Kelley Blue Book has used predictive analytics and industry and field analysis to review trends and provide the most current, market-reflective information for more than 80 years. It’s no surprise that Kelley Blue Book stays ahead of the curve by using analytics to understand exactly what its customers need and providing that to them in the most engaging way possible. One element of this engaging customer experience is? One-of-a-kind, easy-to-use Kelley Blue Bookmobile apps are available on Android and iOS devices. To learn more about how Kelley Blue Book uses predictive analytics, read our new white paper!
How They Track Online Marketing Trends
Kelley’s Blue Book has been around since 1926 and is still a leader in automotive industry value guides and information. With new, emerging trends in technology and sales—the rate at which we buy cars is changing, but people have not changed. Kelley’s blue book works with 250+ data sources along with 3 trillion data points they aggregate yearly to help them understand what consumers are looking for (and why), predict how much it will cost and how it can help their own business. The reason Kelley’s has stayed ahead of everything over all these years? They stay on top by moving slowly, methodically, and innovating where others can’t even think about innovating yet.
How They Leverage Non-Traditional Data Sources
Kelley’s Blue Book is a leading provider of car-buying information for consumers and professionals in North America. But staying ahead of trends and remaining industry leaders isn’t just about what you know. Kelley has developed a robust, proprietary database comprised of over 3 trillion individual data points – all derived from public records and private databases, thousands upon thousands of hours spent studying vehicles, technology, and human behavior – all with one singular goal: to increase their understanding of vehicle values as well as provide unbiased estimates for each vehicle in their database. Kelley collects information on how cars are performing across multiple platforms and why they are performing that way.
Why They Use Predictive Analytics
Kelley Blue Book uses predictive analytics, and industry and field analysis to review trends and provide the most current, market-reflective information. We utilize 250+ data sources with 3.0 trillion data points to provide objective, authoritative information for consumers and dealers about vehicle values. Being an unbiased third party allows us better insight into what is really happening in our marketplace—and our value reports reflect it. Kelley Blue Book not only sets trends with its brand of trusted industry analysis; we also pioneer innovative services such as Fair Purchase PriceTM that help bridge gaps in communication between dealers and consumers over pricing concerns on used vehicles.
Why Their Industry Partners Trust Them
Kelley Blue Book has a secret ingredient in their recipe for success: trust. To explain, let’s talk about why someone might visit their site. Say you’re thinking about buying a used car and you want to get a feel for its value before you start comparing prices or listing your own vehicle on Craigslist or eBay. You could type used car prices into Google and wade through third-party sites that feature ads from competing auto dealers, but if you find Kelley Blue Book—as we did—you know exactly what you’re getting. Kelley may sell cars too, but that doesn’t seem like their primary business model.
The Challenges Associated With Being a Leader
Being a leader is not easy, and maintaining a competitive advantage over time can be challenging. As competition heats up in an industry, or with new market entrants entering your space, it’s essential that leaders focus on innovation to stay ahead of their competitors and continue growing revenue. Here are some of the challenges facing many organizations today: #1: Rising prices on materials #2: Lack of sufficient numbers of qualified workers #3: Fluctuating foreign exchange rates Kelley’s Blue Book publishes industry data and insight products from which leaders can extract information to help inform their decisions and make smart choices for their business. Data-driven insights from professionals familiar with your industry will help you identify valuable opportunities within your business as well as in other sectors that could impact your bottom line in a positive way.