The automotive industry continues to grow, with global sales reaching 78.6 million in 2017, projected to reach 81.5 million units in 2018¹. However, even in a healthy market, a company needs to create a robust and comprehensive automotive marketing strategy to grow market share and revenues for their own business.
A recent study of marketing executives in the automotive industry found that the highest priority for marketing efforts was improving conversion rates, at 55%, followed by increasing lead volume at 32%². Using retargeting strategies, an automotive marketing professional can increase leads and sales, improve conversions, and reach the right audience at the right time to influence purchasing decisions.
Retargeting is a strategy that focuses on a customer that has already shown interest in a brand and redirects them back to the brand. Often, retargeting captures the information of a potential customer that has visited the company website, or even a shopper checking reviews of a particular brand on a third-party review website.
Retargeting can take on several different forms:
Display ad retargeting involves reading a visitor’s browsing history, or ‘cookies,’ and ensuring that display and banner advertisements are shown that reflect prior web searches, even when visiting unrelated sites.
Studies have shown that targeted display ads have a 10x higher click-through rate than regular display ads, and that website visitors that are retargeted with a display ad are 70% more likely to convert³, making display ads an effective retargeting strategy.
Social media retargeting involves communicating with customers that have shown interest in a brand through a social media platform. Social media is a meaningful way to connect with customers: 70% of all US adults⁴ are active on at least one social network, and social media is now the number one driver of referral traffic to websites⁵.
Offline retargeting, on the other hand, gives automotive marketers the opportunity to create an omnichannel experience by moving away from the digital world and retargeting potential customers in the physical world. Moving from online to offline gives marketers a new way to communicate with an audience of interested customers, and incorporating data analytics improves the chances of reaching the right person, at the right time, with the right offer.
For example, say a potential customer comes to your dealership’s website and explores a few pages but stays on a particular model’s page for more than 30 seconds or so. You could set a trigger to send the potential buyer a physical postcard with a $10 Starbucks gift card if they come in for a test drive.
RevTrax partners with a third-party provider that matches website visitors with a physical address to ensure privacy. Brands don’t receive or retain any physical address information. Auto companies can integrate offline retargeting into their existing website by adding a simple RevTrax script.
By analyzing this valuable behavioral data and taking action, you can keep the conversation going. This strategy can help marketers increase conversions and sales in an environment much less saturated than the digital landscape while minimizing the amount of untargeted direct mail often sent by automotive companies.
Jonathan Treiber is the CEO & Co-founder of RevTrax