How are your marketing dollars being spent in this new year? With so much transformation happening in and around retail automotive, it may be tough trying to figure out where your focus should lie. On today’s show, we’re pleased to welcome Bob Lanham, Head of Automotive Retail for Meta, formerly Facebook, to share his recommendations.
Lanham begins by discussing something that he believes the industry is getting more serious about. Measurement. The auto industry has to unify what media is being measured and how it is being measured. Why are there such wide gaps in measured results between dealers? Lanham says part of the problem is that there is no unified digital setup for the dealer body.
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In terms of today’s current climate, Lanham says that there will likely be some pent-up consumer demand in 2022 and hopefully an increase in new car supply. Instead of dialing back marketing spend, prepare for that demand by staying engaged with the consumer, and utimately set yourself apart from the competition. If your marketing is not present, chances are consumers won’t remember you.
Lanham goes on to discuss the importance of asking your marketing agency or department tougher questions. Hold them accountable and collaborate with them frequently. Let’s get smarter, says Lanham. Despite record profitability at the dealer level, now is the perfect time for dealers to prepare for an influx of vehicles. Dealers who are prepared for the future will come out on top.
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