Data ‘Ups’ 101: How You Can Monetize Your Data & Understand the ROI of Your CDP 

The concept of ‘Ups’ is an old one in automotive, literally referring to when one would get up out of their chair to greet a customer who walked into the showroom. Over the last few decades, the concept has stretched beyond Showroom ‘Ups’ to include other kinds of ‘Ups,’ like Phone ‘Ups’ and Internet ‘Ups,’ embracing the changing times that have brought with them additional ways a customer might reach out and engage the dealership. 

In all of these ‘Ups,’ the shopper is actively raising their hand and requesting that the dealer engage them directly. This reactive method of shopper engagement has been the standard in automotive for decades, but in today’s age of data connectivity, a new kind of proactive ‘Up’ has surfaced. This new ‘Up’ is powerful enough to completely transform the way dealers do business and enable them to tap into a stream of revenue that is just waiting to be found. 

Introducing the Data ‘Up.’  

There are hundreds of thousands of shopper data points gathered at your dealership every day. These data points, when brought together through a Customer Data Platform (CDP), paint the story of each individual shoppers’ journey with your dealership. They can show what vehicles a shopper is interested in, which marketing emails they have opened, ads they have clicked on, website pages they have browsed, and more. 

Now, typically at a dealership, the sales team or the BDC will only engage with active leads. That means they are only speaking with shoppers who have submitted a form on the website, picked up the phone to call you, or visited your showroom. But what about all of the other shoppers who are spending significant time exploring your offerings? 

That is where the Data ‘Up’ comes into play. 

Your first-party data is a literal goldmine of opportunities – as long as you can spot them. A Data ‘Up’ is all about taking the initiative to connect with potential customers who are engaging with your dealership, even if they haven’t formally raised their hand by submitting out a lead. Instead of just waiting for folks to walk into the dealership or give you a call, this friendly approach allows you to actively engage with them where they are, tapping into their interest before they even raise their hand!

So, how does it work? 

Getting started with a Data ‘Ups’ strategy all begins with data connectivity because, in order to spot your opportunities, you need to be able to access and sort through your data. Customer Data Platforms unify disconnected dealership data, bringing together all of the data into one place to offer dealers a clean, actionable data set. 

In addition to the unifying capabilities, CDPs offer tools that allow dealers to segment their shoppers into audiences based on hyper specific criteria. This is where the magic of Data ‘Ups’ is made. When you can take your entire database of shoppers and break them down into hyper-specific groups, you can easily identify high-intent opportunities that are hiding beneath the surface.  

Think about it like this:

A shopper, let’s call her Tina, visits your website. She looks at 2 VDPs and submits a lead. Your BDC will instantly engage with her by calling to see if she would be interested in coming in for a test drive. Tina actively raised her hand and asked to be engaged. 

Now consider Max. Max visited your website and browsed 10 VDPs. He also opened 5 marketing emails in the last 60 days and clicked on an ad for a specific vehicle which brought him back to your website where he spoke with your chatbot, but did not submit a lead. Max is a major opportunity that will go unnoticed without a Data ‘Ups’ strategy in place at your dealership. 

By leveraging a CDP with powerful filtering tools, you can slice and dice your data to identify opportunities like Max, turning your data into literal dollars by simply engaging those leads directly. 

It’s all about building the right audience. 

With your CDP, you can get creative with your audience building to create highly-specific segments and lists to engage with a Data ‘Ups’ strategy. Let’s take a look at a couple of examples of the segments you can build using your CDP: 

• Shoppers with a positive equity position with recent VDP activity:
  • Shoppers with at least $2000 of equity in their current vehicle 
  • Visited your website in the last 60 days 
  • Viewed at least 3 VDPs
  • Hasn’t made a purchase in at least 12 months.
    
• Shoppers with a high monthly payment who engaged with your website recently:
  • Made a purchase at your dealership in the last 2-5 years 
  • Has a monthly payment of $700 or more
  • Visited your website in the last 120 days.
    
• Shoppers who have a lease set to mature soon and engaged with your marketing:
  • Shoppers with a payment type marked as Lease 
  • Have 1-5 monthly payments left 
  • Engaged with at least 1 ad in the last 30 days.

All of these lists and segments have one thing in common: the shopper has never submitted a lead, but has actively engaged with your dealership recently. All of these lists offer your dealership tremendous opportunities to engage your shoppers and proactively bring them into your dealership to explore their next purchase. 

Data monetization is as easy as C-D-P. 

A CDP offers dealerships full and complete access to their data and provides the tools they need to activate it. Data ‘Ups’ are a powerful tool that can help dealers identify new opportunities to make a sale that would have otherwise been missed. With a CDP in place at your dealership, you can build detailed, targeted lists of clear, in-market opportunities who actually want to be spoken to about buying a vehicle, offering your team the chance to reach out and engage your shoppers to bring that opportunity over the finish line. 

Fullpath’s Customer Data Platform is designed to make dealership data usable and actionable. By offering tools like Fullpath’s custom audience builder, dealers are given the ability to create these opportunity-based audiences with powerful and highly-specific filtering options. Fullpath’s CDP also offers dealer pre-generated audiences, making it easy to spot opportunities and take action. Click here to learn more about Data ‘Ups’ and Fullpath’s CDP, and to schedule a personalized demo for your dealership.