There is a growing trend in the automotive industry to put every bit of data possible into a dashboard. This is to be expected; there are so many data points available to car dealers that it’s a full-time job keeping up with it all. However, dashboards only solve one of the problems (and the smaller one at that).
There are two problems facing dealers. Dashboards handle one of them, namely the ever-expanding presence of KPI reports, consumer intelligence briefs, and analytics data coming from vendors, OEMs, and outside number crunchers. A manager at a dealership will never run out of reports to read if that’s something they enjoy. Unfortunately, most do not have the time nor desire to check through all of their reports in a meaningful manner, particularly when it comes to combining the data.
Dashboards can make it easier to organize the data. They do nothing to make them actionable. Sure, a dealer can see some interesting trends on a dashboard that allows them to make certain decisions, but do not give the proper analysis necessary to let the data be a strategic guiding force for their entire marketing and advertising strategy. This is where business intelligence comes into play.
Business intelligence is an old science that has been helped in the last two decades by the exponential increase in data parsing and analysis. We can see deeper into the number than ever before and technology allows us to make sense of it all. This is something that a basic dashboard cannot do.
Automotive analysis and consultation firm String Automotive calls it “Dealership Intelligence”. Unlike the broad. general ideas that guide standard business intelligence, the automotive industry has unique traits that make companies like String so necessary.
They do not provide a basic dashboard. Instead, their Dealer Positioning System combined with their Market Guidance Calls empowers dealers with a resource designed to pull in all of the data, organize it, analyze it, and draw conclusions based upon how to advertise to the right people the right way. They don’t just look at cities or metro areas. They break it down by zip code and point dealers towards the methods and messaging that will yield the best results for all of the diverse areas within the cities.
It starts with gathering the data, but it doesn’t end there. Through proper dealership intelligence and analysis, dealers can increase the effectiveness of their advertising spends and efforts.