Asset leasing has been a booming industry for the last few years, with companies willing to spend on leasing due to high manufacturing costs which in turn raises the purchase cost and low inventory. Despite this growth, there are still many issues like customer service, business practicalities, marketing efforts, and more that can be explored in this market.
One of the most important ways data analytics can help identify new opportunities is by understanding customers’ behavior. By understanding customer needs and behaviors, companies can find new ways to serve them.
Furthermore, data analytics can also help identify which type of assets are being used more often and why. This information can help companies determine which type of assets should be purchased more frequently or leased in the first place.
In today’s environment, data has emerged as a critical component of marketing success. Marketers, on the other hand, face a slew of difficulties in their daily operations, few of them are:
Understanding the health of the company
The backbone of any leasing company is its marketing team. It is very important for Marketing heads to understand the health of the company and how the marketing team is performing to improve the business. They will need to analyze some key performance indicators in order to identify market gaps and improve the performance of the marketing team to grow their business.
Analytics can help provide this information in a visual way which helps convey information more quickly and efficiently through visualizations and graphs. Some of the visual KPIs that can help the management are as below:
- lease out vs turn in trends over a period of time.
- Fleet utilization based on on-hire and Idle fleet
- Identify underperforming locations based on the available inventory
- Identify top customers and their lease out trends
- Turn-in activity by location, customer, and asset type
Not having clarity on available inventory to lease
When a marketing executive is working with a customer to negotiate a contract to lease out assets, it is very important for the marketing team to know the number of assets, and the type of assets that are available in various locations to lease out. This will help him negotiate better pricing and avoid overselling.
It is always a very hard and time-consuming process to manually generate a report to identify available inventory from a transaction system to assist the marketing team on the field.
The solution lies in data analytics. With data analytics, one can automate the process or create real-time reports that the marketing team can access anytime, anywhere using their computer or a mobile device. They can analyze metrics like the number of assets available, the number of assets already booked by the type of assets, and location.
Understanding customers behavior
It is very important to know your customer and their history of doing business with the company. The marketing executive working on a new lease can get a strategic advantage if he understands how big or small the customer is and how much he can sell and at what price. These are all very important KPIs that help negotiate a profitable lease.
Analytics can help give a complete picture of the customer to negotiate the lease. Some of the very important metrics that can help are the number of assets and types of assets that are already on lease with the customer, types of leases and the average pricing of these assets, number of active leases and their expiration details, number of eligible assets to turn-in and the maximum number of assets the company can lease out to the customer without any risk.
To know more details about the advantages of data analytics in the asset leasing industry contact us at email@example.com.