INDIANAPOLIS, Oct. 19, 2021 /PRNewswire/ — Driven Data, the most innovative marketing technology provider in automotive, today unveiled its latest breakthrough report of live data and analytics designed to optimize dealerships’ operational performance and secure customer loyalty. The new Live Stats report extracts data from dealerships’ CRM, DMS and inventory management systems and processes it into usable, actionable intelligence, providing valuable guidance for dealers during one of the most disruptive periods in auto retail history.
Dealers can feel the grip on loyalty loosening between online national retailers competing and a shortage of inventory”
Driven Data’s Live Stats report is based on data gathered from active customers across all relevant sectors of the auto retail market using the most recent information available from ~100 integration points. The report, updated nightly, presents a year’s worth of data in comprehensive trends up to the current day. The data also feeds a dashboard for each client that details their personalized performance in sales, service, website and marketing.
Key findings from a recent Live Stats report show:
customer leads are near record highs, and appointment, show, and closing rates have remained steady, but…
closing rates have actually fallen to record lows nearing 12% as inventory levels plumet;
service retention is declining for the first time, from a high of 76.1% to 74.8% as dealership capacity is constrained by technician counts;
customer loyalty has seen a 45% drop in new car sales and a 50% decline in used car sales as customers defect to the competition.
“With Driven Data’s Live Stats, dealers have instant access to trends in operational performance, inventory, service, sales and the newest addition: loyalty,” says Jon Berna, founder and CEO of Driven Data. “Dealers can feel the grip on loyalty loosening between online national retailers competing locally and a shortage of inventory, but until now, there’s been no way to quantify it, much less address it.”
Driven Data’s loyalty analysis is designed to help dealers become aware of the loyalty issue and integrate a strategy that proactively combats defection without exhausting ad budgets.
“Whether the consumer is looking to trade in, buy a used vehicle or have it serviced, for dealerships, it’s a race to the top of the page,” added Berna. “But while dealerships aren’t punching at the same weight as the national retailers when it comes to ad budgets, they can hit smarter and more directly.”
For example: ‘Joe Customer’ purchased a car from your dealership. They have never had a regular mechanic or service center, so when it came time for an oil change, they searched “oil change”. On the dealership side, they don’t have the budget to compete with national brands or with the volume of searches the term “oil change” generates.
However, since Joe is a previous customer, Driven Data can use first-party data to bid only on that person (or previous customers) to elevate your dealership to the top of the page, efficiently spending advertising dollars to keep your most valuable customers shopping with you.
“We’re excited to be able to offer this service to our customers and help them protect the longevity of their businesses against a whole new series of threats,” Berna added.
Driven Data’s “Loyalty Lock” offering combines first-party data and strategic keywords to get in front of high funnel customers who have just started their next search.
For more information on Loyalty Lock or for a demo, please visit https://www.driven-data.com/loyalty-lock
About Driven Data
Driven Data is an advanced software marketing provider and digital marketing agency serving the automotive retail industry. Through its proprietary universal architecture and first to market managed CDP (customer data platform), Driven Data fuses valuable marketing data with first party data from CRM, inventory and DMS sources to analyze and act on insights in real time and deliver hyper-personalized, scalable marketing campaigns. Driven Data’s performance and analytics data give auto retailers – from single rooftops to OEMs – unprecedented access to insights across Tier 1 to 3 that can be leveraged to instantly enhance marketing strategies and operational improvements. For more information on Driven Data, visit driven-data.com.
SOURCE Driven Data