The average person views marketing and advertising tactics much like investing in the stock market –based on insights but really just a shot in the dark with success that comes from sheer luck. On the contrary, finding the right way to spark interest and engagement through marketing requires skills, more like science, especially in an ever-changing industry like automotive sales and vehicle service.
This blog will walk you through the Motives for Optimizing (or MO) for your dealership marketing tactics and provide places where you can start looking for automotive marketing optimization options.
Part of that scientific method for auto dealers involves discovering your own motives for marketing campaign optimization. Why should you spend time to optimize your marketing strategies if you’re achieving the sales volume you expect? It all comes down to your bottom line.
Motive: Discovering What Works
Scientists spend a great deal of time testing different theories to prove or disprove ideas. The same thing happens in automotive marketing strategies. Certainly, in both cases, certain facts and data provide a basis for the theory and the type of test run. However, various optimizations occur in order to better the tactic, as well as to test theories and find what works.
You can find a number of ways to discover what works in your market through marketing or advertising campaign optimization, including utilizing data collected from existing customers. Studying their habits, especially through their buying journey, as well as personal details such as life stage, hobbies, and location, can help build a clearer image of what draws customers to make automotive purchases through your dealership. This can, then, influence how you reach potential new customers and give you new theories to test through your dealership marketing strategies.
The more informed you are, the more likely you are to create successful advertising tactics. This is especially crucial in the automotive industry, since consumer trends change frequently with the economy, season, consumer interests, and other outside factors. Optimizing your automotive marketing strategies can act as much like a research tactic as it can a means to increase your customer base.
Motive: Waste Not, Want Not
Remember when you had to purchase an entire album for a single song you liked, and you weren’t impressed with the rest of the music? You felt like you were wasting money, right? Today, we can download a single song without paying for the excess. If we approach our purchases with such precision, why wouldn’t you cut the excess from your advertising campaigns?
Spending your automotive advertising budget on marketing strategies that don’t work for you wastes hard earned cashflow that you may not have to spare. Instead, taking the time to trim down the excess and focus on the best tactics – optimizing your strategies – saves a great deal of money.
Sure, this takes time to set up in the beginning, and it involves maintenance as trends change. However, once you have the basis of knowledge regarding your target audience, you have a better chance of keeping up with the times. Following trends in the automotive industry, keeping track of your inventory, and researching the best ways to find and engage the right audience.
For example, in market audiences may show interest in different types of vehicles based on economic status or lifestyle. A young mother may look for an economy car with great gas mileage, while a retiring executive might search for a luxury vehicle with a different trim. Knowing who shows interest in your models and where they are located, as well as the advertising tactic that best reaches them, can significantly decrease the expense of advertising as you hone in on the audience you want to draw to you.
Another important way to optimize your automotive marketing strategy is to recognize your own business goals. What makes your business thrive? Do you earn a great deal from your service and repair shop? Determine your purpose for advertising and where your largest profit margin lies. This allows you to focus your limited budget where it can get you the best return on investment.
Motive: Reaching Your Target Audience
When performing an experiment, scientists have a particular goal in mind, and they create specific environments and take careful consideration to have a control and one or more variables so they can determine the most effective outcome. This can also work for your automotive advertising strategies, testing a variety of tactics against a tried and true method until you determine the best way to reach your target market. After all, that’s the eventual goal, without blasting your message with extensive cost that gets no return.
Of course, going in armed with knowledge helps to achieve better results faster. It takes a great deal of information to design a scientific experiment, and scientists research heavily to arm themselves with such knowledge. Automotive advertising requires the same set of facts and figures to best design a marketing strategy that works for your dealership.
You can find a plethora of resources on demographics, sales trends, economic trends, automotive competition and consumer interest, and so much more, if you spend a little time digging around. You can even start with your own databases. Look for particular insight on your biggest competitor, where you may be losing market share to your competitors or winning over some of their market share, and where you have missed opportunities.
You also know your own customers best. Compare sales in your top zip codes to where the most in-market automotive customers reside to look for your opportunities. Take your own insights and analyses, and combine them with trends in the economy and automotive industry to draw the picture of your perfect audience.
It takes time, and you’ll go through hundreds and thousands of optimizations once you consider these motivating factors. Day to day activity may hinder your ability to take time out and improve your marketing tactics. You may consider partnering with marketing experts who have the time and the resources to help you utilize that motivation.
Forensic marketing is our forte. We live for the opportunity to dig in to each dealer’s case and find the motivation behind your advertising and help to optimize to your best benefit.
Contact us to request a Dealer Scorecard and uncover the best optimization tactics.