Codeweavers: What do you know about your customers and how can you use these insights to your benefit?
February’s partner blog post comes from Codeweavers. Codeweavers connect people to their next vehicle by providing innovative finance technology to the automotive industry. They provide a comprehensive range of tailor-made solutions, from finance calculators, lead generation tools and online car retailing solutions to powerful quoting and multi-lender systems.
There are so many interesting stats about car buyers and how people want to buy a car, and we’ve noticed some really cool trends. For example, did you know that in January, people who live in Birmingham prefer to look at Hire Purchase offers more than any other finance offers?
So how do we know this? And where do we get this information from? Codeweavers provide finance calculators and tools for thousands of dealer and manufacturer websites and have done for over 16 years. As we have over 60,000 users interacting with our calculators on a daily basis, we have tons of statistics about what they’re searching for, how they’re searching, and things like their demographics and location. This means we can group these stats to gauge trends and insights that dealers find useful.
To analyse data we looked at a couple of different groups to see if there were any trends. You can see what we saw below…
GROUP 1: 25-34 YEAR OLDS
The first group we looked at were 25-34 year olds that have interacted with a finance calculator. This randomly selected age group equates to 20.99% of the users who interact with our finance calculators.
Interestingly, these users spend almost two minutes 50 seconds interacting with a finance calculator. This could suggest that they are extremely interested in financing a car as they are creating multiple finance quotes to purchase their perfect car.
But what if you could provide these guys with their perfect quote from the word go?
You can find the make and model of the car 25-34 year olds are interested in by looking at the referral paths your customers have clicked on in Google Analytics. You can also find what information these users were entering into the calculator.
For January, we have found that 25-34 year olds didn’t want to put down a deposit but were happy to pay a monthly payment £100-200 over a period of 48-60 months. So they really want to keep costs down, and are happy to pay over a longer period of time.
A cool feature we have with our calculators is that you can add promotions that appear in a banner within the calculator
Having all this information can help your digital marketing efforts massively. You could create promotions for your different digital channels that entice these 25-34 year olds specifically. A cool feature we have with our calculators is that you can add promotions that appear in a banner within the calculator on your website, so you can continually add offers based on what your customers are interested in.
This means you can target your key demographics, offering them specific information on the vehicles that they’re actively searching for, offering them the perfect quote from the word go!
GROUP 2: USERS FROM THE WEST MIDLANDS
Another group we are going to focus on is users from the West Midlands area. Last month, after carrying out some research, we discovered that these users were looking at taking out a car finance agreement on average of over 36 months. They were also looking at putting an average deposit down of £2000.
Again, you can use this information to help you sell more stock. If you were based in the West Midlands, you could create specific car finance offers to your customers using these insights.
We hope you find this info useful. We have lots of insights like this, so if you want more information, give us a bell on: 0800 021 0888 or email us on: firstname.lastname@example.org.