How Better Connections Between OEMs and Dealers Drive Better Connections with Customers
2020 has been a difficult year. But the good news is that the automotive industry has started to see slow but steady growth. And there is an opportunity to become even stronger by redefining how OEMs and dealers navigate a new environment together.
Stabilization and recovery will be powered by businesses reopening and consumer confidence rebounding. But OEMs and dealers can unleash tremendous new potential through increased collaboration focused on accommodating new customer preferences and behaviors, and future-minded industry leaders are lighting the way. CarMax has implemented contactless purchasing with curbside pickup, Ford launched the new F-150 in a prime-time YouTube event, and Volkswagen Group Australia even created a virtual showroom that displays only in-stock vehicles, improving stock locator capability at national and local level.
There’s still a lot of work to be done. As it stands, many dealers are gathering volumes of useful information about their customers, but the full value of that information often remains underused due to the lack of advanced analytics and insights. Moreover, the lack of robust collaboration between OEMs and dealers often results in fragmented lead management and inconsistencies in the customer experience, making it difficult to deliver personalized marketing at scale.
Real growth will be supported by greater integration between OEM and dealer systems — harnessing more available customer data and using it to create a more streamlined, unified, and effective customer experience. Personalize each experience by taking into account local data legislation and customer preferences.
A “customer engagement layer” that connects OEMs and dealer touchpoints across the entire customer lifecycle can help both parties in two ways: by enabling more effective lead management and customer acquisition, and by facilitating coordinated, responsive, and personalized marketing at scale that impacts sales, service and financing.
More effective lead acquisition and management increases conversion rates.
By more clearly understanding shoppers’ digital behavior, dealers can tailor customer interactions to improve lead acquisition and nurturing, ultimately turning unknown customers into known leads. And a deeper view into the data can lead to more actionable and more effectively targeted recommendations unified across all channels.
Stronger OEM and dealer collaboration can also enhance lead generation for sales and after-sales by using customer analytics to tailor the content and timing of marketing and sales outreach. OEMs can then share the most accurate product, pricing, and inventory information with dealers to minimize miscommunication and satisfy customer expectations. Further insight into lead sources can help OEMs and dealers align on customer engagement strategies and coordinate consistent sales and service communications. This ultimately impacts your lead acquisition, and conversion rates.
OEM's and Dealers can even develop advanced 'service intervention' campaigns which unify sales and service teams to drive next best action by aggregating analytics. With insights from electronic vehicle health data, vehicle repair codes and parts supply, both parties can drive greater after-sales retention revenue and spend-per-unit in operation.
Facilitate coordinated, responsive, and automated marketing at scale.
A shared 360-degree view of each customer enables OEMs and dealers to create consistent and personalized customer journeys across every channel whether the customer interacts with the dealer or the OEM. Coordinated marketing efforts, from messaging to outreach, will work to engage customers, minimize miscommunications, and increase trust and loyalty.
Service communications benefit from this holistic customer view, too. With automated and personalized customer engagement at scale, campaigns throughout the ownership lifecycle, and in-car service reminders, OEMs and dealers can streamline productivity, build customer loyalty and increase service center revenue. This coordination streamlines all efforts, but it also ensures that any investments in engagement are more effective and efficient than ever before.
The time for a customer engagement layer is now.
Customers want to engage with a brand that understands them, no matter the interaction. This requires that OEMs and dealers collaborate at a higher level to make sure their efforts and investments are as effective and efficient as possible.
Click here to learn more about how to make that happen.