Current Trends in the Automotive Industry
Despite facing significant challenges, the automotive industry is ripe with opportunity for business owners who embrace innovation and change. Whether you sell car parts online or own a dealership, it pays to know which trends are currently shaping your industry. Although we can’t say for certain what the future holds, these current trends can give a good indication of what’s to come.
The Automotive Buying Journey is No Longer Linear
Advancements in technology and the widespread use of mobile devices have dramatically changed the buyer’s journey. Consumers are interacting with brands across a variety of channels, giving online retailers greater opportunities to meet the needs of their customers and nudge them toward a purchase.
Your Marketing Strategy: Provide an Omnichannel Solution
Customers are now driving the buyer’s journey. To remain competitive in the automotive industry, your business should focus on providing solutions to their problems through what we call an omnichannel environment.
Omnichannel marketing, otherwise known as multi-channel marketing, involves creating a personalized shopping experience across key marketing channels such as the web, social and email. By making smart use of your marketing data, you can meet their expectations at every touchpoint and drive them towards a sale.
According to Gartner, more than 90 percent of marketers struggle to connect on more than three channels, which means that you can gain a competitive edge by utilizing marketing automation if you start now.
Consumers Are Doing Their Research
Did you know that 82 percent of shoppers research online before they make a purchase? Purchasing a car is no small decision and customers want to be reassured that they are making the right choice.
How will you instill credibility in your brand and erase consumer fears? Fortunately, there are plenty of viable marketing strategies to build trust for your eCommerce site.
Your Marketing Strategy: Leverage Social Proof to Build Trust in Your Brand
It takes more than reliable products and a consistent brand voice to get consumers to trust your business. Millennials now make up a majority of the workforce, and this generation is more environmentally conscious and skeptical of big companies than its predecessors.
To win them over, your marketing strategy must leverage social proof. According to a Nielsen study, 70 percent of people will trust a recommendation from a complete stranger. This is just one reason why it’s important to obtain testimonials and reviews from your customers. Put them to good use by displaying them on your website, using them in your PPC ads and sharing them on social media.
The Automotive Industry is Becoming Progressively Tech-Driven
Technology has exploded in the past decade and the automotive industry is riding the innovation wave. Although self-driving cars are on the horizon, consumers are taking advantage of new technology accessories that have hit the market in recent years.
It is now becoming increasingly important for automotive retailers to find out what their customers are looking for and what their buying trends look like if they want to achieve long-term success. By uncovering patterns in their customers’ buying habits, retailers can develop products that meet consumer demand.
Your Marketing Strategy: Use Data to Drive Your Marketing
Data-driven marketing is no longer optional for online retailers. Those who don’t learn from their metrics will fail to understand their customers and risk falling behind their competitors.
For future success in the automotive industry, your brand must meet the needs of your customers and anticipate any future changes— even before your audience knows what the new needs are. By analyzing your data to spot industry trends, you can stay at the forefront of the industry and be an authority in your niche.
Intense Competition is Lowering Profit Margins
The U.S. may be home to one of the largest automotive markets in the world, but the industry is highly competitive. To keep up with your peers, your business must have strong value propositions that convince customers to choose your brand.
Your Marketing Strategy: Analyze Your Competitors and Offer Unbeatable Service
To differentiate yourself from your competitors, you need to know what sets you apart from them in the first place. When was the last time you did some thorough competitive research? In addition to looking inward at your company, performing a competitive analysis will help you identify gaps in your current strategies.
If you don’t have the time to perform an analysis, you can use our free Scorecard tool to compare your key metrics to those of your competitors. This will help you develop a better marketing strategy that converts customers and drives more sales.
Trends in the eCommerce industry have dramatically changed how online retailers approach their digital marketing strategies. To accommodate today’s tech-savvy, knowledgeable consumer, businesses in the automotive industry should prioritize strengthening their online presence. By adopting an automated marketing approach, automotive businesses can better meet customer’s needs, streamline the buyer’s journey and deliver more personalized sales.
To set your automotive business up for success, marketing automation is a must going forward. There is simply no better way to meet your customers’ expectations, personalize the buyer’s journey and drive higher sales for your business.