As deluged by content as consumers are, they know they have the luxury of simply ignoring you. Join Lyft’s Head of Local Marketing and AutoGravity’s CTO in this VB Live event to learn how to stand out of the crowd by delivering what they want, exactly when they want it, with hyper-personalization.
Segmentation isn’t enough anymore. 76 percent of digital nomads expect to see a personalized website screen on just about every brand site they visit — and your inability to give any kind of individual regard means they think a lot less of your brand, and makes them significantly more likely to bounce.
This need for personalization across industries has even infiltrated online car buying. It’s an experience surrounded by a tremendous amount of anxiety, especially for a younger generation with shorter credit history, says Martin Prescher, chief technology officer at AutoGravity, where he leads a team of engineers and data scientists to develop secure and convenient car financing.
Car buying is also a tremendously personal experience in which a customer’s lifestyle and financial data has a direct impact on the outcome: from how much car you can get, to what you’ll need to pay every month, and what rate you’re going to get on that loan. An online car shopper often has to navigate the complex application process on their own, usually unsure about whether they’ll get a happily-ever-after.
And while some online auto buying companies have tried to offer that kind of service, they don’t have access to the kind of information that will make the experience a personalized, comfortable, no-surprises one.
“That’s a big gap in the industry right now. Nobody that has that kind of coverage of data, because the purchasing experience often happens at the dealership,” Prescher says.
But AutoGravity has data sets that begin from the moment the user shows up on their site or app, including where they come from, how they behave on the app, and the kind of car and dealers users are searching for.
“The longer you’re on the application, the better we understand you as a person and what you need, and what you’re looking for,” says Prescher.
They then add that information to the deep data gathered when the customer dives into the credit application process.
“We’ve implemented technology to combine all these data sets. That means we gather information on the app and then use AI to then develop models to understand your profile in order to then be able to predict very, very precisely what your rate and monthly payment are going to be,” Prescher explains. “We believe that consumers want to see precise information, and independent information.”
But security is tremendously important when you’re working with data that is so personal and confidential.
“We obviously only use all that information to make the experience optimal for the consumer,” he says. “We’ve spent a lot of time and effort making sure all the data is secure from the very beginning all the way to getting approved by a lender — and then ultimately purchasing a car.”
There’s also the question of getting too personal. How do you avoid crossing the line from helpful to creepy or inappropriate?
“That’s exactly the fine line you have to find. We decided very early on that we will never monetize our consumer,” Prescher says. “We focus on that financing and car purchasing piece, and make sure communication is only directed to helping you along the journey to purchasing the car — in other words, to use that data exactly the way that the consumer expects us to.”
Personalization yields tremendous ROI; and hyper-personalization adds eternal customer loyalty. Learn more about hyper-personalization — the tech you need, the strategies that win, and how to deliver the “you know me” satisfaction that keeps customers coming back for more — when you join this VB Live event.
Don’t miss out!
- Why broad segmentation is no longer enough
- How shopping bots, AI + more enable one-to-one marketing
- How psychographics, lifecycle data, and multi-channel behavior can build customer profiles
- How engagement, experience and retention improve one-to-one marketing
- The importance of not being creepy
- The trends and future of hyper-personalization
- Cherie Yu, Head of Local Marketing, Lyft
- Martin Prescher, Chief Technology Officer, AutoGravity
- Stewart Rogers, Director of Marketing Technology, VentureBeat
- Rachael Brownell, Moderator, VentureBeat