2024 heralds a significant shift in consumer behavior and marketing strategies in the world of automotive marketing. As technology continues to evolve, so does the landscape of how buyers engage with brands and make purchase decisions. Let's dive into some of the latest statistics shaping automotive marketing strategies this year.
Online Dominance in Research
95% of car shoppers turn to online resources as their primary information source, bypassing dealerships initially. This highlights the pivotal role of digital channels in capturing consumer attention early on.
Social Media Influence
Nearly 1 in 3 social media-savvy car buyers share their purchases online, underscoring the importance of leveraging social platforms for brand advocacy and organic reach.
Power of Marketing Automation
Dealers employing marketing automation witness twice the ROI compared to their counterparts, emphasizing the necessity of adopting data-driven approaches for optimal results.
Video Marketing's Ascendancy
Video content plays a crucial role, with three out of four car buyers engaging with videos before visiting a dealership. This underscores the need for compelling visual storytelling in automotive marketing.
Influence of Video Content
40% of car shoppers discover new vehicles through video marketing, highlighting the significant impact of immersive content on purchase decisions.
Surge in Digital Ad Spend
Automotive digital ad spend witnessed an 11.7% increase in 2023, indicating a continued upward trajectory in investments in digital advertising.
Targeting Undecided Buyers
Only 1 in 3 potential car buyers have a specific vehicle in mind, presenting a prime opportunity for marketers to influence these undecided consumers through targeted digital ads.
Missed Follow-Ups
Approximately one-fourth (23.5%) of dealer leads fail to receive follow-up within 24 hours, while 13.3% disappear before being entered into the CRM system. This results in a potential loss of 37% of online leads due to inadequate follow-up procedures and CRM deficiencies. It underscores the essential requirement for a smooth transition from online interactions to sales processes to effectively cater to car shoppers' needs.
Rising Cost per Lead
The average cost for an automotive lead stands at $250, reflecting an increasing trend in ad spend within the industry.
Multichannel Engagement
Automotive consumers interact with an average of 4.2 websites during their purchasing process, indicating the necessity for brands to maintain a strong online presence across various platforms.
Mobile-Centric Behavior
With 33% of research time spent on mobile devices, optimizing the car-shopping experience for mobile users becomes imperative for marketers to drive engagement and conversions.
The Outlook on AI for Automotive Marketers:
Opinions on AI's future are divided within the automotive marketing realm. While some view it as a catalyst for job creation, others are apprehensive about an impending robot apocalypse. This uncertainty underscores the importance of agility and adaptability in navigating the AI landscape.
In conclusion, as automotive marketing continues to evolve, embracing a data-driven approach and prioritizing digital channels are paramount for success in 2024 and beyond. By understanding and leveraging these key statistics, marketers can stay ahead of the curve and effectively engage with their target audience in an ever-evolving landscape.
Source:
“44 Statistics Automotive Marketers Need to Know in 2024.” RSS,
www.invoca.com/blog/automotive-marketing-statistics. Accessed 9 Apr. 2024.