Netflix’s VP of Product Innovation, Todd Yellin, said, “It really does not matter if you are a 60-year-old woman or a 20-year-old man because a 20-year-old man can watch Say Yes To The Dress and a 60-year-old woman could watch Hellboy.”
What does he mean exactly?
Customers’ interests, needs, or wants cannot be based purely off their demographics. Using behavioral data allows businesses - Netflix AND yours - to give a personalized experience. For example, think about the “Because you watched…” sections on Netflix or the “Customers who bought this item also bought” section on Amazon. Almost 75% of Netflix viewer activity is driven by recommendation alone!
Behavioral Data - The Basics
Behavioral data allows businesses to customize individual consumer experiences. Common sources of this data include website, CRM and DMS systems, marketing automation systems, call centers, help desks, billing systems, and more. Data collected is segmented into unique parameters and helps target individuals and the specific product or vehicle they are shopping dynamically with the right message at the right time.
Deeper behavioral data is generated in response to an individual's engagement with your business. 3 Birds captures these interactions in real-time. as the 'what' that tells the story behind the 'who', 'when', and 'where'.
Behavioral Analytics - The Basics
Behavioral analytics is what makes the data actionable. It's the process that examines the 'what' and 'how' of customer behavioral data to inform the 'why' of customer behavior. Includes things like tracking page views, and form submissions, but can go much deeper. With data is consolidated into one platform, the real customer story begins to unfold. These critical day-to-day insights allows 3 Birds to further optimize for conversion, engagement, and retention. Your dealership staff, and partners can begin to see your prospects and customers as people, not just data points when they begin to use behavioral analysis tools like our Blue Sky Dashboards, for instance. It's valuable data you can not only market on, but train your staff on, too.
Behavioral data goes hand in hand with strengthening customer lifecycle, allowing your dealership to connect meaningfully and profitably with your customers. It personalizes the customer experience and optimizes the path to purchase. Interactions and interests are nurtured into full-blown purchase intent and influence the sale.
This same idea can be applied to all aspects of the customer lifecycle; for the first-time buyer, the customer in need of vehicle maintenance, or those looking to get out of their lease, for example. Once the customer begins looking for their next vehicle with your dealership, you can increase the opportunity of converting them into a loyal and happy customer tenfold. Each piece of data is a person. Each person is an opportunity and an important part of your long-term revenue objectives.
Why Behavioral Data?
Behavioral data incorporates all the aspects we have covered: real-time engagement, personalization, revenue growth, and more leads. As business culture and consumer demand evolves, the ability to use behavioral insights to make better data-driven and customer-centric decisions become even more critical.
According to McKinsey, organizations that use customer behavioral insights outperform peers by 85% in sales growth and more than 25% in gross margin.
Most businesses only use a fraction of the data they have in respect to customer behavior. 3 Birds helps consolidate all dealership data that might currently be found in multiple systems into a platform that helps us - and you - fully understand and connect with the customer. Behavioral data is extremely important to the automotive industry. According to Autotrader, car buyers spend 60% of their time online. If your dealership is able to see (and further capture) their digital interactions, you have an advantage. You have the opportunity to create more personalized connections earlier on. You can turn these shoppers into buyers.
How We Do It
3 Birds goes beyond predictions and algorithms. We use each piece of consumer and vehicle data rather than a fraction of it. This allows us to better connect and personalize the customer experience all the way from buying intent to purchase, and all the stops in between. The lifecycle isn't cyclical, it's not a straight line. We like to think of it as an infinity loop with many zigs and zags along the way. We help dealerships connect with them all.
It's no secret that DATA is a dealership's biggest asset. Let's use it. Let's grow it. Predictions, assumptions, and simply marketing "because you bought this.." and "customers who bought this also liked that..." doesn't cut it in automotive. Keys-for-keys campaigns and one-to-one marketing isn't where it stops. At 3 Birds, we know that a 20-year-old man can have the same needs or wants as a 60-year-old woman. Let us help you make the most out of your data.