Could it be true, a crystal ball through which companies can know their customers’ and prospects’ next move? It may not be here yet, but many marketing professionals are banking that predictive analytics could turn into just that. The thing is “predictive analytics” or “predictive marketing” is really just solutions that activate the data insights companies have had access to all along. A study published by Forbes titled “The Predictive Journey” said, “Predictive marketing is emerging as the best strategy to embrace data analytics to guide decisions and increase the visibility of markets.” According to the study, published in November of 2015, 83% of executives planned on increasing the role of predictive marketing over the coming year. Plus, 28% of early-stage organizations, defined as those “piloting experimenting or launching their first efforts,” planned to implement predictive processes within the coming 6 months.
Gaining millennial insurance customers may be top priority right now, but in just a few short years the next generation of policyholders will be the hot commodity in the market: Generation Z. Unfortunately for marketers across industries, this group born between the mid-1990’s and early 2000’s can’t be treated like their millennial predecessors. While they have many similarities, they actively strive to set themselves apart from millennials and will require a new set of marketing tactics to gain their loyalty.
Shopping for cars on Facebook happens more often that you may realize. Did you know that nearly a quarter of prospective car buyers use Facebook for researching their next car purchase? According to Turning Social Feeds Into Business Leads, “Social media is stimulating extensive auto-related conversations and content that creates major opportunities to identify likely buyers and engage them based on their preferences and purchase intent.”
Ecommerce sales continue to grow, generating over $300 billion in sales in the US alone last year. However, online shopping is generally an impersonal experience with lower levels of engagement as compared to the in-store experience. Unlike walking into a brick-and-mortar retail location where a shopper can touch the merchandise or ask sales associates questions, the online shopper typically only interacts with a live person after the sale – and generally only if there was a problem. As a result, online conversion rates are much lower than in-store conversion rates, 1% to 3% versus 20% to 30%.
You may have heard this statistic about the importance of the customer experience, but it is certainly worth a reminder – “By 2020, the customer experience will overtake price and product as the key brand differentiator.” In fact, 86% of buyers are already willing to pay more for a better customer experience. It doesn’t matter what industry you are in, improving the customer experience brings some very real benefits.
Each day consumers spend a little more than 3 hours on their smartphones – and that’s not even making calls. The innovation of mobile technology has forever changed the course of history, and generations moving forward won’t even know what life is like without a mobile device such as a cellphone or tablet. Mobile tech’s influence on the economy and nearly every industry is vast, and automotive retail is no exception. Here are three ways cellphones have changed car sales- and how dealerships can get ahead of the next mobile tech trends.
Today’s auto consumers are in-market longer than ever, with the majority of shoppers in market for 2 months or longer. These longer purchase journeys translate into more opportunities for auto brands. 80% of consumers start their search with a different manufacturer in mind than the manufacturer brand they ultimately end up purchasing. With so many car shoppers changing their mind, dealerships have a huge opportunity to target and convert today’s auto consumers.