sales and drive customer loyalty.
Let’s take a look at some of the practical ways a CDXP can help boost your dealership revenues.
Increase the Efficiency of Your Marketing Strategy
Creating an effective, efficient marketing strategy for your dealership is not a simple task. With the automated advertising solutions provided by a CDXP you can optimize your marketing efforts using AI and machine learning to eliminate time-draining tasks so your team can get back to selling cars.
Automated Audience Generation
A Customer Data and Experience Platform works by gathering all of your dealership’s siloed first-party data into one unified platform. This includes all ad data and analytics gathered over time from your marketing campaigns. The CDXP generates hundreds of smart hyper-specific audiences pulled from your first-party data to use for your targeted ad campaigns.
AI-Powered Ad Budget Optimization
Once your ads go live, the CDXP uses machine learning and AI to monitor your ads around the clock and makes adjustments as needed to bring in more leads. The CDXP identifies opportunities cross-platform and automatically adjusts your ad budgets in real time to better support performing ads so you can get the most out of your marketing dollars.
Identity Resolution Technology
Like most dealerships, you likely have duplicate leads in your CRM. If a lead converts on your website twice using two separate email addresses, your CRM will create separate profiles, one for each entry. While it may not seem like a big deal, the reality is, you are likely wasting money on marketing to the same person twice all while creating a poor customer experience for your lead.
The CDXP uses identity resolution technology to identify multiple entries as the same person and unifies them into a singular profile. By eliminating duplicate leads, you can reduce marketing waste and create a positive, seamless customer experience for your leads.
Identify New Revenue Opportunities in Your Data
Reality is that the average dealer only reaches about 15% of the leads in their CRM. That is a lot of potential revenue going to waste.
CDXPs works with your first-party data to create timely, personalized campaigns to nurture your cold leads and turn them back into active shoppers. If, say, a customer purchased a vehicle from your dealership several years ago, the CDXP will create a targeted campaign to reach out to them with a valuable trade-in offer, encouraging the customer to come back into the dealership for their next vehicle. Or, if a lead converted on a specific vehicle a few months ago but never followed up, the CDXP will create a campaign with an attractive offer on a similar vehicle to encourage the lead to re-engage with your dealership.
By nurturing your leads with relevant, timely engagements, you can utilize the leads you already have to create new streams of revenue for your dealership.
Enable Your Sales Team to Close More Deals
CDXPs work to unify dealership data sources and sort the data to create singular, data-rich 360° shopper profiles for every customer. This includes a wide range of data like basic demographic information, emails and digital ads the customer engaged with, VDPs they visited on your website, and any additional interactions they may have had with your dealership.
By compiling this data into one comprehensive profile, the CDXP provides your sales team with all the information they need to quickly and easily create a customer-centric, personalized sales approach and increase the likelihood of closing the deal.
Create Excellent Customer Experiences and Drive Loyalty
Positive customer experiences are a huge driver when it comes to creating customer loyalty and bringing in future revenue. The CDXP can enable your team to create exceptional customer experiences across the entire shopper journey.
Personalized Marketing Campaigns
Using your dealership’s first party data, the CDXP will generate personalized marketing campaigns to ensure your customers receive relevant, personalized engagements. For example, if a customer views a specific VDP on your website and converts on the page, they receive a personalized email that specifically relates to a deal or an offer for that particular vehicle, increasing the likelihood they will re-engage with your dealership. By personalizing your approach, you can create positive customer experience, drive brand recognition, and close more sales.
Positive Showroom Sales Experiences
The 360° shopper profiles created by the CDXP give you a unique opportunity to create excellent customer experiences for shoppers who visit your dealership. Their previous interactions with your dealership – online or in person – can help you understand their needs and interests and enable you to tailor your approach.
Post-Sales Engagements and Beyond
The CDXP will automatically follow up with your customer post-sale with relevant, timely engagements that will ensure your dealership stays top of mind. By reaching out to your customers with service reminders, trade-in offers, or lease renewal offers, you can extend your customer lifecycle and drive long term revenue growth through repeat business.
Driving Dealership Revenues with Fullpath
A Customer Data and Experience Platform can help your dealership to boost revenues and create lasting, resilient business. Fullpath, automotive’s leading CDXP, enables dealers to harness the power of their first party data and leverage that data to improve operations across all dealership departments to create the exceptional customer experiences that drive loyalty and keep customers coming back time after time. If you are interested in learning more about how Fullpath can elevate your dealership, be in touch with us at firstname.lastname@example.org.
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