Today, as marketers across the full array of industries are turning to analytics to inform smarter decisions, automotive marketers face legacy challenges that may leave them behind the curve on the analytics opportunity.
What’s holding auto back? For one, due to the standard five-year capital investment model, automotive marketing budgets are essentially set ahead based on anticipated sales, leaving little flexibility for optimization. Similarly, most brand marketing budgets are held accountable only for consideration set and dealer visits. This approach separates marketers from valuable customer data gained via dealers and retail websites and enables an advantage for new competitors, like Tesla, who focus on vertical integration.
As marketers across industries shift toward customer-centric strategies to meet the needs of better-informed and more vocal consumers, the automotive industry needs to follow suit to stay in line with changing consumer expectations. Further, as new business models, including car sharing, ride sharing and autonomous vehicles, transform the auto industry, marketers need a clearer view of their competitive effects on short-term sales and long-term brand value.
Analytics makes it possible to merge and model data from an array of sources, from first- to third-party “machine‑readable” datasets, to unstructured data such as videos, social listening, or texts, in order to uncover critical customer and marketing insights. And while the sheer scale of available data today may appear overwhelming, the measurable advantages means it can no longer be ignored:
Data can be utilized to form actionable customer segments, personalized offers, and incentives to improve consumer consideration, sales lift, and customer retention.
Applying analytic models to broad range of historical data can identify the impact of fixed and variable marketing investments and support decision-making with a more precise and effective approach to quantity, mix, timing, and composition of marketing spend.
In times of crisis, brand advertising helps redress the balance and restore normalcy. Having the metrics and models to identify and manage that process is critical.
It’s easier to more effectively align corporate goals with data, analytics and activation.
When analytics are done right, the results are striking. That’s why Truesight is committed to delivering industry leading solutions for marketers at any stage of analytics practice.