The automotive industry is in the midst of multiple major transformations all happening at once. As consumer expectations continue to evolve, companies in the sector are finding it increasingly difficult to truly understand their customers’ needs and provide best-in-class experiences. To overcome this challenge, many companies are investing in digital capabilities, with a focus on data. By leveraging what they know (or can infer) about their customers, car companies can gain insights into their preferences and behaviors, and use this information to create personalized experiences that drive loyalty and recurring revenue, a key piece of the puzzle as automotive becomes more about the ongoing service-based relationship, and not just about driving the one-time vehicle sales.
A fundamental program that the boldest companies are implementing to achieve this goal is Customer View 360º. The idea is to provide a holistic view of each customer, accessible to multiple teams within the organization. Through customer data integration, companies can gain a deep understanding of their needs and wants, and use these inputs to tailor the experience en masse, thanks to MarTech technologies such as MDM, CRM and CDP.
With deep experience in aligning customer’s with business strategy, our Business Hacking Studio experts suggest this 5-point approach to make up a Customer View 360º:
Data lake construction
The fist step consists of centralizing all client-related information into a single repository that can be accessed by different users with varying degrees of permissions. By consolidating data from various sources, companies can gain a comprehensive, consolidated “golden record” view of each prospect and customer, and use this information to deliver digital products that both delight users, whilst optimizing for performance along the conversion funnel.
Single customer identification experience creation
The next logical step is to create a cross-market, omnichannel customer identification system that can be used by any team within the organization. By providing a consistent nomenclature across all regions and channels, companies can ensure that customers receive a seamless experience, regardless of how and where they interact with the company.
Customer support improvement
Companies are investing in technology infrastructure that enables them to solve customer needs faster and proactively, with shorter waiting times and an elevated customer support experience in both sales and after-sales. By leveraging data to understand customers’ interests and preferences, companies can provide more personalized, frictionless support.
1-to-1 personalized communication
This involves distributing relevant and timely information to customers, based on their behavior patterns and personal traits, as stored in the cross-organizational data lake. By providing customers with personalized content that anticipates their needs at any given point in their journey, companies can improve conversion rates along each step of the funnel, deepen customer engagement with its products and services, and ultimately drive loyalty towards the brand.
Companies are launching loyalty programs that are powered by artificial intelligence and personalized incentives. By offering gamified incentive schemes, companies encourage customers to increase their engagement with the brand, including the environmentally-responsible use of their products and services. These programs offer exclusive perks and benefits that keep customers interested in new product launches, thus paving the way for the critical repurchase phase.
“Embedding data into organizational culture is a key factor in successfully implementing Customer View 360º. To achieve this, companies must have processes that encourage employees to engage with data in a way that feels organic and natural, rather than mandated by top management. This can include incentives that reward employees for using data to improve their performance, as well as training programs that help employees understand the value of data and how to use it effectively.” – Alvaro Pujals, Studio Partner at Globant’s Business Hacking Studio
In conclusion, leading automotive companies are already embracing data as a pillar in their working culture, empowering employees with insights into customer behaviors and preferences. By leveraging data to create personalized experiences that not only meet but even exceed customers’ expectations, these companies are driving customer loyalty and revenue growth sustainably.
There is still a long way to go before the industry as a whole fully embraces a customer-centric approach to experience design. To achieve this, they will need to collaborate and share best practices with peers and disruptive new entrants, among other ecosystem players, working together to create truly seamless, frictionless customer experiences.