To state the obvious, the automotive landscape is changing. Ongoing challenges like inventory shortages sparked by the chip shortage make it hard to know if dealers will be able to serve their customers how and when they want. Additionally, consumers’ approach to purchasing vehicles continues to evolve as more and more of the process goes digital. These dynamic force marketers to constantly reassess their strategies in an effort to quickly adapt. Of course, adaptation and change have always been part of the marketing environment, but in recent years, the pace at which this change occurs has rapidly increased.
The good news is that there are more ways than ever to connect with consumers. From linear television to social media to Advanced TV – and everything in between. As a result, marketers have ever-growing options when deciding how and where to connect with consumers. Moreover, these powerful connections can build impactful relationships with consumers that may last for years to come.
To continuously connect with consumers amidst these industry shifts, marketers can prepare by creating a plan for addressing change as it occurs. Here are the three steps marketers can take to reassess strategies each time a change happens to drive focus on maximizing results.
Using audiences isn’t a new concept, but there are new ways to build completely customized audiences that will deliver more impact than what you can pull off a shelf. By working with a third-party partner like Experian, marketers can combine their in-house data with third-party data in a privacy-compliant way and build audiences tailored to optimize each campaign.
For example, are you in search of consumers looking to jump to a more eco-friendly option, such as a hybrid or electric vehicle? By examining your current customers, you may identify potential consumers ready to make this leap. Layering in additional third-party lifestyle data can help make them even more apparent. But, third-party data also enables you to expand beyond your current customers and identify similar local consumers who also may be in-market but have never interacted with your dealership. This significantly expands your potential customer base while still using a precisely efficient targeting approach.
Even with all of today’s different consumer touchpoints, there is a greater opportunity to connect in a more effective, personalized way. But to do this, marketers must be able to connect all these touchpoints using identity resolution, which enables them to tell a consistent and cohesive story across media channels.
For example, suppose your consumer prospects regularly watch TV through digital platforms, like streaming services, but also favor social media. You can first deliver a message through social media, followed by another while they are streaming their favorite TV show via Connected TV. Reaching them on multiple platforms with tailored messaging like this ensures that your messages resonate with consumers, and helps your brand stay top of mind. This is especially important in the dynamic market caused by the chip shortage, which has affected when a consumer may be in-market for a vehicle because of long lead times.
Another benefit of advanced technology is that you don’t have to leverage these new mediums without knowing how each one performs. Through closed-loop measurement, marketers can identify exactly which messages and channels resonate best with consumers and adjust accordingly. If a combination of email marketing and streaming generates the most leads for your brand, shift focus there rather than having it spread across all channels.
In many cases, platform effectiveness is dependent on demographics and location. This is why measurement is so powerful- it enables you to optimize the deployment of your most effective messages and mediums at the right time and place. This helps you maximize every marketing dollar spent by evaluating impact and ultimately tying it back to actual sales, the most effective demonstration of campaign value.
As OEMs and dealers continue to navigate an environment unlike any we’ve known in recent years, a plan for adapting to changing market conditions is a critical tool in every marketer’s toolkit. By using more focused audiences, resolving identity across channels, and more precisely measuring results, marketers will build relationships with consumers that keep the brand top of mind whenever they are in-market.