Customer loyalty strategies are one of the most effective ways for maintenance and warranty service providers to improve customer retention, and boost new customer acquisition. However, customer loyalty in the automotive industry hasn’t always been easy to gain, with a myriad of brands and offerings that often leave the customer muddled.
Add to that the low purchase frequency and high-value decisions, linked with buying a car or getting it repaired, service providers often deal with limited time windows to engage with their customers. This makes it difficult to collect reliable data on vehicles, preferences, driving habits and more, which stand in the way of personalized and high-value loyalty programs that customers expect.
Strengthening Customer Experience With Real-Time Vehicle Data
Connected vehicle data tackles this issue with great ease, and allows for more sophisticated vehicle management and customer-charming initiatives by the service providers. With modern connected vehicles generating 1-2 TB of raw data per car, per day, there lies a huge potential to improve engagement with customers by means of rewards and more.
By collecting and analyzing consented mobility data, in exchange of new and rewarding offerings, service providers can conveniently facilitate unique brand experience, extended exposure and customer loyalty.
For instance, maintenance and warranty service providers could offer their customers with special treatment, hassle-free commutes, home pick-up, complimentary products/services, invites to exclusive events and much more, leading up to opportunities for cross-selling, continued brand-customer engagement and extended customer lifetime.
Bilateral Advantages That Lead to Smoother Customer Journey
Connected vehicles, and their underlying technologies, make it easier for maintenance and warranty service providers to manage the mutual exchange of valuable data. By enabling the service providers to leverage this data in real-time, connected vehicle technology makes way for new and innovative customer loyalty programs, targeted at strengthening brand image.
Here are some advantages of loyalty programs curated on the same approach, for both customers and the service providers:
- Overview of Customer Profile
Observe, analyze and better understand your customer’s behaviors in real-time. Identify customer preferences, interests and respond to customer needs proactively, to reward them with more fulfilling driving experiences.
- Increase Customer Lifetime Value
Keep your customers engaged with your brand – purchasing relevant products and services – through value-based engagements, powered by analyzing vehicle data. Identify upselling and cross-selling opportunities to build long-lasting relationships, while increasing operational efficiencies.
- Streamline Marketing Activities
Create more relevant messaging, targeted to specific customer segments that’d benefit the most, to obtain improved results and margins. Further, data offers a peek to improve buyer journey by augmenting existing touch points to reinforce brand recall, and adding new ones.
- Customized User Experience
Deliver individualized, data-led and timely interactions to the customer, based on both historical and real-time data concerning their vehicle usage. Create personalized ads and promotions, across different channels, targeted at charming customers as soon as they start their research for a new product/service.
- Support Innovation
Inspire data-led product innovation and new features, based on connected vehicle parameters, accurate customer behavior and AI-driven analytics. Offer exclusive benefits that customers can’t find anywhere else, early access and smart value that retains customers and rewards them on desired behaviors/actions.
- Incentivize New Customer Acquisition
Gain new customers through advocates, referrals, and influencers. Reward existing customers for successful on boarding of referred contacts with discounts and offers. Also, offer yearly discounts on maintenance services, purchase of new products as well as on other transactions.
Extend a Rewarding Experience to Your Customers with CerebrumX
Powered by CerebrumX’s range of advanced solutions, offering exciting loyalty programs to your customers is as easy as thinking about it. Take advantage of our AI-powered Augmented Deep Learning Platform (ADLP) to unlock the true value of connected vehicle data and gain predictive insights that’ll enable you to expand your product portfolio. What’s more, you don’t require to deploy complex infrastructure and can leverage your existing networks to ensure that your customers don’t drift away from your brand.
CerebrumX believes in total consumer privacy and transparency when it comes to analyzing their sensitive data. To ensure complete trust and uninterrupted business operations, we enable you to give the power back to the customers by letting them grant, revoke or edit consents easily, with our white label platform, CerebrumX Secure Consent.
For more information regarding connected vehicle data and the evolving ecosystem around it, Contact us or reach out to our experts.