Car manufacturers and dealerships will no longer have to rely on guess work when it comes to the car buying behaviours of Australian consumers, with the launch of a first-of-its kind data product designed specifically for the automotive industry.
The product, called Green Light Powered by Greater Data, will be officially launched this month by leading Australian data analytics company, Greater Data, and is touted to turn the automotive sales industry on its head.
Six months in the making, Green Light provides never before seen insights, integrating car buyer profiles, their media consumption, demographic and detailed sales transaction data.
It is built from an aggregation of industry and market data, based on a large proportion of Australian new and used vehicle sales from 2014 – 2019.
From this data, manufacturers and dealerships can find out profile information for purchasers of a specific car brand, purchasers of a competing car brand and the number of potential purchasers of specific vehicles in their primary market area, plus a whole lot more.
The product has a number of key components, including target market profiling identifying the common traits of specific vehicle owners and a geo location heat map which identifies where specific customers are located, what vehicle types are most commonly sold and where competitor customers are located.
Currently, manufacturers and dealerships rely heavily on sample surveys and assumptions on raw data when it comes to understanding where their customers are based and what influences and informs their decisions.
Often, sales data is held at a store or franchise level, with strategic and marketing decisions made at the corporate level and based on secondary, third or fourth party purchased data and insights.
Greater Data CEO and founder, Georgie Brooke, said Green Light will transform the automotive industry from being data poor to extremely data rich, with the product’s more than 4.4 million data points a game changer for the industry.
“Traditionally, the automotive industry has been relatively data poor when compared to other sectors, like finance or FMCG who were quick to embrace the power that can be achieved from comprehensive data sets,” he said.
“However, we are determined to turn this situation on its head by offering this data-poor industry a powerful new platform that will provide to the minute unique insights into purchasing behaviours and enable the industry to better identify and connect with their consumers,” he said.
The new product comes at a critical time for the Australian automotive industry, which over the last two years has experienced a sharp decline.
According to the latest data from the Federal Chamber of Automotive Industries, new car sales for April were only 75,550, versus the 82,930 in April 2018.
This illustrates a decline of about 9 per cent in new car sales for April and 8 per cent for the year to date.
“Green Light is much needed for an industry that is expected to experience quite a bumpy road over the next few years and the most difficult trading conditions in almost a decade,” said Mr Brooke.
“This product will drive the future development of vehicles and the way they are sold, connecting brands with consumers like never before.”
For more information on Green Light, visit https://www.greenlight.auto/