Frequently Asked Questions about Fullpath's Equity Engine
The Equity Engine allows you to target powerful shopping engagements and start meaningful buying conversations by leveraging the equity status of each shopper.
Where does Fullpath get car valuation details from?
Fullpath leverages all data available and connected to the CDP; if we have access to service data (through the CRM, DMS), we'll use the last known mileage and leverage KBB's algorithm to determine the car value (this can be adjusted if the customer asks, with ranging estimates from Fair – Excellent). If we don't have access to service data or current mileage, we'll estimate using KBB's averages according to predetermined wear and tear, average mileage, etc.
Does Fullpath support both loan and lease equity engagements?
Currently Fullpath leverages equity data only for car purchases via financing. We are researching the best way to leverage equity around lease data for future applications.
How does Fullpath decide which offers to serve?
Fullpath collects all available data signals for every Shopper (including onsite behavior, CRM data, ads data, social data, inventory data, incentive data) and pulls it into the CDP data layer in order to calculate and present the vehicle and available incentives that we think makes the most sense for each Shopper.
Where else can Fullpath Equity engagement take place across the CDP?
Equity by Fullpath leverages the entire CDP to engage Shoppers we estimate have equity in their current vehicle. This includes dedicated email campaigns, callouts with standard email campaigns, retargeted Social advertising, retargeted Display advertising, SMS campaigns, and even Equity callouts inside Dynamic Email Sections at the bottom of relevant Audience Activation emails. Equity calculations and opportunity call-outs also feature heavily inside the Data Ups product add-on.
How does Fullpath calculate positive / negative equity?
Fullpath is able to calculate a Shopper's equity using a combination of data pulled from the DMS, CRM, and Kelley Blue Book. The primary points we consider when calculating a Shopper's equity status for the purposes of marketing and engaging Shoppers around equity offers include: total purchase price, down payment, terms, monthly payment, interest, and the current value of the vehicle. When calculating equity in a loan, we subtract the current loan balance from the current market value of the car. The current market value is the estimated value of the car today according to estimates provided by Kelley Blue Book. Read more about this calculation here.
How are leads and sales attributed to Fullpath Equity in my CRM?
Equity is not a lead source; rather, it's data the CDP leverages in order to engage Shoppers around personalized messaging and offers. In order to maintain cross-platform consistency, we report leads into the Dealer CRM with the labeling from the module or Solution through which the shopper submitted the lead. For example, if a Shopper converted on a book-an-appointment form served by Website Engagement, the lead source will list Fullpath / Trade-In. Note that this means you may find cases in which a customer clicked on an emailing from an Equity campaign or an email containing equity data, and subsequently converted on a different module once onsite (e.g. Test Drive) — in that case, it will be recorded in the CRM as Fullpath / Test Drive. It is important to note that all Shoppers engaged with Equity may be seen by clicking on the total Equity engagements numbers in the Equity Dashboard; this will lead into the CDP where you can see an audience list of all Shoppers engaged by Equity in a given date range.
Why don't I see higher engagement in my Fullpath Equity Dashboard?
There are several reasons why you may not see a higher percentage of engagement within the Equity reporting (and for that matter, within any of our other products as well). We engage Shoppers that show intent and with whom our system decides is ripe for engagement. We don't want to bombard or spam shoppers, so we engage those who the system thinks are most likely to interact and take meaningful actions. Additionally, just because we have identified a positive equity Shopper does not necessarily mean we have a valid email for them. And to continue with this logic, even if we have a valid email for an equity Shopper, that doesn't mean we can email that Shopper (some are marked as Do Not Contact in your CRM). You should expect engagement numbers will always be less than the total identified positive equity shoppers.