Word on the Street: How to Meet the Demand of a Changed Automotive Market

11.09.20 01:10 PM By Gina

Our take on what was said...

A recent article by Forbes titled "Why Automotive Marketing Is Changing And How To Meet The Demand" advised those of us in the industry to pay close attention to four key factors on our digital horizon. The good news is that most of us are already on the right path and the vehicles required are already available to help you accelerate full speed ahead.

It's no secret that sales dipped earlier this year due to the pandemic. It's also no secret that demand, as anticipated, has been on the upswing. Many of our own clients continue to report having their best months ever. Vehicles not only represent safe transportation for those consumers with a heightened concerned with health and contact-transfer, but between those currently in-equity and with more manufacturer incentives it might be considered - as they say in real estate - a buyer's market in many ways.  

Is your dealership ready to reach these new customers?

Forcing the Transition to Digital

As governments mandated that most dealership sales departments temporarily close, foot traffic stopped in showrooms across the country. While the vast majority of consumers were already searching online before stepping foot on the lot, this reality has compelled dealers to re-evaluate where their marketing dollars are being spent. The most successful businesses did not pause all efforts, but shifted budgets to digital channels and embrace new technology focused on the customer experience and human connection. 

Consumer Behavior Has Changed

Again, this is no secret. Patterns in consumerism are constantly changing. What's happening now is interesting because the switch to online shopping is substantial and at much broader scale. Cox Automotive has even reported that two out of every three shoppers are more likely to purchase products, in general, completely online. While we believe car buyers in particular still want to feel the wheel with end-to-end digital retailing a bit premature for the masses, we can all agree that they are looking for rich content, a self-serve and seamless experience, and a deeper connection with the brands they support. 

Siloed Data and Solutions No Longer Work

This is a tough one to swallow for many businesses, but especially those in automotive. Traditional models are compartmentalized and quite frankly, comfortable. But in this dawn of the digital world, it's no longer functional. Real-time cross-departmental views of relevant data that's condensed down into actionable insights means that you're first in line to grab a larger piece of the smaller market pie with tech and a process already in place  to capture the immediate sale or service.  

How much more could your dealership do with less technology to manage and a decrease in partner friction? How much more could your dealership do with a comprehensive view of engaged opportunities, consolidated CRM and DMS history, buyer segments and prioritization, personalized and dynamic messaging?

 In a nutshell, combining data to understand your buyers boosts conversion rates and retention. With connected data streams, Well Qualified Buyers can be quickly identified, segmented, and marketed to on a deeper level...real-time interest and intent. Simply put, the new focus on data is about creating a seamless buyer experience.

A Solid Data Foundation...Works

So how to begin consolidating data? Dealers should take a fresh look at their marketing technology and reimagine the full buyer’s journey (and vehicle lifecycle!). A business intelligence aka customer data platform (CDP) bridges the gap and brings the information together.

If you haven't already, we can help your dealership strategize in prep for the current environment and find new ways to move accelerate forward. Those who gather good data and market to it well will better convert those consumers who are currently in the market, deliver the customer experience they are seeking, and reap the rewards. 

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Source: Forbes Community Council Paid Program Post