Creating a Successful Customer Buying Journey in the Automotive Industry
The growth of the U.S. automotive sector is expected to show a positive trend this year. As a result, original equipment manufacturers (OEMs) are investing heavily in new designs, technology innovations, and differentiating services to boost sales and retain customers. With the advent of the internet, now consumers have several touchpoints to an automotive brand [...]
The growth of the U.S. automotive sector is expected to show a positive trend this year. As a result, original equipment manufacturers (OEMs) are investing heavily in new designs, technology innovations, and differentiating services to boost sales and retain customers. With the advent of the internet, now consumers have several touchpoints to an automotive brand including reviews and rating sites, social media, and virtual test driving. This gives companies in the automotive industry several opportunities to influence the target customer buying journey. Automotive companies have abundant customer data at their disposal. The right data strategy will help companies in the automotive industry to increase the efficacy of their audience targeting and deliver relevant content along each point in the customer buying journey. Let’s examine how players in the automotive industry can boost their customer experience and enhance the overall customer buying journey.
Enrich customer profiles with data
The first-party data available with OEMs in their CRM provides details relating to direct transactions, vehicle and owner information, service records, past purchases of cars or accessories and much more. This data will be highly useful for automotive industry players to better understand their customer buying journey. This data can be used to build customer profiles and further adding third-party data can help gain powerful results. Data on lifestyle and preferences can take audience profiles one step ahead by adding more attributes to factors that influence consumer buying behavior. This gives an understanding to automotive companies on how they can personalize digital experiences and enhance their customer buying journey.
Examine audience segmentation
By analyzing existing buyers or the ideal prospects, companies can build additional audience profiles based on similarity in characteristics and attributes. For instance, if a company is targeting consumers who prefer to purchase directly from the dealership versus an auto parts specialty store, look-alike modeling may help to expand their reach to new audiences who are more likely to buy their products. Another way to uncover new targets is through custom segments. Custom segments allow companies in the automotive industry to find new prospects by creating whole new audiences based on specified parameters which combine pre-existing segments including the make/model/year ownership details, propensity to buy data and other attributes.
Adopt a multicultural strategy
In the US automotive sector, the buyer dynamic has shifted to multicultural consumers. The spending power of these consumers in the US automotive industry is increasing rapidly. Companies that want to survive must learn how to target these groups of consumers by understanding cultural nuances and identifying attributes, such as language spoken and language of the content they consume, family values, personal or professional interests, brand preferences, and monetary impact.