State-of-the art ways of improving auto dealer performance by using internal data

As a consequence, a new breed of automated predictive analysis is in the ascendency which can make sense of the “white noise” of unstructured ”voice of customer” data not otherwise adequately captured, let alone understood.

Examples include complaints, reviews, web behaviour, social media and call centre data not captured by formal/structured research techniques. The software then links this to purchase behaviour and identifies which customer signals are driving this. As a result, far more meaningful and actionable key performance indicators are generated.

He said: “This can result in some surprising insights. For example, one project for a luxury automotive company found that some serious failure issues had surprisingly little impact on loyalty and advocacy, whereas seemingly minor ones did. For example, a faulty fuel cap actuator created a general and disproportionate impression of poor attention to detail and quality, at odds with customers’ brand expectations.

“This is just one of many examples of luxury brands, commanding high emotional brand engagement and self-identification from their customers, being able to  maintain loyalty and brand advocacy for some time, despite poor quality and/or service  experiences which, when judged objectively, would be expected to damage the brand in a more immediate timeframe.”

Pilot & adopt

For auto finance lenders who want to improve customer experience and drive demonstrable results more cost-effectively, there are new technologies and offerings out there to pilot and adopt.

One such example is PrediCX from Warwick Analytics which is based on technology spun out of The University of Warwick. Its proprietary algorithms are able to take heterogeneous and unstructured data, such as voice of customer data, without cleansing and then automatically generate and continuously update the key performance indicators which drive real results.

This provides either an aggregated view (ie, identifying the overall topics, issues and actions) which drive performance, or a customer/customer segment point of view, (ie, providing customer service agents, communication engines and websites with an automated personalised view and next best action recommendations).

From the customers’ point of view, they are being dealt with in a way which enhances their individual customer experience in the most personally relevant way. This in turn can reduce process friction and cost to serve, enabling customer experience to be improved while also reducing customer service costs.

Hear Dan Somers CEO of Warwick Analytics update delegates on the latest ways of using data to improve auto dealer performance at the International Auto Finance Network conference at the Hilton London Bridge on 23 May.

You can book your place by completing the form below.

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