Digital innovations such as artificial intelligence, cloud, and machine learning have caused marketing campaign management to evolve over time. This technology-enabled campaign management landscape is not limited to sending creative communication at the right time to the right customer only but also showcases the promise of direct revenue generation capability. Data-driven campaign as a managed service will play a pivotal role towards achieving the goal of data monetization, helping original equipment manufacturers (OEMs) identify new opportunity areas, and support insights for the business stakeholders and markets. This blogpost highlights a reference data flow framework for campaign management to help monetize and commercialize data while effectively dealing with typical data governance challenges. Now let’s understand this in the context of automotive OEMs delivering value through a connected vehicle service.
One of the key differentiators of the connected car ecosystem is the richness and abundance of available data which gets transmitted in real time over a cloud-enabled system. This wealth of data can potentially provide insights into vehicle health and customer behavior while the external ecosystem plays to the advantage of the OEMs in a pre-customer authorized way. The global IoT data monetization market was valued at USD 42.40 billion in 2017 and is expected to reach USD 542.84 billion by 2023, at a compound annual growth rate (CAGR) of 52.95% during the forecast period. (Source-IoT Monetization Market Global Market: Marketwatch)
Now, how can next-gen marketers potentially take advantage of this wealth of data which the connected car ecosystem generates? How can they create direct revenue for their respective business organizations? Data-driven campaign as a service seems to be the answer. Let’s visualize this through the data flow diagram in Figure 1 below:
Data-driven campaign as a service helps manage different opportunities arising out of the connected car ecosystem and the corresponding customer relationship into a measureable data-driven framework. The dealer, OEM, and customers are combined in a common theme of action by combining next-gen technology within the agile delivery framework under the theme of Business 4.0TM.
The key data monetization benefits realized out of this campaign is summarized below:
Sell more parts and accessories in the form of service lead management.
- Fault lamp data will be used to communicate with targeted consumers within a certain radius to drive them towards respective dealership
- The personalized offer will be integrated in the Dealer Management System (DMS) tagged to the Vehicle Identification Number (VIN) to ensure a seamless customer experience
- Based on the rate of conversion at the dealership, a certain amount of fee will be charged for the qualified leads
- Loyalty campaign can transform data transactions with consumers to interactions which are more rewarding
- Point-based loyalty campaign can be run in conjunction with connected car data for services such as filling up the tank at a partner gas station or parking service and in turn points can be redeemed towards vehicle oil change
- Different value-added service subscription reminders in combination with suitable offers and discounts can be made at the appropriate micro moment
Provide value-added services such as predictive maintenance and usage-based insurance (UBI) by leveraging the connected car data.
- Predictive maintenance algorithm will be used to analyze the constantly streaming lamp status data and drive additional traffic to the dealership
- UBI is another example of a value-added service where we can run a campaign to promote insurance benefits to the consumers
Create anonymous consumer segments according to captured preference and behavior data to attract different providers willing to run a co-branded communication service.
- If the consumer has come to a new place, then we can furnish details of hotels or restaurants nearby
- A co-branded content marketing exercise can be run from the music/video players based on customer preferences and past choices
We hope that this gives a perspective on how a data-driven campaign as a service can serve as a money-spinner for the enterprises helping realize direct revenue credit for the marketers. The above mentioned steps and insights provide a direction towards connected car data monetization. We will be happy to connect and explore different possible ways suitable for your organization’s needs.