J.D. Power acquired an analytics firm to enhance Power’s ability to measure and track online shopping behaviors and trends of consumers. The move was announced today.
Korrelate provides the information about online shopping to advertising agencies, advertisers, media partners, data syndicators and publishers. Now the information will be combined with the Power Information Network (PIN) new- and used-vehicle retail sales data to improve the timeliness and depth in measuring the effectiveness of digital marketing.
“Consumer behavior is changing dramatically in today’s Internet-powered world,” said Finbarr O’Neill, president of J.D. Power. “The auto industry spends billions of dollars annually on digital marketing. Measuring online activity and linking it to actual vehicle sales will enable marketers to measure and optimize their digital strategy.”
Using Korrelate’s insights on consumer online shopping behaviors and PIN data on actual new- and used- vehicle retail transactions, Power will be able to identify which websites and ad campaigns shoppers are exposed to before they buy their vehicle.
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By linking online shopping behaviors to actual retail sales, Power will be able to measure and enhance the effectiveness of automaker, dealer and third-party websites and ad campaigns.
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“Offline sales measurement is the future of the automotive industry’s efforts to measure the success of online campaigns,” said Christian Kugel, vice president of consumer research and analytics at AOL, a Korrelate client, in a statement. “This metric, combined with traditional key performance indicator measurement, creates a more complete, 360-degree view of how to evaluate campaign success.
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“J.D. Power’s acquisition of Korrelate is a smart move, and once again shows their commitment to bring scalable, accurate vehicle sales measurement to the forefront of digital automotive metrics. We look forward to working with J.D. Power to redefine how the automotive industry measures the success of online campaigns.”