Recent reports show that US auto sales suffered a significant decline in 2018, and it’s possible this slowdown will continue throughout 2019. To combat this trend, car brands are juggling traditional marketing tactics and troves of consumer data in an effort to position themselves at the perfect spot in the funnel during the buyer’s journey. One strategy auto marketers should look to deploy: location intelligence.
By analyzing unique visitors to dealerships across the US, auto marketers can leverage location data and in-market auto buying insights to paint a better, more holistic picture of who their target buyer is (for example, are they in the market for a luxury vehicle or a more family-friendly vehicle?), reach more prospective buyers by upgrading their end-to-end buying experience and — hopefully — close more sales.
Here are four more strategic ways auto marketers can benefit from the use of location intelligence:
Find the Competition
Understanding where a target consumer goes during the new car buying process can help brands and marketers better identify their true competition. For example, conventional wisdom says that Ford and Chevrolet (or BMW and Mercedes) compete for buyers, however, location intelligence data suggests a different story.
A recent analysis by Gravy Analytics found that new car buyers at Chevrolet and Ford often visit more aspirational brands such as Mercedes, Lexus and Audi during their new car search. By understanding how prospective buyers interact with the competition, marketers and brands can make more informed decisions about everything from pricing and inventory to promotions and staffing.