For many years, lead defection has been a frustrating but unavoidable headache for dealers, who have historically lacked the necessary tools to identify consumers who have left the car market. However, with technological innovation making waves in the retail automotive sector, it was only a matter of time until an effective solution presented itself to this age-old dilemma.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Eric DeMont, global product director of Urban Science. DeMont is an experienced marketing analyst and digital expert capable of leveraging advanced technologies to generate accurate and impactful insights across the automotive industry. His employer, Urban Science, is a leading provider of automotive data solutions, helping dealers and manufacturers set successful strategies and guard themselves against economic headwinds. Now, DeMont discusses a new way to fight lead defection and boost advertising efficiency for dealers.
Key Takeaways
1. Data is only effective as a tool for automotive retail if it is accessible to and understandable by dealers.
2. To ensure retailers have access to presentable data, Urban Science has introduced what it calls the SalesAlert a tool capable of integrating with CRM platforms and generating lead defection data, preventing dealers from prioritizing consumers who are not in the market to buy a car.
3. Currently, retailers lose 16.4% of their leads through their CRM. Services that allow dealers to capitalize on their data, reduce lead defection and improve their marketing efficiency are crucial to long-term success.
4. In one instance, a retailer using SalesAlert was able to decrease their lead defection rate by 20% within the first 30 months of use.
5. Using a retailer’s lead data, SalesAlert can connect to the business’ CDP and launch highly accurate, automated marketing campaigns.
6. SalesAlert is available for $299 a month and can be activated within five business days.
"Data in of itself isn't really the answer; it's data presented in easy-to-use applications that either serve direct insights or can be easily utilized to develop insights that can lead to direct action that [dealers] can take to ultimately drive their business forward." — Eric DeMont
