Industry Trends on Media Spend
With constant changing consumer behaviors, it’s more important than ever to identify industry trends and how that can, and should, relate to your media ad spend. It’s still important to have visibility and to stay in front of your customers during the buying journey, especially in the automotive industry – you need to keep spending to keep your customer pipeline full.
Consumers are shopping despite the obstacles.
Good news! Consumers are shopping despite the obstacles. They still need cars and there still is demand. But their behaviors are constantly changing, especially with current events and macro-trends in the forefront, so your communication strategy should adapt as their needs evolve.
This is not just in the automotive industry, prioritizing online visibility is important to most businesses. Time after time, we see that when companies pull back, and don’t pivot with their marketing strategy, they lose share — and fast.
Facts and Stats that Matter
Overall, projected media ad spending continues to GROW.
Be Smart About Your Spend
Optimize! Optimize! Optimize! Now, it’s more important than ever to effectively use your data to ensure your ad spend and media spend are as efficient as possible. When you have the right messaging, you can increase sales and help your ideal customer along in the buying process by making sure you’re staying in front of them.
Top tips to maximize your media ad spend:
- Monitor your ad spend and your results. This should be something that’s done often. Analytics should be looked at closely to see how the ad is not only performing, but tying to your set call to action to deliver real results.
- Stay ahead of changing privacy and data regulations. Many dealers are pulling back from media ad spend until it “sorts out;” however, by staying abreast of those changes and making timely media ad modifications to be within compliance, you will actually be optimized and primed for increased exposure.
- Identify and influence upper and mid-funnel shoppers. Include lifestyle messaging that leans less aspirational and more pragmatic, focusing on securing mindshare during this period of availability, affordability, and utility confusion. Appealing to the “perfect fit” perception that addresses the concerns associated with current events secures first-to-mind preference when the shopper moves from consideration to selection.
The Deal Doers Solution
Want help make the buying process a more informed one for your customer?
Tools like nVision and Buying Signals will allow you to make sure you are reaching the right customers and advertising in the right ways. Leverage the Analyze Inventory report in nVision to turn your vehicles faster and Buying signals to tailor your message and know what customers are shopping for.
You can use your Spotlights to highlight the most cars in demand and leverage Market Extension to advertise outside your market, so you are getting the most reach.
Make sure you have someone trained on these tools and that they are consistently looking at them on a weekly basis. This will allow you to not only maximize your leads, but drive your business forward in today’s times!
Want access to our FREE eBook – The Top 4 Things You Can Do at Your Dealership to EMPOWER your sales, RETAIN customers and INCREASE your business NOW – Click HERE for your copy!