Getting The Most Out Of Your Marketing Dollars In A Low-Inventory World!

For almost two years now, the automotive industry feels like it was picked up and dropped on its head. Inventory is the lowest it’s ever been, car prices have skyrocketed, and the demand for vehicles has increased. New vehicles are being sold before they’ve even left the pipeline for extreme premiums compared to what they used to be back in 2019, and don’t get us started on how hard it is to acquire new vehicle allocations and used inventory. It’s a mess, but there are some tips that you can take to make sure you’re maximizing your ROI on your marketing campaigns and making sure you’re using the right platforms and channels to get to the target audience you need. Let's get to it!

Change the channel!

If you’re using a channel that's not giving you the attention you need, switch it up! Figure out where your buyers are or create a buyer persona to give you the best idea of where to find them and switch to the channel that's most effective at targeting them. Social media is a great way to find Millennials and Gen Z (Nearly 3 Trillion in Market Spend Power!!!). Platforms like Facebook, Instagram, and Snapchat are great ways to get in front of them. Also, make sure you’re creating content that appeals to your target audience! (They love Memes, so get on your meme marketing game!). Make sure you’re not constantly making a sales pitch, as social media platforms are better for generating brand awareness than generating leads off of vehicle advertisements. 

Also, keep in mind that there are plenty of 3rd party syndication sites that you can sign up for that can generate that marketing traction you need. Sites like CarGurus, AutoTrader, Cars.com, TrueCar, and AutoTempest are great sites to advertise on.

Great Content = Great Customers

The key to winning over customers is generating engaging content they enjoy. If your dealer hasn't already set up social media accounts, now is a great opportunity to jump on it and start posting how cool you guys are to the world! People love seeing the inner workings of businesses and the characters that work there. It shows a side that the customers can relate to and will make them feel more connected with your brand. Organic engagement is the best type of customer interaction, especially with GA4 coming, and pushing us into a first-party data, cookieless world. Make sure to create engaging posts and let them know you guys are available to get them into a car.

SE-OH!

A crucial part of your advertising should be targeting keywords that you can incorporate into your SEO. With nearly 75% of users never leaving the first page of their Google Search, it's absolutely paramount that you rank high on search engine results. Take time to go over your website and accounts to make sure you’re utilizing the best SEO practices and keywords to make sure you stay on top of those results, and your competition. Another good practice is using SEM (PPC Ads). They’re a great way to advertise your inventory to prospective buyers in the market. Make sure you’re not bidding too high for your clicks, and make sure to promote the proper inventory to the right people. Keep your vehicle ads to what you have on the lot currently, and not offers that lead to a long sale cycle with the customer (more of a chance to lose them). With inventory being so low, people are willing to go to where the car is more than ever, so don’t feel hesitant to widen your target area to get the customers you need. 

Show it all off

This point seems obvious but it's all ways good to cover it. Having all of your inventory available online is absolutely crucial, missing a potential lead because the vehicle listing wasn't there is 100% avoidable. Make sure to verify all of your inventory is online with a full photoset to get the most out of your listing dollars. in the famous words of Wayne Gretzky, "You'll miss every shot you don't take" - meaning if you don't have every vehicle listed, you'll miss sales opportunities. Have you done a lot check this week?

Partner with the best

Finding the right advertising agency can sometimes be difficult, but there's many options available on the market. Make sure you do your research before going with your selected company. We would recommend a marketing agency that utilizes tools like MarketBuilder, or LaneDriver, to get the best ROI on your ad Dollars. If you need help finding a company that leverages these tools, feel free to reach out to us and we'll be happy to point you in the right direction. There's many ways to get your market share, and in our honest opinion, we do it best! We're able to target prospective buyers anywhere and at anytime, including customers that are shopping on location at your competitors stores, and drive them directly to your doorstep. 

Have questions on how we can help you achieve your goals? Reach out to us below! Also, make sure to subscribe to our newsletter here!