As privacy laws expand giving consumers more control, what type of impact is this having on you, the advertiser? And what can you do about it? Today on Inside Automotive, we’re pleased to welcome back Bob Lanham, Head of Automotive Retail for Meta, to talk to us about the impact of consumer privacy controls and we’ll also get his perspective on other changes the industry is seeing right now.
At this year’s NADA show, Lanham participated in a panel discussing how marketing partners can more effectively assist dealers with data optimization. In June of last year, Apple launched an iOS 14 privacy update that severely limited advertisers’ access to third-party data. In response to this, Lanham says that car dealers need to press their CRM partners, DMS partners, and any other partners with data, to make sure it is pushed back into platforms like Facebook and Instagram.
“For any dealer listening, you know, ask your website provider, ask your CRM provider — how do I push this data?” says Lanham. “This very rich, powerful data back to my advertising publishers to use it for that optimization to drive that lower cost conversion that we’re all used to.”
Brand loyalty can also have a positive impact on your marketing efforts. Lanham and the research team at Meta are finalizing brand new research, and while the results are not yet official, close to the majority of people want to buy the same brand and are willing to miss out on incentives or discounts from other brands to do that. Lanham adds that the auto industry is accustomed to advertising price, but it needs to start projecting at a higher level.
This is also a perfect time for car dealers to test these strategies and learn from them. You might be tempted to cut back on advertising, but now is the time to reinvest profits for the future.
“Use your advertising and marketing, use your organic advertising and marketing, use whatever communication platforms you have to educate and explain to the public, you know, where the market is and why the market is there and where the market’s going,” explains Lanham.
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