Mastermind was founded in 2012 by auto dealership veterans who took note of the disruption led in other industries by data-driven companies that were constantly learning more about their customers, so they could better meet their needs. Market EyeQ grew out of some key insights we had then: there are patterns in automotive consumer buying behavior, data reveals how people make decisions and analyzing those patterns and that data can predict what consumers are likely to do in the future.
These concepts aren’t necessarily new, but in recent years they’ve upended entire industries. Just as the new tech giants used consumer behavior analysis and predictive marketing to win upstart battles against formerly-dominant brands like Blockbuster and Barnes & Noble, dealers who embrace these concepts are positioned to make huge marketplace gains before the rest of the industry catches up – if they’re still around to do so.
Mastermind always wanted to bring full-market view to dealerships without limiting that audience to retention customers only. Thanks to data shared through parent company IHS Markit and sister company Carfax, the ability to view your market holistically is now possible for retention, service-not-sold, and conquest customers.
In practice, it means organizing sales and marketing functions around a sales platform that eliminates artificial barriers between traditional customer categories and replaces that segmentation of customer types with a holistic view of one single, enormous prospect pool in your local market.
This allows dealers to consider every potential buyer in their market as a prospect. Obviously, in the past, it wouldn’t have been efficient or effective to take this approach – if you wanted to communicate with your entire market, you can use a generic spray and pray approach. But today, that process is automated and highly personalized by Market EyeQ’s combination of unique proprietary data sets and its integration of dealers’ own internal records.
Taking the entire market into consideration, a predictive behavior scoring system of 0-100 continually presents dealers with the ability to work from the top down, starting with the most likely consumers to buy at that particular time and then moving on to the “next best” in an orderly and data-driven fashion.
While the technology might be cutting-edge, the concepts behind how it empowers sales teams build on lessons dealership staff learn on their first day on the job: The more you know about your customers, the better your chance of selling them a car and building a long-term relationship. The customer wants to feel like you know them and care about them. Sometimes, a timely incentive offer gets someone to make a purchase they weren’t intending to make for awhile yet.
Market EyeQ builds on those “first day” truths, gathering and analyzing data and presenting it to marketing teams in such a way that the right consumers are getting the right message at the right time to drive them to the dealership. It also gives sales and F&I teams not only the relevant information they need to build a meaningful connection with the consumer but also provides suggestions for key sales points that are most likely to move their purchase intent and customized term sheets to close the deal.
Critically, Market EyeQ is also integrating data from our partnership with TransUnion to factor consumers’ finance capabilities into its scoring of consumers. This goes beyond a simple soft credit pull to include tradelines from credit reports, letting dealers view a households’ existing monthly payments, their remaining payments, credit score range, and how much they’re likely to spend on their next car purchase. With the automotive finance marketplace in a state of evolution, dealers know that intent to purchase and ability to purchase aren’t always the same thing and how to factor that into what and how to sell their customers.
It’s no longer enough to “spray and pray” neighborhoods or broad demographics with marketing materials and then hope the right people show up at the dealership, any more than it was enough for traditional bookstores and movie rental houses to keep doing business the same way when faced with data-driven, customer-centric competitors.
Faced with a flattening marketplace, evolving product mix and generational shifts among customers, auto dealers are often concerned about what the future may hold. Market EyeQ is a guide into that future, positioning you not just for survival but for leadership in this new era.
Are you ready to evolve the way your dealership views and communicates with your market? Contact us to set up a demo today.