On the last episode of Auto Marketing Now, we discussed the differences between the most common CDP systems in the auto industry, along with their associated strengths and weaknesses. For this installment, host Brian Pasch is joined by special guest Aaron Baldwin, Chief Product Officer at AutomotiveMastermind, to discuss how dealers can use their CDP’s data activation tools to create a better customer experience.
While other industries have been using unified data systems for a considerable length of time, CDPs only became available to automotive retailers in recent years. As such, dealers are still learning how to use the platforms to grow their businesses. One key advantage a CDP provides is its ability to offer a clearer picture of the future. This is because the information obtained through identity and household resolution retains value in terms of both short-term business growth and long-term customer retention. Baldwin explains that when dealers have access to consumer data, they “can start to see further, not just one month, two months, a quarter down the road; [they] can start seeing years down the road.”
Historically, leads of any sort have held few long-term benefits for retailers. This is because the auto industry has lacked the tools needed to resolve, track and update consumer records after they leave the market. For many storeowners, the first time a shopper walks into their store is also the last time. As a result, dealers tend to ignore customer retention numbers, focusing their energy almost exclusively on sales and service. With the advent of CDPs, however, digital identities became more than to see who is currently shopping for a vehicle; they became valuable assets for sustained growth. As time goes on and more business intelligence features are added, the platforms are likely to become essential for competitive dealers.