Digital transformation in the automobile industry has resulted in several innovations that are fueled by data insights. The Internet of Things and connected cars have driven capabilities such as remote car starts, guidance capability with voice assistant such as Google or Siri, geo-fencing and more. It’s predicted that by 2020, 98% of vehicles on the road will have connected car technologies within them. For example, several automobile manufacturers are leveraging connected vehicle technology to help track the ‘health condition’ of a car. When the vehicle is started, data is collected and transferred and then provides status updates on things like; brakes, oil life, tire pressure and more. That information triggers a status update communication that is sent to the vehicle owner along with a personalized service reminder. Because of the connected car data, automobile manufacturers can deliver personalized service notifications based on the true health needs of the vehicle.
The availability of connected data has become far more prevalent and it will continue to help auto manufacturers develop deeper connections with their existing customers.
The benefits of third-party data
Adds relevancy: Third-party data adds relevancy to marketer’s campaigns and programs by helping to uncover a consumer’s auto preference. Epsilon’s consumer file TotalSource Plus houses multiple auto data assets (year, make, model, last service, etc.) and when combined with connected car data, the insights become a reality – a marketing powerhouse. From leveraging combined data insights, propensity models are built from proprietary survey responses to fully understand the auto consumer and to achieve a 360-degree view. The results yielded provide ideas/strategies on how to win back consumers and so much more.
Enhances promotion: When third-party data is integrated into the connected car data intelligence, insights are gleaned and promotional ideas are generated. The promotions – the campaigns – shift from ‘general’ to personalized. Consider building look-alike models leveraging ideal customers from an audience in your data management platform and run an addressable TV campaign with personalized creative for conquesting. These integration efforts provide marketers with the ammunition to craft highly personalized messages to each individual segment.
Increases scalability: With the integration of third-party data, economies of scale increase. In addition to increased data (and relevancy), it’s important to familiarize yourself with the various technology options and people to help (specialized data experts). Partnering with a data provider who can manage your third-party data needs is a strategic decision marketers are making.
So as you continue to turn data into insights, be transparent with your needs. Focus on your goals and set your aspirations high in order to kick your marketing strategies into high gear.