ENVIRONICS ANALYTICS IS ENHANCING THE WAY THE AUTO INDUSTRY FINDS NEW CUSTOMERS
AutoRank™ combines IHS Markit’s automotive registration data with demographic and wealth information to identify areas where consumers are more likely to be in market for a new vehicle
TORONTO, September 11, 2018 – Environics Analytics is pleased to announce the launch of AutoRank™, a unique service that will significantly improve the way the automotive industry uses geo-targeting to find potential new customers.
Although the automotive industry understands the benefits of geo-targeting, the traditional approach provides an incomplete picture. While the auto industry typically uses geo-targeting to identify regions with an abundance of vehicles of a particular make and model approaching replacement age, it doesn’t consider factors such as how the composition and wealth of families in these areas may have changed since their last vehicle purchase. Automakers need to consider these factors in their marketing efforts as they can greatly influence consumers’ purchase decisions.
AutoRank™ was co-developed with IHS Markit. It combines aggregated automotive registration information from IHS Markit with Environics Analytics’ premier data and market intelligence to identify postal codes that represent the best targeting opportunities for new customer acquisition. This service factors in new vehicle registrations for the previous seven years and compares them to data on the latest vehicles in operation to determine how many of those vehicles are still at their original location.
We combine these data with demographic and wealth information to provide a current view of each neighbourhood and then rank each one using a propriety scoring system to identify the best areas to target. The new solution will help the automotive industry develop more effective conquest strategies by identifying prospective areas that they may not have seen as part of their target market in the past.
“It’s one thing to know which neighbourhoods have clusters of vehicles of a certain age, make and model, but it’s another to know how the behaviours, preferences and wealth in those areas may have changed over time since those factors can influence their next vehicle purchase,” says Jan Kestle, Founder, President and CEO of Environics Analytics.
“Changes to family status and wealth can have a major impact on an automotive purchase decision. Knowing how these factors are playing out at the neighbourhood level and pairing this information with precise details about the types of vehicles that are most commonly found in driveways in these areas will greatly improve the effectiveness of the auto industry’s conquest strategies,” explains Kestle.
AutoRank™ is a cost effective solution that will allow the automotive industry to make better use of their marketing budget by identifying areas where consumers are more likely to be open to changing brands or upgrading to a different vehicle model. Through Environics Analytics, this service can be used to develop targeted acquisition and retention marketing campaigns for small area geographies across all media channels.
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