On today’s show, we’re pleased to welcome back John Fitzpatrick, Co-Founder and CEO of Force Marketing to discuss the end of Q3 and the latest updates and news in the automotive industry with regards to marketing trends and strategy.
As we get closer and closer to the end of the year, many dealers are wondering what marketing strategies they need to employ to finish 2020 in a strong position. With the presidential election imminent and heightened concerns around the Coronavirus, the auto retail industry still has a lot to contend with, in the coming months.
John says first and foremost, dealers have to remain focused on the return on ad spend component. For the first time in a long time, dealer ad budgets took a significant pause in Q2 earlier this year. However, many marketing departments have been really smart and thoughtful about adding those dollars back in the categories that make the most sense.
According to John, dealer groups both big and small, are averaging between $100-150 cost per unit, which is a stark contrast to the average $350 that has been the norm for so long. Consumer demand levels are reaching all-time highs as well. John says that this is an opportune time to earn a good chunk of market share. The car buying journey can take 75-90 days so even though inventory might be low now, that is not a reason to pump the breaks on your marketing.
John explains, “if we keep your brand promise and your hyper-local market top of mind, you will win in November, December, when you have that inventory and that shopper is now a buyer.”
For more great insight and expertise from John Fitzpatrick, be sure to watch our entire interview above.
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