Use existing CRM data to uncover high potential auto shoppers
In today’s business environment, working smarter is not a luxury. It’s a necessity. Yet despite budget belt-tightening, many auto marketers are spending millions of dollars marketing their latest and greatest vehicles to consumers who may not be a good financial fit for their brands and models.
Equifax financial solutions can enhance existing shopper records to more efficiently uncover customers who not only may be interested in buying a vehicle—but are also likely to have the financial resources to do so. By linking existing Customer Relationship Management (CRM) systems with valuable insights about the likely financial capacity, propensity to purchase, buying characteristics and financing needs of leads and auto shoppers, auto marketers can better prioritize the lead funnel, enhance predictive models, and focus marketing and sales efforts on consumers who are most likely to buy.
Steps to Finding High Potential Shoppers
Step 1: Who is the ideal customer?
Profile your best customers with Equifax financial and auto buying propensity measures to gain a better understanding of best existing customers including their likely financial situation, car-buying attitudes, and purchase preferences. Parameters of the target profile can be adjusted to identify best-fit shoppers for specific auto models.
Step 2: Who (in your database) resembles the ideal customer?
Apply the same attributes to your CRM system to identify consumers who have similar financial, attitudinal and behavioral characteristics as the ideal customers. Set parameters such as estimated minimum income and spending, geographic location, and even third-party data from lenders, to further narrow the field.
Step 3: Target your marketing to those most likely to buy!
Direct your communications to those high-potential shoppers who are most likely to be a financial match for the promoted vehicle as well as have similar buying attitudes and behaviors as their best customers. Buying profiles can be incorporated into predictive models and can be executed via a variety of marketing and sales tactics, such as direct mail campaigns and online ads. Buyer profiles can even be incorporated into dealers’ systems to enable salespeople to more quickly determine if showroom visitors are likely to be a good match for various vehicles.
Differentiating Buyers from Browsers
Equifax empowers auto marketers to differentiate likely buyers from browsers. Financial measures can be applied and adjusted to identify shoppers hidden in existing CRM systems who are likely to be a good financial match for the model being promoted. Ultimately, sales and marketing teams can feel confident that their efforts are directed at shoppers who are more likely to have the desired financial characteristics to respond to each marketing promotion.
To learn more about how Equifax can optimize your existing CRM, click here.
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