Exclusive partnership with data-science pioneer, Coherent Path, applies predictive analytics and customer journey insights to drive value for TRADER consumers, dealers and advertisers
Toronto– August 10, 2016 - TRADER Corporation is pleased to announce an exclusive partnership with Toronto-based Coherent Path to apply their patented data mining and predictive analytics platform to a wealth of autoTRADER.ca consumer data for the benefit of the Canadian automotive industry.
The consumer car buying journey is complex, characterized by indecision and exploration of many makes and models before a purchase is made. Years of data on autoTRADER.ca confirms that few consumers begin their journey with a clear path to purchase and are open to influence from many factors along the way.
Transforming Automotive Advertising with Journey-Based Targeting
With this venture, TRADER has introduced an important and fundamental shift in the world of automotive advertising. The company can now identify where individual consumers are – and where they are headed – in their buying journey, and can enable manufacturers and dealers to reach these shoppers at the right place, at the right time, and with the right message on autoTRADER.ca as well as elsewhere on the internet.
"Most Canadian car buying journeys involve autoTRADER.ca at some point, and that creates a lot of data," said Roger Dunbar, Vice President of Marketing at TRADER. "By leveraging this marketplace data high-ground, we will be able to project and stimulate the car buying journey for individual consumers. Our customers will have the ability to strategically place messages within the various stages of the consumer's journey, increasing ad effectiveness and driving incremental revenue as a result."
An Approach That Can Deliver 40% Better Ad Performance
This advanced process will map "big data" such as transactional web impressions and vehicle searches on the marketplace, to understand consumer purchase behaviour and apply more data-driven advertising solutions for dealers and manufacturers. Initial deployments of the technology have delivered more than 40% better ad performance than traditional targeting techniques.
As a result, online advertising no longer needs to focus simply on placing an ad in front of a shopper who is looking at a particular vehicle. TRADER will now be able to understand each customer's journey and give manufacturers and dealers the ability to tailor messages to shoppers based on where they are in the buying process. For example, a shopper might start by considering a particular make/model on autoTRADER.ca but is now trending towards buying from another manufacturer. Utilizing predictive data and analytics, the advertiser can then strategically place an ad in front of the shopper to stimulate and influence their buying decision.
"autoTRADER.ca sits atop an incredible asset – a digital record of most of the car buying journeys in Canada," said James Glover, Chief Executive Officer at Coherent Path. "We're proud to partner with TRADER to turn that asset into significant value for its customers and for the end consumers."
About TRADER Corporation
TRADER Corporation is a trusted Canadian leader in online media, managing consumer automotive marketplaces and providing dealers with digital business solutions to market and manage their inventory. The company's primary online destinations include autoTRADER.ca, autoHEBDO.net; and Autos.ca, driving over 13.5 million visits a month and more than 3 million mobile app downloads. Both autoTRADER.ca and autoHEBDO.net offer an extensive inventory of new and used vehicles in Canada across both desktop and mobile platforms. Partnering with global leaders such as Dealer.com and vAuto, TRADER delivers best-in-class digital web, advertising and inventory management solutions to help accelerate business performance of dealers across Canada.
For more information, visit: go.trader.ca
About Coherent Path
Coherent Path helps top retailers increase loyalty, drive in-store purchases, and optimize customer engagement around strategic objectives. Using a patented, cloud-based combination of mathematics and technology, the company builds maps of products and transactional environments, and identifies unique customer journeys through these geometric spaces. The Coherent Path team comes from some of the most recognizable companies and universities in the world, and has a passion for applying new math to help customers harness the value of Big Data. They are entrepreneurs, professors, software architects, mathematicians and dreamers.
For more information, visit Coherent Path's website.
Editor's note: this press release originally appeared on Newswire.ca