Where do you start looking for these signals? The following are key insights into your systems through Big Data that can illuminate these signals:
- Your top performing CTAs on your website
- Sales processes to improve, remove and exploit
- Most effective follow-up subject for lost leads
- The top converting lead sources for my website
- Online lead sources that are on the rise and which are on the decline
- What do my best Finance managers do differently on their deals that my worst managers don’t do
- What marketing campaigns are the best
- What marketing campaigns are the worst
- What activities do my best sales staff do that my worst sales staff do not
Big Data Can Predict these Signals about the Future
- How much revenue you will make from your next campaign?
- What is the most effective call to action on our website for New vehicle lead generation? What’s the most effective for Pre-owned lead generation?
- If I remove a lead source for online traffic generation and put it into another bucket how much more traffic, leads and revenue will I generate?
- If I change processes to emulate my top sales staff, how many more sales will be generated from the process?
- What level of inventory is needed to meet our current demand; if we increase more advertising, how many more vehicles for our used lot will we need to maximize the increase in marketing dollars? Do I need more or less inventory?
Big Data Preparedness ChecklistWhen you are ready to move forward this is a key list you or any vendor you select will immediately ask for. This is your Data Source List. You can only identify the key conversion signals and make prediction on the data you have - no more no less – so make sure you know where it all is located.
You should go through the exercise of identifying the data that is available to you across your dealership’s ecosystem. This is very valuable homework that will allow you to know what you have and don’t have.