Adapting to the Constant Change in Automotive Marketing

There is no doubt that the automotive landscape is changing. The chip shortage is causing inventory shortages, making it difficult to know if dealers can meet their customers' needs.

Automotive industry is evolving, as it should be. Constant obstacles, such as inventory limitations caused by the chip shortage, make it difficult to predict whether dealers can supply clients as and when desired. In addition, consumers' approach to vehicle acquisition continues to alter as the process becomes increasingly digital. These forces compel marketers to continuously reevaluate their strategy to fast respond. Adaptation and change have always been an aspect of the marketing environment, but the rate at which they occur has accelerated in recent years.

The good news is that connecting with consumers is easier than ever, from traditional television to social media to Advanced TV. As a result, marketers have an increasing number of alternatives for how and where to connect with consumers. In addition, these strong ties can foster long-lasting relationships with customers.

Marketers can stay in touch with their target audience despite these changes by developing a strategy to adapt to new circumstances. Here are some measures marketers may take to reevaluate strategy whenever a change occurs to maximize results.

Leverage advanced audience capabilities: Using audiences is not a novel notion, but there are new techniques to generate entirely personalized audiences that will have a more significant impact than pre-packaged ones. By collaborating with a third-party partner like Experian, marketers can integrate their internal data with third-party data in a privacy-compliant manner and create custom-tailored audiences for each campaign.

For instance, are automotive sellers seeking consumers interested in switching to a more environmentally friendly choice, such as a hybrid or electric vehicle? By analyzing the present customers, they can discover prospective customers who are prepared to make this transition. Adding extra lifestyle data from third parties can help make them even more evident. However, third-party data also allows them to expand beyond their current client base and locate similar local consumers who may also be in the market but have never engaged with their dealership. This substantially widens their possible consumer base while maintaining a highly effective targeting strategy.

Create cross-channel links: Even with the numerous customer touchpoints available today, there is a greater chance to interact more effectively and personally. Nonetheless, marketers must connect all these touchpoints through identity resolution to tell a coherent and consistent story across all channels. Suppose, for instance, consumer prospects routinely watch television via digital platforms, such as streaming services, but prefer social networking. Automotive sellers can initially give a message via social media, then a second while streaming their favorite television show via connected television. This ensures that words resonate with consumers and that their brand remains top-of-mind. This is especially crucial in the dynamic market induced by chip scarcity, which has impacted when consumers may be in the market for a vehicle due to long lead times.

Measure to maximize ROI: Another advantage of sophisticated technology is that marketers do not have to utilize these new mediums without determining their effectiveness. Through closed-loop measurement, marketers can determine which messages and channels connect most strongly with customers and make necessary adjustments. If a mix of email marketing and streaming creates the most leads for the brand, move attention to those channels rather than distributing them across all channels.

In many instances, the usefulness of a platform depends on demographics and location. This is why measuring is so useful; it allows marketers to optimize the deployment of their most effective messages and channels at the optimal time and location. This enables them to maximize every dollar spent on marketing by analyzing impact and finally relating it to actual sales, the most convincing indicator of campaign worth.

Every marketer must have a plan for adjusting to shifting market conditions as original equipment manufacturers (OEMs) and dealers continue to navigate a climate unlike any we've seen in recent years. By utilizing more targeted audiences, resolving identity across channels, and evaluating results more precisely, marketers will establish relationships with consumers that keep the brand they are in the market.