Why OEMs Should Leverage Behavioral Intelligence to Win the Competitors Race
Turning large ticket item buyers into satisfied, returning customers is always one of the biggest challenges for companies selling expensive goods with long cycles. Actually, this has been one of the greatest concerns of the Automobile industry since its inception. The challenge becomes more evident in today’s times as we move away from a visceral car buying experience to a context where car manufacturers produce for sustainability, and the incoming Electric Vehicles (EV) Revolution.
OEMs that choose to leverage behavioral intelligence will certainly move much faster than their competitors in bridging the gap of creating a product that still serves the driver’s preferences. I had the opportunity to assist BMW, a major thought leader, not only aware but on a mission to improve the brand experience of their customers throughout the consumer journey. When properly analyzed, contextualized data is a unique opportunity to get insights about competition, gain clients’ loyalty, increase market share and revenue. Here are a few examples of how behavioral intelligence can help OEMs.
Behavior Intelligence Prepares the EV Revolution
The electric vehicle market is projected to grow 46.6% from 2020 to 2027. Behavioral intelligence enables car manufacturers to plan effectively for this transition. A wide use of data can help car manufacturers provide consumers with distinctive products, by watching competition and building their final product with users’ lifestyle and habits in mind.
Which of your customers are going to a competitor dealership, and which dealerships are they spending time in? Such a question does have an answer by implementing the right tools. With behavioral intelligence, you can have a clear vision of who your biggest competitors are and when your current clients are looking at alternative options. And that’s where Neura comes into the picture.
“Which of your customers are going to a competitor dealership? This question does have an answer by implementing the right tools.”
Our expertise is geared to drive loyalty with an understanding of the customer. Targeted campaigns and increased data insights strengthen brand engagement.
Strategic Insights about location: Behavior Intelligence Will Tell Car Manufacturers Where to Install Charging Stations
When anticipating the transition to electric cars, strategically optimizing charging station placement will play a major role. People usually want to charge their car while also doing something else simultaneously, such as running errands or making another relevant stop along the way.
Neura identifies “optimum points” where EV car owners frequently drive, and for a precise duration. Locations visited and duration of stay both mattered: in general, if drivers are quickly done with their shopping, they need to stay longer than needed in order to fully charge their vehicle. If the car is fully charged before they complete their shopping, drivers have to find alternative parking to continue their visit.
By plotting and analyzing the following indicators, companies are able to determine the optimal location of charging stations based on data driven metrics:
The route taken on frequent drives
The frequency of stops made by drivers
The types of locations visited (e.g. businesses, malls, banks, restaurants, grocery stores, etc.)
The duration of stay at each location
Below is an image of Neura’s dashboard showing these parameters depicted above:
A Better Brand Experience: Behavioral Intelligence Driver Loyalty
Loyalty is a must for a companies’ growth. The very first step to maintain a relationship with your current customers is quite simple: A brand should have a clear idea of who their audience is. That’s why many mobility leaders have started to make the most of data technologies.
At Neura, we are analyzing and predicting our clients’ behavior through the utilization of human behavioral intelligence. Our data network enables companies to gain a significant amount of relevant insights about who their users are, what they respond to, and what adds value to their everyday life.
How are we getting these real-world insights? Our data network gathers real-time information from anonymized mobile phone sensory data. Our platform translates real-time, and real-world, population movement enabling the brands we work with to segment their clients based on their specific characteristics, leading to the optimal user experience.
Providing the right incentive to the right persona is crucial to engage users. By delivering live, actionable insights based on each user’s real-world behavior, brands can create experiences that adapt to each user’s preferences and needs, driving engagement, retention, and conversions while also providing optimal user experience.
Segmenting users by personality characteristics, daily timeline and habits gives brands a competitive edge. In working with BMW, the car manufacturer was able to craft accurate messages for each group of users providing messages relevant to them based on their characteristics and preferences.
Behavioral Intelligence Enables Launching a Successful Customer-Centric Sales Strategy
Mobility Insights + Persona Data increases completed purchases by 176%
Today, OEMs need to deeply understand their target market and customers’ behavior in order to grow and provide a customer-centric service that would be better than their competition. Neura assists OEMs identify two main aspects when analyzing data:
Firstly, Neura’s technology provides“mobility insights”. OEMs can now view drivers’ movement patterns and have an idea of where drivers usually go, how long they stay, and what areas are the busiest on a micro and macro level.
Secondly, persona data which is about someone’s personality : do they visit a lot of restaurants? What type of entertainment or travel location do they frequent or shopping habits?
These combined insights enable Neura to help OEM companies to think strategically and remain focused on customers’ needs.
Bottomline, Behavioral Intelligence enables OEMs to offer a personalized brand experience.
BMW, one of the world’s top luxury car manufacturing brands, chose Neura to strengthen their customer engagement and satisfaction. Thanks to Neura’s insights, BMW provided a user-centric service for their customers long after they drove off of the dealership grounds.