“Dealers need a technology that can ‘capture’ and ‘track’ the success of sales and marketing initiatives at the actual transactional revenue level,” says Vangell. NcompassTrac’s Loyalty Rewards Program (LRP) is tailored with the fabric of such technology. With LRP, minute mapped demographics of customers, distances, and frequency are made accessible from the cloud, in both browser based and mobile ready format. It is like a bright spot in an overly competitive landscape of automotive, as brands can now shear the spikes in the rate of consumer defection.
Fight to Stay Relevant is On
For decades, the Big Three automobile manufacturers dominated the American auto industry. People with General Motors, Ford or Chrysler in their garages were envied and rests of the brands were placed in the “other” category. However, their dominance in the market today has eclipsed by various international brands—marking the beginning of a fierce competition where just a logo will not suffice to lure customers. With cars holding more computer chips and lines of software code than the first vehicle launched into space, the brands are leaving no stone unturned to bring their name under the spotlight of consumers. Innovation is becoming the second language of the motor engineers and OEMs are seen honing their skills to become more sophisticated. “The fight to stay relevant is on and anecdotal evidence of this is Tesla Motors,” says Vangell. The first thing one will notice when they step on Tesla Motors production floor are the robots.
We need a technology that can “capture” and “track” the success of sales and marketing initiatives at the actual transactional revenue level
Eight-foot-tall bright-red bots that look like transformers, huddling over each Model S sedan as it makes its way through the factory in Fremont, CA. Such technological prowess is becoming visible across various manufacturers, “Because the next generation of consumers will demand a more efficient purchasing model than ever before,” adds Vangell. NcompassTrac is not only aware of this but has also architected its product suite to assist brands in improving their dealer to consumer experience. The company has crafted products that use number of touchpoints to keep customers engaged and loyal. “Always on—is a foundational requirement for both the dealers and customers, and with our cloud based technology, we ensure it becomes the status quo of auto companies,” says Vangell.
Science of Attracting Customers
Embracing mobile technology is fast becoming a norm in the auto industry. Auto dealers are spending in millions to develop the silhouette of their offerings with the imbued shades of mobility—and at the same time exploiting innovative ways to leverage it in the best way possible. Nothing repels the next generation buyers more than a non-responsive, poorly implemented mobile strategy. “People avoid investing their interest in non-mobile enabled auto companies,” opines Chris Daden, CTO of NcompassTrac. “And unfortunately for various auto dealers, the cost and complexity of delivering a feature rich and responsive mobile solution still remains a burden that veils their brand’s name in the market,” he further adds. This played the motivating factor behind the development of NcompassTrac’s self-provisioning customized mobile application platform. These applications, by working independently or in concert, complete the online setup in less than 20 minutes that result in a feature rich, robust personalized application, assisting dealers to increase their visibility in the market. With native support for all iOS and Android phones, consumers can receive brand news, specials, new product announcements, as well as check inventory, get directions or digitally save key auto documents such as registration and insurance cards. The mobile platform acts as another channel to reach customers and keep them engaged in a brand’s eco-system. The NcompassTrac LRP can directly access this platform to provide relevant consumer information by topic of interest.
A dealer’s ability to deliver an experience that is unique in the eyes of its customers is beneficial for both—revenue generation and building brand loyalty. The NcompassTrac retention and rewards products are designed from ground up to win back lost customers as well as attract new ones.
With its portfolio of solutions, NcompassTrac assisted a California based dealer of Mercedes-Benz in turning the tides while they were grappling with poor customer retention and acquisition. NcompassTrac got involved with the dealership, and mapped the demographics of existing and potential customers in order to lay down the cornerstone for next course of action. As a result, a strategy was formulated that included loyalty cards, a dealership app and a cloud tracking solution. For the dealership, the outcome was astonishing. “They were able to successfully augment their revenue by increasing their customer retention rate by 60 percent,” says Cooper.
The Game has Just Begun
In the coming days of the auto industry, new technologies could be foreseen, replacing the old ones, and opening new doors of opportunities that were hinged before. The Internet of Things (IoT) is one such major entrant, which has compelled auto companies to revise their traditional strategies and bring their offering’s epicenter around it. “With its prowess, the dealership and OEM customer experience will evolve to something very different than what we have today,” says Vangell. IoT is here to stay and along with big data, cloud computing, and mobile technologies, it is bound to become the Lingua franca of dealers. NcompassTrac intends to leverage these technologies and make them drumbeats of its offerings.
Specially created algorithms that de-dupe and intelligently process this information are used to insure the best interpretation and representation of this data
“By architecting our solutions to take advantage of cloud technology, multi-tenant, and metadata rich models that are mobile enabled, we are laying the foundation for the next generation of products,” adds Vangell. NcompassTrac looks all geared up to take their growth trajectory to new heights by embracing noble technologies and opportunities they bring along. With their ideology to move fast and learn from mistakes, the company aspires to ameliorate their forte in product creation and engineering excellence.