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Value Driven Data | How to leverage data science to optimize a car customer lifetime value?
Car. Car is a subject everyone can relate to. For many reasons. It is usually the 2nd or 3rd biggest family expense. Depending on the owner, “it” - but some will give “it” a name - can be seen as a simple mean of transport, a symbol of social status, or an access to freedom - hence why its specific role in so many movies. But it also represents a massive industry worth trillions of dollars. According to Statista.com more than 80 million vehicles should be sold in 2018 worldwide, slightly more than in 2017.
Despite the appearance, the automotive industry is not on a “cruise control” mode. Many new trends are rocking the industry giving space for new entrants: connected and autonomous cars, hybrid or electric vehicle as an alternative to internal combustion engine, shift toward mobility as a service… New as they are those challenges are just a new expression, a new face, of a transformation that occurred few decades ago when the automobile industry shifted to an automobile market. The difference? Customer centricity.
