No matter the industry, and no matter what it is that you're selling, customers' relationships with brands are changing. They're becoming an ongoing conversation with multiple interactions and touchpoints across the customer journey.
The UK automotive sector is no different, and dealerships across the country are beginning to follow in the footsteps of the wider retail market to make significant improvements to the experience of both their potential and existing customers. It's a much needed shift too, given that "people would rather go to the dentist than a car dealer," according to dealership giant Lookers' chief executive Andy Bruce.
Why is the customer experience so important? Well, customers now expect (and demand) true personalisation at every touchpoint, and if you can offer this, better targeting – by which we mean targeting people who are in market to buy with products and services they're actually interested in – is proven to result in increased sales, which naturally means faster growth for the business.
The good news? It's not as complex or as techy as it sounds – and we're here to help. By providing our customers with an AI-driven understanding of what their own customers want, auto dealerships can target people in better, smarter ways and enable a truly personalised experience for each of them.
How does it work?
AI can be used to predict, with an unrivalled degree of accuracy, exactly when a potential customer will be in the market to buy a new car. More often than not this presents you with a very small ‘window of opportunity’ in which you need to make sure you’re putting your car dealership in front of these warm leads (before they buy from someone else!) Targeting customers with advertising during this window drastically increases their probability of buying from you, and reduces the chances of them purchasing from your competitors.
By analysing and leveraging the data on each prospect at an individual level, AI can help paint a clearer picture of who you should be targeting, when and in what way, by taking into consideration factors such as buyer preferences, their likelihood to purchase and their preferred communications method.
This allows you to focus more of your time and effort on the leads who are the most likely to convert, whether that’s done through hyper-personalised email communications or through more traditional methods such as telesales.
Let's take a look at an example in practice. The below infographic is a good representation of how AI could equate to tangible results for your auto dealership. By leveraging your data and segmenting your customer base into more targetable groups, you can reach out to the right people, at the right time, in the right way. Using this approach for another UK car dealership, we were able to double conversion rates through our AI solutions.
For more insights like the above regarding how artificial intelligence can improve things for car dealerships in a number of ways, make sure you download our free resource – 'UK Automotive: Driven By AI'...