Data providers must work with third parties to deliver a joined up service which better benefits both dealers and customers, according to CAP's Philip Nothard.
Nothard, Black Book editor and retail & consumer specialist, will lead a masterclass session which forms part of this year’s AM Digital Dealer Conference at Silverstone NN12 8TN on September 15 where he will deliver clarity on how to manage the sheer volume of data available both at the hands of dealers and from providers.
He said: “The amount of data available to dealers can be so overwhelming it becomes almost impossible to apply it intelligently to the business to have an impact.
"Data needs to be handled in chunks and then delivered in an accessible way to the appropriate people in the business so that it becomes meaningful and useful.
"The general manager, for example, may want a top line overall view.
"The sales manager may want to know how well a certain model of vehicle has performed over the past three months and not just the current book price in order to make a decision if it matches their stock profile and more importantly will return the required level of profit – through either trade or retail.’’
“As data providers, the onus is on us to provide that information in a way that’s relevant for different people in the business. Once the figures are contextualised, not only does the sales team have a better understanding of the market and current influences, but it provides the information a sales executive needs to better communicate with a customer.
"For example, if a customer has a price expectation for the part-exchange, explaining how this particular model has depreciated over the past few months, there are several of the same model coming onto the used car market which is further impacting the value as well as the cost to the dealer to market the part-exchange vehicle and undertake a multi-point check and valet before it can be put up for sale, is far more meaningful and more likely to achieve the required outcome than the usual stand-off between the two.
“Furthermore, data providers need to be communicating with different strands of the industry including insurance companies to ensure all information comes together to create a more accurate picture so all partices can provide more informed feedback to customers.
"For example, both the customer and the dealer need to understand when a car is written off, how the insurance company has calculated the value for replacement.”
Data suppliers need to supply accessible information which is meaningful and leads to tangible action and dealers need to use those figures intelligently, Nothard said.
The session reflects one of the conference’s central themes – the amount of data available and how to better apply it to the business in order for it to have an impact. The conference also explores the importance of content and how it should be viewed in tandem with data and analytics as well as the customer experience both on and off-line.
Tickets are only available to dealers and vehicle manufacturers.
Book your place: Please contact Emma-Louise Kinnaird on 01733 395133, email emma-louise.kinnaird@bauermedia.co.uk
Event website: www.amdigitaldealer.co.uk
Supplier exhibition: Suppliers wishing to exhibit please email sheryl.graham@bauermedia.co.uk or call 01733 366467.
Login to comment
Comments
No comments have been made yet.