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BestPractice
HowtobetteroptimizeyourCRMandfind
highpotentialautoshoppers
Bestpracticeforautomotivemarketers
Automotive
CHALLENGE
AutoCRMsystemsmayincludevaluablecustomerinsightsbutareoftenunabletouncoverthesubsetofshoppersthatarelikelytohavethefinancialcapacitytopurchaseorleaseavehicle,resultingininefficientmarketingefforts.
SOLUTION
BetteridentifyandtargethighpotentialautoshoppersbyprofilingbestcustomerswithestimatedconsumerfinancialmeasuresandothercharacteristicstodevelopoptimalshopperprofilesthatcanbeappliedtoCRMdatabasesandpredictivemodels.
OUTCOME
Automanufacturerscanimprovetheefficiencyofmarketingcampaignsbyseparating“lookers”frompotentialbuyerswithintheirCRMdatabasesbasedonautoshoppers’likelyfinancialabilitytopurchase.
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Challenge:IdentifyhighpotentialconsumerswithinCRMdatabase
Automanufacturers,serviceproviders,anddealershavereamsofdemographic/life-stagedatawithintheirCRMsystemsabouttheirexistingandprospectivecustomers.Whilethisdatacanhelpindicatewhichconsumersmightbeinterested
inbuyingavehicle,itdoesnotoftenuncoverthesubsetofshoppersthatarelikelytohavethefinancialcapacitytopurchase.Thus,automanufacturersanddealersmaybespendingsomeoftheirlimitedmarketingbudgetsonconsumersthatmightnotbeagoodfinancialfitfortheirbrandandmodels.
Automarketersneednewmeasurestohelpthemidentifyhidden,highpotentialconsumerswithintheirCRMdatabases.Thegoalistobeabletoefficientlyidentifyandmarkettoconsumersthatarelikelytohavethefinancialresourcestobeabletopurchasethebrandandmodelsthatareininventoryorontheshowroomfloor.Bybetterunderstandingshoppers’buyingpotentialbasedonestimatedfinancialabilitytopurchase,automarketerscanmakethemostoftheirCRMsystems,enhancetheirmarketingmodels,andidentifywhichconsumersareoptimaltargetsformarketingandsalesefforts.
Solution:ProfilebestcustomersandapplytoCRMdatabase
InordertobestcapitalizeontheirCRMsystems,automarketerscanenhancetheircustomerandleadrecordswithhouseholdfinancial,economic,andbuyingpropensitymeasurestobetteridentifythoseconsumersthatofferthemostpromisingsalesopportunities.
Thesemeasureshelpautomarketersidentifyshoppersthatarelikelytohavethefinancialabilitytopurchaseaspecificvehicle,aswellashavedesiredautobuyingattitudes,preferences,andbehaviors.BylinkingCRMsystemswiththesemeasures,marketersandsalespeoplecanbetterprioritizetheleadfunnel,enhancepredictivemodels,andfocusmarketingandsaleseffortsonoptimalconsumers.
Ourmarketingsolutionsofferinsightintohouseholds’likelyautobuyingprofiles,including:
Automarketerscanenhancetheircustomerandleadrecordswithhouseholdfinancial,economic,andbuyingpropensitymeasures
tobetteridentifythoseconsumersthatofferthemostpromisingsalesopportunities.
AutomarketerscanbetteridentifybestcustomershiddenwithintheirCustomerRelationshipManagement(CRM)databaseandimprovemarketingefficiencybyworkingwithEquifaxtoaugmenttheirexistingshopperrecordswithconsumerfinancialcapacityandautobuyingpropensitymeasures.
Optimalshopperprofilescanbeusedtoenhancemarketingmodelsandcanbeappliedtomultiplechannelsincludingdirectmail,online,mobile,TV,andemail,aswellasviatheshowroomfloorandleadprioritizationsystems.
