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How to reduce time in providing accurate dealer analytics

7 minute read

How to reduce time in providing accurate dealer analytics

Data is one of the most important factors of a successful dealership. However, it's important to have high-quality, actionable dealer analytics that help drive success. Data-driven dealerships will have insight into what buyers want and better position themselves to drive more sales.

Even with the right data, consider how long it takes for your dealership to get an accurate, real-time snapshot of your data. It should take less than a minute to make the most of the data you gather. This is why you need to take steps to increase the efficiency of accurate dealership data collection.

The following is a guide to dealer analytics and how to shorten the time it takes to collect accurate data.

Metrics that dealerships should easily see

There are multiple metrics that dealerships will want to easily view as they attempt to gauge their performance. These include:

1. Real-time snapshot of sales for the week, month, and year

Dealerships should be able to see sales numbers for a given week, month, or year. This will help them keep track of their sales against their targets. They'll also be able to compare previous sales periods with current ones, giving them insight into the organisation's progress. From there, dealerships can determine what they'll need to do to improve performance and meet their goals.

2. Staff performance leaderboards

Another important dealer analytics insight is top-performing salespeople. You can track the performance of each member of your sales team with the help of a digital leaderboard that updates in real time with each sale and other individual metrics. This gives both leadership and sales staff the ability to clearly view and compare performance across the team. Based on this data, employees can determine how to improve their own performance. Also, leadership can focus on employees who underperform to provide additional training and more.

3. Best performing vehicles

Dealerships also need to be able to see which vehicles are the most popular among their customers. Based on this data, a dealership can launch ad and marketing campaigns around these vehicles when they're trending, which can drive even more sales. In addition, dealerships should find out which vehicles aren't selling as well, which can help them determine whether to phase them out from their inventory or focus more on marketing these to gain exposure for them.

4. Aftermarket sales

A successful dealership will need to sell more than vehicles to maximise profitability. Aftermarket sales are equally important. This is why dealerships should be able to find out which aftermarket items are making the most and least sales. These items may include everything from window tints and paint protection to touchscreens, Bluetooth, and other vehicle upgrades. Having this information can help guide marketing and sales efforts to increase aftermarket sales among existing customers.

The benefits of business intelligence for car dealers

Tracking the right metrics is crucial, but you also need to make sure data is consistently accurate and efficiently collected. You can do so with business intelligence and analytics for car dealers using a platform like SalesLogs. The following are some of the specific benefits of incorporating automotive business intelligence when it comes to data collection and presentation.

1. Data accuracy

A reliable business intelligence platform will maintain the accuracy of data gathered, which helps minimise the risk of error when analysing it. As a result, you won't wind up developing plans and completing actions based on the wrong or outdated data. You'll only see what's relevant to your business and the data that can help effectively guide your marketing and sales efforts.

2. Real-time reporting

To get the most from the data collected, you need to be able to access real-time reporting. This will present all of the information you need in a digestible format that gives you clear insight into performance. As soon as you need a report, you should be able to access it in a comprehensive report that includes all pertinent metrics with consistent accuracy. The ideal business intelligence solution will fulfil this need.

3. Accessibility

Business intelligence should also be accessible to all key team members. A platform such as SalesLogs offers ease of accessibility with the ability for employees to access the platform remotely anytime, anywhere. Additionally, leadership can determine precisely who has access to the platform and certain types of data. For instance, you can share data based on each user's role and set the appropriate permissions for them. Not all teams will need access to all of the data in your system, so you should have a platform that makes it easy to customise accessibility and permissions.

4. Automatic reports and notifications

Real-time reporting is integral to your dealership analytics process, but so is the automation of reporting. You shouldn't have to manually generate a report to keep you updated. Instead, use a platform like SalesLogs to automatically pull up reports and notify employees as needed. You can set up dealer analytics reports at regular intervals, enable notifications whenever a salesperson closes a sale, and more.

Increase efficiency with the help of dependable automotive business intelligence

Having accurate dealer analytics at your fingertips on a regular basis will help keep your dealership ahead in a number of ways. With access to the data you need when you need it, you'll increase the efficiency of your performance improvement efforts and proactively handle certain issues. By incorporating SalesLogs, you'll get everything you need in a single comprehensive platform that's easy to use and highly customisable.

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Two extremely helpful tools when dealing with sales datasets are Summary Tiles and Views.

In Part 2 of our 3 part series, learn how SalesLogs is providing Dealers globally greater visibility to their entire Sales Operation. With their industry leadi...

Someone once told me that I could sell “Ice to an Eskimo“… referring to our earlier product as something that the end user should be able to do by themselves.

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