In today’s data driven world there is virtually nothing that is not available online and consumers are more educated than ever before. Database monitoring is one of the most effective ways to market to your customers, giving you the ability to monitor sold, unsold, and orphaned service customers utilizing accurate information from the credit bureau. This is not something new, just new to the auto industry. Database marketing is one of the least costly forms of advertising when done correctly and yields the highest results. Understanding the legalities behind it and how to apply this information to your specific market segment is extremely important. With today’s aggressive competition – it’s important to maximize your efforts on your own customer base, referrals and specifically target your competitors. Turn your stagnant database into an abundance of leads ready to buy today, while protecting your portfolio!
How it works – Using technology that is readily available dealers will have the ability to know critical information to ensure customer retention and satisfaction. Database Monitoring will allow you to actively monitor your sold, unsold, service and orphan-service customers. Service customers is probably one of the most untouched resources dealerships have. Using live credit data in conjunction with your database gives you the most accurate information and the ability to monitor and get notified daily every time an event occurs.
Different events include: Customer is out shopping for another vehicle; Lease is due to expire in 1 to 3 months; customer is in an equity position for Trade in and trade up; current interest rate is higher than the rate they should qualify for based on current credit (opportunity to trade in and trade up at a lower rate); previous turn downs are now in a position to buy based on credit changes; target your competitors customers. These are a few examples of what you can do. Database monitoring and marketing can be one of the most effective ways to retain customers, prevent potential lost sales or worse, lose a customer to one of your competitors.
Utilizing the Data: Through proper monitoring, you can effectively communicate with previous sold, unsold, and service customers at the right time with the right message. Because you are using your own database versus purchasing a credit file, the rules are different regarding verbiage and the firm offer of credit. This allows a much stronger message with a unique offer tailored to that specific customer. We all know that marketing to our own customers yields a higher response rate, higher profits and usually a much easier sale since they are already familiar with you and have a higher level of trust. When using database marketing you can send a letter or postcard, text, and email to the customer all at the same time. Utilizing the multi-channel approach will increase your response and create more sales.
Remain compliant: Understanding the regulations, compliance issues and safe data practices has never been more important than it is today. I would recommend working with an authorized credit agency and not a 3rd party provider. By working with an authorized credit agency, you will be assured of remaining FCRA compliant and getting the most out of your program. You will also learn how to apply this information to your specific market segment while protecting yourself on a local and national level.
Now is the time to get the most out of your own database and protect your customers from competitor piracy.
Learning Objectives – Teach dealers and lenders:
1. How to effectively monitor and market their database for new sales opportunities and to prevent customer piracy by a competitor.
2. Safe handling techniques of data to prevent any potential breaches or information falling into the wrong hands.
3. Legalities on how to remain compliant on a local and national level when database marketing.
4. Getting the most out of your database (knowing what you can and should monitor for when it comes to your own database).
For example, maybe you want them to call a toll-free number or visit a dedicated website where they can fill out an application. Regardless of the action (or actions) you desire, make sure readers know the next step they should take to receive your offer.
5. Best practices for marketing in a traditional and digital environment to get the highest response rates, sales and return on investment
If you would like more information on how to implement this or have any questions at all, please email me firstname.lastname@example.org