It is common knowledge that a business must acclimate in order to stay afloat--to ever-changing market conditions, customer trends and perceptions, technology platforms, entrenched and emerging competitors, supply chain variables, and a glut of other micro- and macro-economic concerns. However, at the end of the day, revenue generation is the metric that truly matters.
"Unfortunately, the automotive Industry in particular is suffering egregious opportunity loss, and is the proverbial 'poster child' for other sectors who similarly are leaving behind untold millions in lost revenue," says predictive analytics specialist Lang Smith, chief executive officer of Cloud Signalytics. "Like so many others, the auto industry on the whole just doesn't conceptually understand, or aptly appreciate, the value of repeat business and methods to proactively facilitate future earnings.
'The auto industry's 'single transaction' model just does not effectively cultivate long-term customers. Today's cost-conscious consumer will move from one automaker to another for even the slightest of reasons, like a favorable customer service Interaction. The auto industry's overarching mandate of selling as many vehicles as possible at any cost has indeed been costly--usually at the expense of a dealership's reputation, damaging the image of the auto Industry at large. Because the industry has realized billions of dollars In the process, far too many are apt to 'leave well enough alone,' turning a blind eye to untold levels of revenue that are going by the wayside. While that way of thinking may have been sufficient in the past, today's leading-edge tech-driven sales operations can no longer forsake the fiduciary responsibility to promote maximum profitability right now and into the future."
Lang goes on to explain that, because the auto industry largely utilizes the flawed marketing logic, 'the more people we can reach; the more money we will eventually make," they simply cannot maintain momentum--particularly amid persistently diminishing margins. However, add a predictive analytics engine--defined as the ability to predict more precisely a customer's future spending based on their past behaviors--into the mix and the ability to make triple or even quadruple their sales revenue becomes a reality.
"Predictive analytics platforms are the Holy Grail for the auto industry--the make-or-break marketing methodology; the bleeding-edge, next-gen, game-changing technology that will...