As many, if not all, dealers know, several market conditions are creating uncertainty in the automotive retail industry. From normalizing inventories to electric vehicle sales and service, dealers must utilize the full potential of their marketing strategies to stay ahead and capitalize on the opportunities before them. Joining us today on Driving Solutions is John Fitzpatrick, CEO of Force Marketing, who discusses how automotive marketing methodologies are changing and adapting in light of these developments.
Come hear John speak at the upcoming J.D. Power Auto Summit 2024 on Thursday, Feb. 1, at 11:15 a.m. PST.
Key takeaways:
1. John first emphasizes the importance of leveraging data for personalized, omnichannel marketing strategies in automotive retailing. Force Marketing uses a customer data platform, Audience IQ, to segment audiences and improve automotive marketing effectiveness through attribution analysis.
2. The automotive retail industry is experiencing a shift in consumer behavior and market dynamics post-COVID, transitioning from the high-demand, low-inventory scenario of the pandemic to a more normalized state. This change has put marketing back at the forefront, as dealerships now face fuller inventories reminiscent of pre-COVID times.
3. John points out a gap in consumer education regarding EVs. He suggests that more efforts should be made in educating consumers about the practical aspects of owning an EV, such as charging infrastructure and vehicle maintenance, to bridge this gap and boost EV sales.
4. The interview discusses the challenges dealers face with the increasing inventory of EVs and the need to connect better with potential EV buyers. It also touches on the opportunity dealers have in earning service business from EV owners and the importance of educating sales staff to effectively communicate the benefits of EVs to consumers.
5. Dealers should consider strategies like providing bonuses to sales staff for selling EVs and ensuring that the dealership experience aligns with the consumer’s needs and expectations.
Attending the 2024 NADA Show? Visit Booth #1707W and explore the power of Force Marketing.
"Buyers out there have seen what Tesla's done. Tesla's not slowing down that much, You know that it's alive. Well, here's the other thing Tesla buyers have taught us. ... Tesla buyers service their vehicles with Tesla. So you have an opportunity to earn that service business at a higher retention rate. That's the same opportunity that a dealer has with the new EVs coming. That's something we really want to focus on." - John Fitzpatrick
