These days you (the marketer) need to be hyper-focused on all of the changes in the auto industry and beyond. Everyday you need to decide; will you put things off in favour of playing catch up with your competition or will your dealership be a leader.
Competition is at an all-time high and doing the same thing as your competition won’t get you better results, it’ll get you the same results – or worse. What you need to do is look at different tools and techniques.
Here are two emerging technologies that attract more in-market buyers to your dealership.
Facebook Ads and Social Media Marketing
PROS: Unlike traditional advertising methods, Facebook Ads are targeted by using user volunteered information and many other metrics. You can refine the targeting in many ways. With Facebook’s Ad Manager you can select demographic profiles and interests like:
Males; Age: 25-45; Education: College or University; Employed; Interests: Sports, Outdoors, Active Lifestyle; Relationship: Married with children.
CONS: No matter how focused you can be on a demographic, you are still targeting based on assumptions. What if an in-market buyer that falls within this profile is NOT searching for an SUV or Crossover? What if dad is searching for a sporty sedan to drive to work? Your campaign will be ineffective and you risk the potential buyer blocking any future ads from your store.
This method, like newspapers or billboards, relies on showing your ads to a wide range of people in hopes of potentially having just the right buyer see one post. Fortunately, cost-per-click payment formats will help to protect you from this waste.
Hyper-Dynamic Inventory Display Advertising
PROS: These dynamically generated ads of immediately available inventory are much more successful at converting traffic than their traditional counterparts (Based on countless tests against Price and Offer style ads). If I am a motivated buyer, and I see what I want and that it’s available at my local store, there is a very good chance I will click and engage.
As with regular display ads, these inventory display ads are distributed in large online ad networks so you can reach people where they are spending the most online time. The reach is significantly wider than search and Social Media combined, each of which according to a recent study respectively occupy only 10% and 15% or a consumer’s online attention. Using the right combination of a vast array of websites you can reach well over 90% of your target audience.
CONS: Not everything is perfect, though, even dynamic display advertisements. Unless automated, creating these ads can be difficult and time-consuming. Constantly updating your inventory in many dynamic environments requires the personnel to stay on top of it.
Nobody knows your market better than you and auto shopping changes constantly and quickly. Don’t be left playing catch-up in an increasingly competitive marketplace. Take the time to sit and brainstorm the next evolution in your dealership’s marketing direction.