- 27 Jul 2021 Author: Michael Johnson
In 2020, McKinsey estimated the global automotive aftermarket to be worth 740 billion USD, predicting growth to 2.7 trillion USD by 2030. A key reason for this prediction is the increased prevalence of technology built into modern vehicles. From navigation software and entertainment systems, to radar, LED lighting, and even car seat massagers, consumers have never had more opportunities to spend a bit extra on their purchase to kit it out with add-ons and upgrade≥
This leaves car dealerships with an important question: how can we best capitalise on this trend to earn more from our aftermarket sales and support?
In this article, we’ll outline how business intelligence tools can help you earn more aftermarket sales.
Empower your aftermarket team with the right technology
No matter how skilled a person is as a professional, having the right tools at their fingertips makes all the difference in terms of quality of output and achieving KPIs. This is especially true of your aftermarket sales team, as they rely on accurate and comprehensive customer data from other areas of the business to engage customers effectively.
If a recent customer gets a call for some fancy new upgrades, but the salesperson on the other end of the line has all the wrong information and doesn’t even know the vehicle’s existing setup, they’re not going to be very convincing. On the other hand, if that salesperson is armed with real-time data from every engagement with that customer, including notes from the initial conversation about aspirations and personality type, it would be a very different story. They’d be able to create a tailored aftermarket product package that aligns with the needs, wants, and budget of that customer – and that’s before they even pick up the phone.
Let’s take a closer look at the type of technology we’re talking about.
Maximise value from customer data with a business intelligence platform
If you aren’t familiar with the term, business intelligence typically refers to the gathering, analysis and visualisation of business data. With the right tools, you can use behavioural and transactional data from across your customers’ lifecycles to identify trends, patterns and opportunities for future sales engagements. A business intelligence tool like SalesLogs additionally serves as the single source of truth for data from all departments, so you don’t have to worry about information silos, duplicate entries or errors.
Stay Competitive With Automotive Business Intelligence
Track sales performance to address weak spots
Sales performance tracking is essential to know how team members are faring and whether any particular aftermarket salesperson needs support. While you could track sales performance the old-fashioned way, with spreadsheets and cut-out leaderboards, it’s far more useful and accurate to invest in a technology platform like SalesLogs that lets the numbers speak for themselves.
Close more sales with intelligent pricing
Intelligent pricing refers to a data-driven pricing strategy that adapts to the customer based on a variety of customer characteristics, such as purchasing behaviour, location and temperament, as well as traditional factors like supply and demand. Intelligent pricing uses an algorithm to set prices in real-time, ensuring that each customer is given the most appropriate prices for their situation. To implement intelligent pricing effectively, auto dealerships will need an automotive business intelligence tool like SalesLogs that receives data feeds from every department and customer touchpoint.
If you’d like to see how an automotive business intelligence platform like SalesLogs can help maximise aftermarket sales in your organisation, click the button below to book a demo.
