automotiveMastermind Introduces Electric Vehicle & Service-to-Sales Enhancements to its Mastermind Technology
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Insights
The recent advancements in automotiveMastermind's Mastermind technology, particularly the EV Behavior Driver and Service Portfolio enhancements, are poised to offer significant strategic benefits for automotive dealers. These tools leverage predictive analytics to provide actionable insights, potentially leading to more efficient inventory management and targeted sales approaches. The timing is crucial as the market faces a surplus of EVs amid lagging consumer demand. By enabling dealers to identify and engage with customers most likely to purchase EVs, these enhancements could help mitigate the inventory surplus and align product offerings with market demand.
Furthermore, the Service Portfolio Insights could transform the service-to-sales pipeline, a critical component in customer retention and profitability. The automotive retail industry is witnessing a shift towards digital retailing and longer vehicle ownership periods, which reduces in-person sales opportunities. By capitalizing on service drives as a sales channel, dealers can potentially increase their sales volume and improve customer loyalty. These insights are integral for dealers to adapt to changing consumer behaviors and maintain competitiveness in a dynamic market landscape.
From a financial perspective, the introduction of automotiveMastermind's enhanced Mastermind technology could have a significant impact on the revenue streams of dealerships. The ability to precisely target potential EV buyers and optimize the service-to-sales conversion process can lead to increased sales efficiency and higher profitability. Dealerships that effectively utilize these tools may see an uptick in their bottom line by reducing the time EVs spend in inventory and capitalizing on every customer interaction within the service drive.
Additionally, the investment in such predictive analytics tools could be seen as a move to future-proof dealership operations against evolving market trends, such as the growing consumer interest in electric vehicles and the adoption of digital retailing practices. This strategic positioning may not only enhance short-term profitability but also bolster long-term financial health by ensuring a dealership's adaptability and relevance in the market.
The automotive industry is at a pivotal point with the rise of electric vehicles and changing consumer expectations. The enhancements to Mastermind technology by automotiveMastermind are set to address these industry-specific challenges. By providing dealers with sophisticated tools to analyze customer data and predict purchasing behavior, these enhancements could lead to a more streamlined and effective sales process, particularly for EVs, which have unique selling points and customer concerns compared to traditional combustion engine vehicles.
The ability to gain insights into customer behavior in the service drive and convert that into sales opportunities is a testament to the industry's innovation in customer relationship management. Dealers that adopt these advanced analytics capabilities may gain a competitive edge by being more agile and responsive to market shifts, such as the transition to electric mobility and the increasing importance of service-based customer interactions as a sales touchpoint.
Mastermind harnesses the power of predictive analytics to anticipate customer preferences, enabling dealers to redefine automotive retail sales by seamlessly blending data and intelligence with personalized insights. Building on these capabilities, the new enhancements will help dealers greatly improve their service-to-sales process by giving them an in-depth view of their service drive and help them understand which customers are most likely to buy an EV.
"In the year ahead, finding ways to maximize sales opportunities through the service drive and knowing how to effectively sell electric vehicles to the right customers are going to be two huge areas of growth and opportunity for dealers," said automotiveMastermind Chief Product Officer Aaron Baldwin. "Our new EV and Service Portfolio Mastermind enhancements will help dealers draw success from these areas by providing them with the insights they need to offer the right opportunity to the right buyer, improving sales effectiveness, enhancing customer experiences and increasing overall profitability."
EV Behavior Driver
Mastermind's EV Behavior Driver gives dealers insight into who is likely to purchase an EV and the factors motivating them to do so. The enhancement comes at a critical time in the automotive retail industry as brands are producing more EVs than ever, while consumer demand isn't keeping pace. Dealers need to better understand the propensity of a customer to purchase an EV, including how to sell the vehicle and who to sell it to. Through multiple data points, Mastermind can now score potential customers on how likely they are to buy an EV and provide dealers with personalized talking points for those who may be interested in one. These talking points will help dealers confidently discuss EVs with customers to successfully move that inventory off their lot.
Service Portfolio & Service Portfolio Insights
With digital retailing becoming more prevalent among consumers and people holding onto their vehicles longer, in-person touchpoints with salespeople on the showroom floor may decrease. This trend makes identifying in-person sales opportunities in the service drive critically important.
Mastermind's service-to-sales enhancements will give dealers access to new views in their service drive and complement existing automated service-to-sales features with new visualizations so they can take a proactive approach to selling from the drive.
Service enhancements include:
- Service Portfolio: A command center that provides a comprehensive view of dealers' service drives to find more service-to-sales opportunities. Dealers will find in-depth service and customer information in a centralized location so they can proactively identify, segment and prioritize service-to-sales leads. They can easily view upcoming and same-day appointments along with recently serviced customers to help them track individuals through their service experience. By combining that data with Mastermind's Behavior Prediction Score®, the Service Portfolio helps dealers prioritize the most important opportunities.
- Service Portfolio Insights: A business intelligence report of dealers' service drives that will help them better understand their service drive, identify trends and make decisions to improve sales performance from the drive.
Visit automotiveMastermind at booth #2927W at NADA Show to learn more about these enhancements and the Mastermind technology.
About automotiveMastermind
Founded in 2012, automotiveMastermind®, part of S&P Global Mobility, is the automotive industry's trusted data and technology provider, driving value through actionable intelligence and personalized experiences. The company's proprietary Mastermind solution uses the power of predictive analytics to enable retailers to connect with buyers and deliver an exceptional purchasing experience. Through a combination of behavioral predictive analytics, targeted marketing outreach and expert consulting, Mastermind empowers dealers and OEMs to deliver automotive retail sales by seamlessly blending data and intelligence with personalized insights. automotiveMastermind is headquartered in
About S&P Global Mobility
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
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SOURCE automotiveMastermind
FAQ
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