“You want my data? What’s in it for me?”
Understanding a potential buyer – rather than just assuming you do – is key to an effective marketing strategy. For example, as we discussed in a previous post, while many dealers believe shoppers want to see “glamour” shots of vehicles, they actually prefer accurate, honest photos that show them what they’ll really be buying.
A new report from McKinsey Quarterly titled, “Will Car Users Share Their Personal Data?” provides an important analysis of how consumers feel about providing the information that could lead to a deeper understanding. The report analyzes responses from consumers in China, Germany, and the United States to questions about sharing personal data, as it relates to cars and driving.
McKinsey sought to learn how drivers felt about sharing vehicle-specific and related personal data. The short answer is, “we’ll share, but we need something in return.” Highlights of the report include:
- Respondents were generally aware of privacy issues. A full ninety percent answered “yes” when asked, “Are you aware that certain data…are openly accessible to applications and shared with third parties?”
- Respondents were open to sharing personal data for use in auto-related apps, if those data were being used to meet their needs, as with connected navigation and predictive maintenance applications, for example.
- In some use cases, respondents even expressed willingness to pay for data-enabled features, such as networked parking services and usage-monitoring services.
The report concludes that these signs of willingness to share data indicate that – in the auto industry, at least – consumers are on board with data sharing, as long as they feel they’re receiving something of value in return.
Doing the homework necessary to understand who your customers are and how they really feel is increasingly vital. Especially when you consider that they’re doing their homework, arriving on the lot fully armed with detailed information and strong opinions.
Take a look at the report, then ask yourself: Does anything in it surprise you? Does it align with your actual experience with car shoppers and data? Post a comment below and share your thoughts.