By Jessica Stafford, Senior Vice President & General Manager, Autotrader
Today’s consumer has clearly spoken. They no longer want a one-size-fits-all, cookie-cutter experience when shopping online. Consumers not only expect, but demand, that companies cater to their specific needs.
According to the Cox Automotive Future of Digital Retail Study, 90 percent of consumers say they prefer a unique car-buying journey that allows them to shop in a very personalized way. However, only 22 percent of consumers are satisfied with the level of personalization they’re receiving from retailers, according to the 2017 BI Intelligence State of Personalization Report.
How can a dealer drive this personalized experience and deliver what the customer wants? It comes down to smart use of data, connecting with the customer across multiple digital channels and creating a seamless experience from online to in-store.
This process starts with mining the right data. The shift to digital has generated tremendous amounts of data, tracking consumer interests and shopping behaviors across a wide range of sites and apps. All businesses, including dealerships, should be leveraging this data to generate actionable insights. Is a consumer looking for a new car? If so, what kinds of vehicles are capturing their attention? Intelligent use of data from various sources will suggest consumer’s interests and preferences that help dealers personalize the shopping experience.
Once data is collected, dealerships should engage with car shoppers through a range of digital channels relevant to today’s consumer. This means personalized advertisements through streaming platforms as well as news and entertainment websites. These same advertisements should be kept in front of shoppers on the appropriate social media platforms. Using search engine optimization, paid advertisements will appear with consumer’s preferred vehicle. Repetition here is key!
And while you’re reaching the consumer online with relevant content, you cannot forget about the deal. After all, the goal for both parties – the car shopper and the dealer – is to end with the purchase of the right vehicle at the right price.
Consumers want to start this buying process online, including mapping out payments for their new vehicle and trade-in valuations for the old one. However, the in-store experience remains critical. While more than 80 percent of consumers want to do one or more steps of the purchase process online, almost 90 percent say they want to sign the final paperwork at the dealership, according to the Cox Automotive Future of Digital Retail Study. That’s why creating a seamless buying process from online to in-store is more important than ever.
This new car-buying experience could seem like random contacts through various digital outlets and then an in-store visit, but for savvy dealerships, this can be a thoughtful, strategic process that helps them connect with customers and guide car shoppers to options that best meet their needs.
This new approach results in more ready-to-buy customers walking through the dealership door. The consumer has a faster, more transparent car-shopping experience. The dealership can focus more time on higher-quality leads, resulting in more sales and profits.
What’s more, this new approach is what consumers have come to expect from all retailers. Personalization has become commonplace with consumers in the digital era. The automotive industry should take a page from Amazon’s playbook and make every customer interaction a personalized interaction. Dealerships now have clear buying cues from online data – it’s up to you to use it!
