Auto Marketers, Maximize Your Budget and Increase ROAS
2019 has been a challenging year for the automotive industry. Sales are expected to fall by 3.6% in the US, while marketing budgets are predicted to not grow more than 1% in 2019. It’s now more important than ever for automotive marketers to fully leverage their first-party data to maximize ad returns. Doing so will result in a meaningful one-to-one dialogue that can drive leads in this competitive automotive climate.
Recognize In-Market Customers
Automotive marketers are challenged to maximize ad returns with a smaller budget, and this is no small feat. The path to purchase for cars is often a long, complicated process. In-market customers spend 59% of their time researching vehicles and brands online, meaning that automotive marketers must think about how they’re engaging customers across their digital channels. This is where personalization makes all the difference—studies show that up to 80% of customers are more likely to do business with a company that offers personalized experiences.
By leveraging first-party data to understand each customer’s specific product interests, demographics, search history, and where they are in their purchase journey, automotive marketers can personalize messaging to better speak to customers based on their preferences and needs. Data-driven targeting and remarketing can help marketers bridge the gap between the beginning of the journey and the final purchase.
Personalize the Journey
Today, many marketers are unable to recognize individual customers across touchpoints, making it harder to target their most engaged customers. In fact, only 15.3% of marketers state that their organization is able to identify audiences accurately and consistently.
Identity resolution (IDR) capabilities enable marketers to identify their most engaged customers across devices and touchpoints. This ability to identify unique customers no matter where they are in the customer journey enables automotive marketers to deliver personalized interactions that boost engagement and encourage conversion.
Without IDR capabilities, marketers overspend by targeting customers who may not be in-market or ready to convert, which negatively impacts ROI. Additionally, customers who receive fragmented or irrelevant messaging are less likely to convert, as they don’t feel that they are truly understood.
IDR helps marketers attribute multiple devices and sessions to the same customer; marketers can then engage those customers with the right message at the right time.
Marketers—make the most of what you’ve got. Instead of bemoaning your smaller marketing budgets, look to maximize the wealth of your first-party data. Leveraging valuable customer data to personalize your approach is the key to driving customer engagement and encouraging conversion. For personalization across your omnichannel strategy, utilize identity resolution capabilities to recognize and understand your customers throughout their path to purchase. Make your marketing budget work smarter, not harder.