Predictive modeling, advanced analytics, and machine learning are all terms that have come into the collective marketing consciousness over the past decade or so. But the driving force behind all intelligent marketing decisions is data.
Data plays a primary role in the day-to-day operations of OEMs in the automotive industry. Insights from data analysis can provide OEMs with information on topics like supplier performance, manufacturing efficiency and profitability, delivery timelines, and marketing optimization. OEMs have long gathered valuable information relating to prospective customers by analyzing collected data. But with the increased use of cell phones, social media, mobile apps, cameras, and microphones, the sheer amount of data for the industry to analyze has risen exponentially in the last 20 years.
Big Data is a term that has evolved to refer to not just the amount of information gathered by companies but the sources and interrelationship between them. Depending on the industry and the method collected, a company could have information in the magnitude of zettabytes—or more—to analyze. Big Data has too much volume and complexity for typical data processing methods, such as programs run on desktops or traditional mainframes, and is processed by data mining, machine learning, statistical analysis, or data preparation software housed in a cloud-based system.
We have built the technology and infrastructure to support real-time data analysis at scale so that we can support any make, model, or geographic segment of the auto industry. Big data is only as powerful as the insight it provides—that's what we do,” says Rick Wainschel, VP of Data Science & Analytics for Cloud Theory.
How Big Data can be used by OEMs in Automotive Marketing
Using Big Data in automotive marketing has become a game-changer for OEMs. The abundance of data has led to more effective customer targeting and an improved procurement process, thanks to data-driven demand predictions. Decision-making has therefore become more data-oriented, enhancing overall efficiency.
Cloud Theory's data access is revolutionary in the automotive industry. We access instant insights that inform critical decisions with real-time market share data, and our platforms ingest billions of data points every day, including VIN-level supply and demand data for any geography within the US for every make, model, and trim. OEMs and their partner agencies can determine their supply and demand position in relation to competitors across the entire US market and use our proprietary data for marketing planning and efficiency by matching local in-market buyers with available inventory unlike ever before. With this data, we are fundamentally changing how businesses evaluate and act upon insights.
Through data analysis, OEMs can gain insights into existing customers, including their past purchases, online behavior, and demographics. This information enables marketers to strategically identify key target groups in prime locations that best match supply and demand and to optimize customer retention and conquest efforts. By harnessing data through Cloud Theory, OEMs can now precisely understand what customers want, fostering brand loyalty through trend analysis and identifying customer satisfaction methods. This enables the implementation of targeted communication strategies—tailoring offers and messages to specific customer segments and through optimized marketing channels. In addition to offering cutting-edge visualization tools that bring opportunities to life, it is crucial for OEMs to collaborate with a company that also offers activation capabilities to enhance and solve real-world marketing challenges. Cloud Theory does both.
Shown above: Cloud Theory digests billions of data points to enable real-time inventory share insights for OEMs in our Horizon platform.
If the last few years have taught us anything, data is only as good as the source, timeliness, and application of that data. In the fiercely competitive automotive industry, staying ahead necessitates utilizing data to drive marketing decisions effectively, efficiently, and in real-time. By tapping into Big Data’s power with Cloud Theory’s help, OEMs can strengthen their market presence and ensure sustainable growth.