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 will be officially launched later next 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, the product provides never before seen insights, integrating car buyer profiles, their media consumption, demographic and detailed sales transaction data.
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 the new data offering will transform the automotive industry from being data poor to extremely data rich, with the more than 4.4 million data points, a game changer for the industry.
“Historically and through no fault of their own, 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 the industry a powerful new platform that will provide up 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.
“Our new offering 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 the new product offering, visit auto.greaterdata.com.au