Financialcapacityandbuyingpower
Estimatedincome,discretionaryspending
Buyingpropensities
Likelytobeinterestedinvariousvehicletypes
(e.g.,functionalvs.greenvs.importluxury)
Attitudesandbehaviors
Likelytoprefercertainvehiclecharacteristics(e.g.,havingavehiclethatisfuntodriveisatopconsiderationinpurchasingdecision)
Financingneeds
Likelytorespondtoanautofinanceoffer
Ourfinancialinsightsarebasedonafoundationofanonymous,direct-measuredTMconsumerinvestableassets,aswellasadditionalmeasuresofincome,spending,andaggregatedcredit.
Withthesemeasures,automarketerscangainvaluableinformationaboutthelikelyfinancialcapacityandbuyingcharacteristicsofleadsandautoshopperswithintheirCRMsystems.Forexample,byidentifyingcustomersandleadsthatarelikelytohaveveryhightotalincome(e.g.,over$200,000),automarketerscanbettertargetthisgroupformarketingthereleaseofanewluxuryvehicle,whileatthesametimedeprioritizingorscalingbackmarketingtothosethatmightbeinterestedintheluxuryvehicleyetareunlikelytohavethefinancialresourcestoaffordit.
Alogicalthree-stepmethodcanbeappliedtoenableautomarketerstomaximizetheirowndataand
betterfindshopperswhoarelikelytobehighvaluetargetsformarketingandsalesefforts.
IMPLEMENTATION
STEP
STEP
STEP
1 2 3
Analyzetheprofileofexistingbestcustomers
ActivateCRMdatawithhighestvaluecustomerprofile
Executemarketingandsalesefforts
1
STEP
Analyzetheprofileofexistingbestcustomersusingactionablemeasures(financialbuyingpowerandothercharacteristics)
Automarketerscanbeginbygainingabetterunderstandingoftheprofileoftheirhighestvalue,bestexistingcustomersintermsoftheirlikelyfinancialsituation,car-buyingattitudes,andpurchasepreferences.Thismightbedoneforspecificbrands,models,orvehicletypes.
AutomarketerscaneffectivelyaccomplishthisbyprofilingtheirbestcustomerswithEquifaxfinancialandautobuyingpropensitymeasures.BelowshowsapossibleprofileforasamplevehicleasdefinedbyEquifaxmeasures:
MEASURE
DESCRIPTION
SAMPLETHRESHOLD
Income360®
Estimatedtotalincomefromwagesplusincome
fromassets,upto$2Mperhousehold
>$150,000
DiscretionarySpendingDollarsTM(DS$TM)
Estimateofdiscretionaryspendingcapacityupto$1.2Mperhousehold(disposableincomeminusnon-discretionaryexpenses)
>$40,000
Economic
Cohorts®Cluster
Household-levelsegmentationproductthatclustersconsumergroupsbasedonestimatedincome,spending,andaggregatedcredit,aswellasdemographics,lifestyles,attitudes,andbehaviors
35%ofcurrentownersareinclusterK59CountryClubclimbers:SuburbanemptynestersIncometier:High($100k–$200k)
“Buyersofthebest”
Skewshighfor:
Havingavehiclethatisfuntodriveismytoppriority
Driveaconvertible/coupe/sportscar
Note:DS$hasbeenrenamedtoSpendingPowerTM.
Inthecaseofanewmodelintroduction,automarketersmaywanttodeterminethecustomerprofileforasimilarexistingmodelandthenadjusttheparametersofthetargetprofileaccordinglyin
ordertobestidentifyshopperslikelytobeagoodmatchforthenewmodel.Forinstance,perhapstheincomethresholdwouldneedto
beadjustedupwardforasuper-premiummodel.
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2
STEP
ActivateCRMdatawithhighestvaluecustomerprofiletonarrowandprioritizemarketingtothetargetaudience
Oncetheprofileoftheidealcustomerhasbeendetermined,thesameattributescanbeappliedtotheCRMsystemtoidentifyconsumersthathavesimilarfinancial,attitudinal,andothercharacteristicsasthebestcustomers.Now,automarketerscanbetteridentifythoseshoppershiddenintheCRMsystemthatarelikelytobeagoodfinancialmatchforthemodelbeingpromoted.
