Data Science

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Making predictions is really hard, especially if it is about the future

 – [Niels Bohr / Yogi Berra / old Danish proverb]

Competitive Analytics: Why is it important?

Actionable intelligence about shoppers ready to buy.

Autometrics data reveals actionable intelligence up to six weeks before new car shoppers purchase a vehicle.  The data is a real-time census of the number of people in market for every make and model, at DMA level, including all competitors.

Using Autometrics Shopper data transforms the ability to understand the competitive landscape, and for the first time, enables timely and less wasteful marketing and incentive actions. For example, a key application of Autometrics Shopper data is to determine whether the focus should be on generating additional shoppers, if there aren’t enough to meet the sales targets, or, on converting existing shoppers into customers, or both.

Attracting more shoppers

Often clients find there aren’t enough Shoppers in market for their vehicles, and they need to focus on generating additional Shoppers through advertising and promotion activities.  Clients use Autometrics data to reveal whether the volume of Shoppers is sufficient, based on seasonal sales conversion rates, to hit expected sales targets for the month ahead, and where any gaps exists, by region and DMA.

Further, the success of marketing actions are revealed in days (and sometimes overnight) by their impact on Share of Shoppers – this enables adjustments to be made faster.  Equally, all competitor marketing campaigns can similarly be tracked to measure their impact on shopping demand.  And further still, historical analysis of prior campaigns tells clients what actions have worked in the past, again at regional and DMA level.

Converting more shoppers into buyers

The relationship between Shopper data and Retail Sales is vital for automakers to track and understand, on a daily basis.  Often clients find there are enough shoppers in market, and the challenge instead becomes converting them into customers. Autometrics enables the optimization of incentives and tactical marketing budgets by only allocating dollars to regions and markets where incentives are needed.

Further, clients use Autometrics data to respond immediately to competitive actions that will have a negative effect on their shopper to sales conversion rate, and minimize the effect on future sales.  A simple glance at a daily Autometrics Share of Shopper report reveals exactly what competitive challenges are gaining momentum, and where.