Technology & Trends For Virtual Dealers

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Dealers Who Master New Rules Will Win

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Dealers Who Master New Rules Will Win

The auto industry is working hard to understand consumers, including why, where, when and how they shop.

The problem is consumers keep changing the rules. Today, multi-device, multi-touch shoppers are relying on an ever-changing mosaic of touch points and devices that influence their behavior from the moment they think about buying a car to the moment they drive off the lot in one.

Cars.com research shows 43% of shoppers don’t contact a dealership before they visit one. Yet, they come in armed to the teeth with information and insights from multiple online resources. To win with today’s informed consumer, dealers need to learn the new rules of attribution:

1. Follow the Consumer Journey

Consumers are influenced by a wide range touch points between awareness and purchase. Auto advertisers during the big game averaged a 7% lift to their brand pages on Cars.com and a 238% lift to the pages of specific models highlighted during the game spots.

That suggests consumers watch ads, but they don’t directly buy from them. They go to other sources to validate what they see and hear before considering what car to buy and where to buy it from.

2. The Importance of Transparency

Consumers are in the driver’s seat. And they live at a time of great distrust of brands in general. They possess the technology to protect their privacy. They will give up information, but only on their own time and terms, such as when they’re ready to buy.

On the path to purchase, they’re more likely to trust each other, and share with each other, as opposed to having that conversation with the brand.

That peer-to-peer validation underscores why online reviews are so important, especially in the auto industry.

Half of consumers won’t purchase without first reading reviews. In addition, consumers demand transparency around pricing. Once they have determined what car to buy they want to know if they are paying a fair price.

3. Master Mobile

Mobile has profoundly changed consumer behavior. The majority of car shopping and researching is done online.

Smartphones are used for nearly half of all online car shopping activities, and mobile has made it possible for consumers to shop and research while they are on the lot.

Our mobile study shows 63% of auto shoppers still were researching dealerships after walking on a dealer’s lot, and more than half of those visited additional dealerships based on what they found on their mobile devices.

Mobile is more than a device. It’s an online research assistant that goes with consumers everywhere, making them smarter each step of the way. Dealers need to understand how mobile touches the way people shop, especially Millennials, who live and breathe mobile.

Consumers Write the Rules

The automotive industry is not the only one challenged to understand consumer behavior in an omnichannel world.

Making decisions on how to reach and influence consumers requires dealers to make a fundamental shift from the quantity of traditional leads to the quality of their connections and interactions, from last-click attribution to multi-touch attribution that recognizes the complexity of the consumer journey across channels and devices.

Dealers willing to master the new rules of attribution will win with consumers who are writing the rules.

 

Learn More about Mastering the New Rules

(Source: wardsauto.com)  Author – John Clavadetscher | Posted : May 16th, 2017