Forexample,automarketersoftenfindthatthemajorityoftheirhighvaluecustomersarepartofjusttwoorthree“clusters”whichcanbeappendedtotheirCRMsystemstofindshopperswhoareinthesameclusters.Marketerscanthenfocusonthosegroups.Marketerscanalsonarrowthetargetaudiencebyapplyingaminimumthresholdfortotalincome,discretionaryspending,andothermeasures,basedonthedesiredbuyerprofileofthevehiclesbeingpromoted.Additional
filterssuchasgeographyofresidenceanddatafromotherthirdpartiescanalsobeincorporatedtooptimizethetargetaudienceevenmore.
TheoptimalshopperprofileappliedtoCRMrecordscanfurthernarrowthetargetaudienceformarketingefforts.
Inordertofurtherdifferentiatethelikelybuyersfromthebrowsers,marketingfinance
groupsmayalsobeinterestedinincorporatingmeasuresthatindicateshoppers’likelyfinancingneeds,suchas“likelytorespondtoanautomobilefinanceoffer”;“likelytoinquireaboutautoloans”;or“autoleaseislikelytoexpireinsixmonths”.ThesemeasurescanbecombinedwiththeoptimalshopperprofileandappliedtoCRMrecordstofurthernarrowthetargetaudienceformarketingefforts.Financingindicatorscanalsobehelpfulwhencombinedwithservicingdatatogaindeeperinsightsonwhencustomersmightbereadyforanewvehicleorlease.
So,whileautomarketersmayhave500,000shoppersintheCRMdatabase,thenumberofshoppersthatmatchthebuyingprofileofthevehiclebeingpromotedintermsoftheirfinancial,attitudinal,andothercharacteristicsmightonlybe50,000,oreven5,000or500.
AutomarketersarethusenabledtoenhancetheirmodelsandmarkettothosehighvaluecustomersthatwerepreviouslyhiddenintheirCRMsystems,whiledeprioritizingmarketingeffortsfortheremaining.
3
STEP
Executemarketingandsaleseffortsleveragingbestcustomerprofiles
Marketerscannowdirectcommunicationstowardthosehigh-potentialconsumersthataremostlikelytobeafinancialmatchforthepromotedvehicleaswellashavesimilarbuyingattitudesandbehaviorsastheirbestcustomers.Buyingprofiles
canbeincorporatedintopredictivemodelsandcanbeexecutedviaavarietyof
Directmail
Senddirectmailcampaignsonlytoshoppersthatarelikelytobeinthesameclusterorhavethesamefinancialcharacteristicsascurrentbestcustomers.Thisislikelyto
beamuchsmallerquantitythanoriginallyplanned,perhaps
freeingupdollarstoimprovethequalityofmailers.
DigitaladvertisingandaddressableTV
ThesameprofileusedtofindoptimalshopperswithintheCRMsystemcanalsobeappliedonlinetobettertargetdigitaladsviadesktop,tablet,mobile,andaddressableTV.
Directto
showroomfloor
Dealerscanintegrateidealbuyerprofilesintotheirdealersystemstoenablesalespeopletomorequicklydetermineifshowroomvisitorsarelikelytobeagoodmatchforvariousvehicles.
Lead
prioritization
Whetherleadsarecominginthroughcallcenters,emails,texts,onlineformsorothersources,automarketerscanleverageoptimalbuyingprofilestomorequicklyspothighpotentialshoppers,immenselyimprovingleadprioritization.
marketingandsalestactics:
Betterdirectcommunicationstowardhigh-potentialconsumerslikelytohavethedesiredfinancialcapacityandcarbuyingattitudes.
Thebottomlineisthatthesestepscanimprovethecostefficiencyofmarketingefforts.Salesandmarketingteamscanfeelconfidentthattheireffortsarebeingdirectedatshoppersthataremorelikelytohavethedesiredfinancialcharacteristicstorespondtoeachmarketingpromotion.
Outcome:Improvemarketingefficiencyandbettertargethighpotentialautoshoppers
AutomarketersthatapplyEquifaxfinancialmeasuresandsegmentationclusterstotheirCRMsystemscanhelpachievethefollowing:
Separate“lookers”frompotentialbuyersbasedonlikelyfinancialpurchaseability
Findconsumersthatarelikelytohaveasimilar
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