A number of businesses today are using Artificial Intelligence (AI) capabilities like Machine Learning (ML) to propel themselves to new heights. Auto dealerships are no exception to this technological trend and have been incorporating cognitive computing into their marketing operations.
With the help of AI dealers can focus on who is actually shopping for a car and who is simply browsing. By identifying such prospects, dealers can target marketing material personalized with their preferences through omni-channel marketing. This gives car shoppers a more personalized shopping experiences with relevant information tailored to their needs.
If you’re under the impression that AI is a technology that words best with large scale establishments then think again. Regardless of the size of your dealership you can partner with an AI vendor who can drive better business outcomes for your firm through intelligent automation. You can deliver an enhanced online shopping experience for your customers while improving processes with swift Return on Investment (ROI).
Consider these examples of how dealers leveraged AI and ML to improve their operations in alignment with business goals.
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Personalize Shopper Pathways to Drive Sales
A US-based auto dealership secured an increase in sales with the help of AI and ML to interact with customers depending on their preferences by offering the specific make, model, trims and promotional offers to match their interests. They repurposed ad spending so as to only target the right shoppers using customized customer pathways with the help of digital interactions. This enabled them to boost sales by 150% over the course of 9 months.
The important takeaway here is to understand you cannot afford to waste money on ineffective advertising. Instead by identifying who is actively shopping and what it is they are shopping for you can target and retarget them with ads over various online platforms increasing your chances of converting a lead. This can be done with AI and ML.
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Expand Your Reach with Competitive Intelligence
In the US, an auto group spread out across 15 stores witnessed a change in consumer patterns and the effect it had on their data. Similar to other dealerships they had amassed a significant amount of customer related data gathered from consumer interactions online. What they did differently from the rest of the dealerships was to implement AI and ML to the collated data to glean competitive intelligence.
This information enabled sales executives to identify which customers online actually intended to make a purchase. Based on this they could proactively engage them with phone calls, messages or emails with information likely to grab their attention. The intelligent automation solution also informs dealers when a previous customer is revisiting their online site or app, which allows the solution to generate marketing material that picks up where they left off last. This enhanced automation is thanks to AI with ML and Natural Language Processing (NLP) capabilities.
By keeping consumers constantly engaged, a personalized approach cements their intention to purchase. This strategy paid off and the dealership was able to generate more than $1 billion in revenue while selling 25,000 plus cars per annum.
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Nurturing Leads with Database Insights
A US-based auto dealer initially presumed that its business would swell being located right next to one of the richest retirement communities in the U.S. However, this was not the case and the dealership failed to identify ways in which they could entice and attract potential prospects. Their database even revealed former customers who had not been serviced at their dealership in the past three years they had lost to competitors.
Instead of seeking out typical marketing solutions they partnered with an AI vendor whose solution provided insightful data that could be used to generate a competitive advantage. By accessing consumer online shopping patterns in their DMA along with a robust ML element they could reveal shopper intent. Using this technology, the dealership used targeted insights to drive over 300 sales for a conquest ration of over 60%.
If you’d like to explore intelligent automation to improve operations and gain a competitive edge, the SalesCatcher team would be delighted to assist you. In a highly competitive industry such as automobile sales it is imperative to harness new digital innovations to stay ahead. Cater to consumers and achieve greater agility with SalesCatcher’s Intelligent Offering (iO). Our AI orchestration platform – iOFlow, working in tandem with our intelligent RPA tool – iOBot can create a highly customized experience for each of your consumers. If you’d like to find out more our AI team at SalesCatcher would be happy to help.
