And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department.
– Andrew Carnegie
Competitive intelligence software may be a relatively new concept for automotive dealers, but this type of software has been around for a long time in industries such as hotels, airlines and ecommerce. In these other industries, the widespread use of competitive intelligence software helps companies track and monitor real-time pricing, supply/demand, sales and website metrics of their competitors and their markets overall.
Applied to the automotive dealer, the key features of competitive intelligence software include the following:
- New and used vehicle pricing
- New and used vehicle inventory management
- Website metrics
- Service operations
Why Competitive Intelligence?
One of the main goals of a competitive intelligence tool is to ensure that you don’t miss any strategic information from your competitive landscape.
A thorough competitive intelligence process relies on information sourced from multiple different sources and formats. An effective competitive intelligence tool must be able to directly monitor the main metrics of your closest competitors without forcing you to wait an extended timeframe for lagged data.
Only the most advanced competitive intelligence solutions offer comprehensive coverage of multiple data sources that can be monitored and interpreted in an intelligible way.
Distilling down a lot of information to essential, actionable recommendations
There’s a huge amount of data being generated each day by the players in the automotive industry. Thousands of dealerships sell hundreds of thousands of vehicles each day, with each vehicle and transaction containing tens of thousands of individual data points. The sheer amount of data can be overwhelming.
Due to this large volume of data, it’s a challenge to visually represent information to facilitate analysis and decision-making. It’s important to have a dashboard that can translate data into insights, and more importantly prioritize those items that require immediate attention.
The challenge for many dealerships is finding time to collect, organize and analyze all of the information necessary to understand what the competition is doing currently and what they are likely to do in the future. Only a software tool can digest the large amounts of data that needs to be processed, and can then “crunch the numbers” to distill all of this data into meaningful, actionable insights.
The most useful software tools couple identification of potential problems with actionable recommendations to remedy these problems.
CompetitorPro is the automotive industry’s first competitive intelligence tool built specifically for dealerships.
As dealers look for ways to compete more effectively, advanced competitive intelligence solutions need to provide analytics and actionable recommendations missing in the market today. CompetitorPro’s competitive intelligence solutions utilize complex algorithms that summarize insights so dealers can perform at the highest level of effectiveness in today’s dynamic marketplace.
It’s not just having competitive intelligence…it’s what you do with that knowledge that counts. Let us show you how you can keep on top of the competition in 5 minutes a week with our automated dashboard and alerts.
It’s getting harder out there, and today’s automotive dealer must have the latest and best strategy, tools and tactics for success. CompetitorPro is that solution.