Understanding Automotive Data: Why You Can't Always Rely On First-Party Data
Authenticom
Authenticom offers robust data management solutions, handling 10M+ daily records for 12,500+ dealerships.
?As an automotive dealership, you have access to a wealth of information from customer and vehicle data to service and parts data – and you probably have a lot of people (both online and off) telling you how valuable that data is.?
While true, it takes more than accessing customer data to survive and thrive in such a competitive market.?
The key is activation and syndication.?
The two powerhouses that allow you to benefit from your data and actually move the needle forward in your business.?
In this article, we’ll discuss the importance of quality data and why you can’t rely on first-party data alone to keep a successful business running smoothly.?
What is first-party data??
First-party data comes directly from your customers and dealership and is usually stored in your CRM or DMS.?
These databases are often the beginning of your marketing journey. Still, much more needs to happen to the data for your marketing campaigns, trend spotting, or decision-making to be effective.?
While first-party data can cover customer information, purchases, maintenance history, website clicks, and communication preferences, it comes with a risk.?
Data stored in a CRM or DMS can become outdated, leading to false records, dead-end leads, and poor marketing outcomes.?
How third-party data improves performance.
When you work with a data syndication tool like DealerVault, you can send your DMS data directly to thousands of third-party vendors.?
These vendors often layer third-party data to unlock a deeper understanding of your customers locally and within the wider market. For example, Inmar Intelligence uses DealerVault to bypass DMSs and easily access dealership data. They then take that data, infuse it with intelligence layers, and run it through algorithms to segment it. They also layer it with their own customer shopping data.?
This allows them to offer personalized marketing campaigns based on customer or location, pulling from both the dealership data and their own wider datasets.?
Why data syndication is your key to success.
Keeping your data locked away in your DMS doesn’t allow you to personalize your marketing efforts, and integrating with vendors becomes a hassle.?
Instead, with the right data syndication tool, you can easily connect with thousands of vendors and create tailored data feeds.?
To tap into the benefits of working with vendors, such as predictive marketing technology, customer segmentation, and paid marketing, you’ll first need to provide them with your data in a fast, reliable, and structured way.?
Data syndication allows you to:?
Why choose DealerVault??
DealerVault is backed by Authenticom, the leading data syndication company trusted by thousands of dealerships worldwide.?
Along with seamless setup and excellent customer service, DealerVault allows you to tap into your valuable DMS data and share it with your selected partners, tailoring data feeds as you see fit. DealerVault makes it easy to:?
In conclusion, relying on your first-party data alone is risky. Forward-thinking automotive dealerships that integrate and activate their data will end up miles ahead of their competitors, who choose not to do so. With the right tools, your data becomes a tangible asset, helping you optimize your marketing and reach higher business goals.?
If you’re interested in learning more from a trusted data syndication source, get in touch today to book your free introductory call and demo. This article was brought to you by Authenticom, the business behind the automotive business.?